Deciding between renting an apartment or buying a house in Lewisville, TX? The cost of living in an apartment vs house is a key factor for many residents. In this article, we’ll break down the differences in monthly expenses like rent, utilities, and upkeep, as well as lifestyle considerations to help you find the best fit for your budget and preferences.
Renting vs. Owning in Lewisville: What You’ll Pay
In general, renting tends to be more affordable month-to-month compared to owning a home in Lewisville. Renting a 2BR apartment typically costs around $1,400 per month, while a 3BR house may rent for closer to $2,200 monthly. The average rent for a 3BR house in Lewisville is $2,150 per month.
For those looking to buy, single-family homes are the most popular option for new buyers in Lewisville. The median home price is around $350,000, which translates to a mortgage payment of roughly $2,450 per month (assuming 20% down on a 30-year fixed loan). However, more affordable options can be found in neighborhoods like Old Town and Valley Vista, where older homes may cost $50-100K less.
The cost of renting a 3BR house in Lewisville has increased by about 4% over the last year. Apartments have seen slightly higher rent growth of 5-6% annually. Still, renting remains more budget-friendly than buying for most residents, especially considering additional costs of ownership like property taxes and maintenance.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Lewisville:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,400 | $2,450 |
| Utilities | $120 | $250 |
| Internet | $60 | $70 |
| Insurance | $15 (renters) | $150 (homeowners) |
| Maintenance | $0 | $200 |
| HOA | $0 | $50 |
| Total | $1,595 | $3,170 |
Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In addition to higher base rent or mortgage costs, houses in Lewisville also tend to have higher utility and maintenance expenses compared to apartments:
- Water/Sewer: Houses use 30-50% more water than apartments on average, adding $30-50/month.
- Electricity: Cooling a larger space, especially an older home, can add $50+/month. Some Lewisville homes still use less efficient HVAC.
- Gas: If used for heating, cooking or hot water, budget an extra $20-40 monthly for a house.
- Lawn Care: Basic mowing starts around $50/month for small yards. Watering adds $20+.
- Pest Control: Quarterly treatments are recommended in Lewisville, averaging $30-50/month.
- General Repairs: Setting aside $100-200 per month is wise for inevitable home maintenance.
Apartments offer more predictable, budget-friendly utility costs in Lewisville. Newer complexes often include trash service and sometimes even internet/cable in the rent. Repair costs are usually covered too, except in rare cases of tenant damage.
Lifestyle Tradeoffs
Of course, the decision between an apartment or house involves more than just hard costs. Lifestyle fit is equally important. Many Lewisville residents choose apartments for the convenient location, included amenities, and low-maintenance living. Complexes near Old Town put dining, shopping and events within walking distance.
However, others (especially families) prefer the extra space, relative quiet, and private yard that come with a house. Having a garage is also a big perk in the Texas heat. Some popular family-friendly Lewisville neighborhoods include Hedrick Estates, Coyote Ridge, and Orchard Hill, which offer community pools and parks.
Pet owners may lean toward a house to avoid breed/size restrictions and extra fees common in apartments. That said, Lewisville does have many pet-friendly apartments near walking trails and dog parks. Commuters should also consider transit access – while Lewisville has solid bus service, those working in Dallas may pay a premium for apartments near I-35E or the DCTA.
Which Is Cheaper Long Term in Lewisville?
While renting is clearly cheaper month-to-month, does that hold up long term? Let’s simulate the cost of renting a $1,400 apartment vs. buying a $350,000 house over 5 years:
- Option 1: Renting
- Rent: $1,400 x 12 months x 5 years = $84,000
- Renters insurance: $180/year x 5 years = $900
- No maintenance, taxes, or down payment
- 5-year total cost of renting: $84,900
- Option 2: Buying
- Mortgage: $2,450 x 12 months x 5 years = $147,000
- Property taxes: $600/month x 12 x 5 years = $36,000
- Insurance: $1,800/year x 5 = $9,000
- Maintenance: $200/month x 12 x 5 = $12,000
- Down payment: $70,000 (20% of $350K)
- 5-year total cost of buying: $274,000
In this simplified example, renting comes out well ahead after 5 years. However, this doesn’t account for home equity growth or tax deductions that can improve the long-term math for ownership.
In cities like Lewisville, buying a home could be more economical over longer periods, especially considering rising rents. A lot depends on your down payment, interest rate, and how long you stay in the home. Using a Lewisville cost of living calculator can help you weigh different scenarios.
FAQs About Housing Costs in Lewisville
How much more does a house cost per month vs. an apartment in Lewisville?
On average, houses in Lewisville cost about $1,000 more per month compared to apartments when you factor in higher rent/mortgage, utilities, and upkeep. However, this varies based on the specific property. Use our Lewisville monthly cost of living calculator to compare options.
Do Lewisville houses always have higher utility bills than apartments?
In most cases, yes. Houses in Lewisville typically have 30-50% higher utility costs for water, electricity, gas, and more. Older, less efficient homes can have even higher bills. That said, newer houses with good insulation and appliances can be quite energy efficient.
Are apartments still cheaper than houses even with pet fees?
Most of the time, yes. While pet rent and deposits can add $25-50/month, Lewisville apartments are still usually cheaper than houses when you consider the full cost of utilities, maintenance, taxes, and insurance. However, a house may offer more pet-friendly features that are worth a premium for some.
Making the Right Housing Choice in Lewisville
As we’ve outlined, apartments in Lewisville tend to be significantly cheaper than houses on a monthly basis. Renters can expect to save around $1,000 per month on housing costs, which really adds up over time. Apartments also offer lifestyle perks like included maintenance, amenities, and walkable locations that many find appealing.
However, houses provide benefits like more space, privacy and yard access that can be ideal for families, pets and those who like to entertain at home. And while more expensive month-to-month, owning a house in Lewisville can be a smart long-term investment as you build equity over time.
Ultimately, the right choice depends on your budget, lifestyle and long-term goals. Use our Lewisville cost of living calculator to see how different housing options fit your monthly expenses. And be sure to factor in key extras like Lewisville property taxes and HOA fees if you’re considering buying a home.