Renting vs. Owning in Lone Tree: What You’ll Pay
When deciding between an apartment or house in Lone Tree, it’s important to understand the cost differences. Renting a 2BR apartment in Lone Tree typically costs $1,800/month, while a 3BR house may cost $2,450/month. The average rent for a 3BR house in Lone Tree is $2,450/month. The cost of renting a 3BR house in Lone Tree has increased by 5% over the last year, with more affordable options in the RidgeGate neighborhood.
For those looking to buy, the median sale price for a single-family home in Lone Tree is $615,000 as of 2021. Townhomes are the most popular home type for new buyers in Lone Tree, with a median price of $450,000. Whether renting or buying, it’s essential to factor in additional monthly costs like utilities, insurance, and maintenance to get a complete picture of how much it costs to live in Lone Tree each month.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Lone Tree:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,450 |
| Utilities | $120 | $250 |
| Internet | $65 | $65 |
| Insurance | $15 | $120 |
| Maintenance | $0 | $150 |
| HOA | $0 | $250 |
| Total | $2,000 | $3,285 |
Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In addition to base rent or mortgage costs, apartments and houses have different utility and maintenance expenses. Some key differences include:
- Water/Sewer: Often included in rent for apartments but paid separately for houses, adding $50-100/month.
- Electricity: Houses typically have higher electricity bills due to more space to heat and cool. Expect to pay $50-100 more per month.
- Lawn Care: Not applicable for most apartments. Hiring a service for a house costs $100-200/month.
- HVAC Maintenance: Central A/C is common in Lone Tree houses and requires annual tune-ups ($75-150). Apartments usually have simpler wall units or swamp coolers.
The age and size of the unit also impact utility costs. Newer, energy-efficient apartments in Lone Tree often have lower utility bills than older or larger houses. Townhomes can be a happy medium, with modest HOA fees that cover some exterior upkeep.
Lifestyle Tradeoffs
Aside from hard costs, apartments and houses offer different lifestyles. Many Lone Tree residents choose apartments for walkability, while families prefer houses for yard space and privacy. Apartments often provide amenities like pools and fitness centers, but may have pet restrictions or noise constraints.
Some may prefer the convenience of an apartment near downtown Lone Tree, with easy access to dining and shopping. Others enjoy the extra space a house provides for hosting, hobbies, or a home office. Parking is also a consideration – houses typically include a garage or driveway, while apartments may charge extra for a dedicated space.
Commute times also vary. Many Lone Tree apartments are located near major employers and light rail stations, allowing for a car-free commute. However, some neighborhoods with more affordable houses may require a longer drive.
Which Is Cheaper Long Term in Lone Tree?
While renting an apartment is cheaper month-to-month, buying a house in Lone Tree could be more economical over a 5+ year horizon. Assuming a 2.5% annual rent increase, a $1,800/month apartment would cost $116,825 over 5 years. In contrast, a $615,000 house with 10% down and a 3% mortgage rate would result in $112,500 in payments over that period (not including equity gained).
Of course, this depends on the specific property and financing terms. Homeowners also need to budget for property taxes and HOA dues, which can add hundreds per month. But in general, as rents rise, owning becomes comparatively more affordable in Lone Tree.
FAQs About Housing Costs in Lone Tree
How much more does a house cost per month?
On average, a 3BR house in Lone Tree costs $1,285 more per month than a 2BR apartment when factoring in rent/mortgage, utilities, insurance, and upkeep.
Do houses come with higher utility bills?
Yes, houses in Lone Tree typically have higher utility costs due to more space to heat and cool, as well as water/sewer expenses. Expect to pay $150-300 more per month compared to an apartment.
Are apartments cheaper even with pet fees?
In most cases, yes. Even with a $50/month pet fee, apartments in Lone Tree are usually cheaper than houses when considering total monthly expenses. However, some luxury apartments may rival the cost of a modest home.
Making the Right Housing Choice in Lone Tree
Ultimately, the decision between an apartment or house in Lone Tree depends on your budget, lifestyle preferences, and long-term goals. Renting an apartment offers flexibility and lower monthly costs, but buying a house provides more space, control, and potential long-term savings.
If you’re not sure which option is right for you, start by estimating your monthly budget for each scenario. Factor in all housing expenses, not just rent or mortgage. Then weigh the tradeoffs in terms of location, amenities, and space needs. With careful planning, you can find the perfect Lone Tree home to fit your means and dreams.