When deciding whether to rent an apartment or buy a house in Lyndon, KY, it’s important to consider the full cost of living in an apartment vs house. While monthly rent or mortgage payments are the biggest factor, there are other costs like utilities, maintenance, and lifestyle tradeoffs to keep in mind. Let’s break down the numbers to help you make an informed choice for your budget and preferences.
Renting vs. Owning in Lyndon: What You’ll Pay
In general, renting an apartment in Lyndon is more affordable than buying a house, at least in terms of monthly payments. Renting a 2BR apartment in Lyndon typically costs $1,100/month, while a 3BR house may cost $1,800/month. The exact prices vary depending on the neighborhood, age of the property, and included amenities.
It’s worth noting that the cost of renting a 3BR house in Lyndon has increased by 5% over the last year, with more affordable options available in the Westmoor neighborhood. The average rent for a 3BR house in Lyndon is $1,850/month. However, 65% of new homebuyers in Lyndon still opt for single-family houses over apartments or condos.
While rent may be lower, buying a house offers the potential for building equity and benefiting from rising property values over time. It’s a tradeoff between short-term affordability and long-term financial goals. For a more detailed look at monthly expenses, check out our guide on How Much It Costs to Live in Lyndon Each Month.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Lyndon:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage* | $1,100 | $1,800 |
| Utilities | $120 | $250 |
| Internet | $60 | $70 |
| Insurance | $15 | $80 |
| Maintenance | $0 | $150 |
| HOA | $200 | $50 |
| Total | $1,495 | $2,400 |
*Based on a 5% down payment on a $300,000 house. Estimates are for mid-range units with typical usage.
As you can see, while the base rent or mortgage payment is the biggest line item, additional housing costs add up quickly—especially for houses. Apartments tend to have lower utility costs and no separate maintenance fees. However, some Lyndon apartments do have high HOA fees that can rival the added costs of homeownership.
Utility and Upkeep Differences
Apartments and houses have some notable differences in utility costs and maintenance responsibilities:
- Water/sewer: Often included in rent for apartments but paid separately for houses.
- Electricity: Houses use more power for lighting and cooling larger spaces.
- Heating and cooling: Many Lyndon houses lack central A/C, using window units in summer.
- Yard work: Not applicable to apartments. Homeowners spend $50-100/month on lawn care.
- Pest control: Typically included for apartments. Can cost $30-50/month for houses.
In general, houses have more space to heat, cool, and illuminate, leading to higher utility bills. They also come with more maintenance responsibilities, like yard work, snow removal, and routine repairs. While you have more freedom to renovate and customize a house, those projects can quickly add up. Apartments offer a more predictable, low-maintenance lifestyle—though you’ll have to follow community rules and won’t build equity.
Lifestyle Tradeoffs
Aside from costs, apartments and houses offer different lifestyles. Many Lyndon residents choose apartments for walkability, while families prefer houses for yard space and privacy. It’s common to see young professionals in apartments near downtown Lyndon, taking advantage of the restaurants, cafes, and shops just steps from their door.
Meanwhile, the quiet cul-de-sacs of Lyndon’s residential neighborhoods are popular with families who want room for kids to play and private outdoor space for gardening and entertaining. Some may prefer the convenience of an apartment near the action, while others enjoy the extra breathing room a house provides.
Other lifestyle factors to consider include:
- Noise: Apartments have shared walls and more ambient noise. Houses are generally quieter.
- Parking: Apartments usually have shared lots. Houses have private garages and driveways.
- Amenities: Apartments may include pools, gyms, or security. Houses offer more privacy and control.
- Pets: Many apartments charge pet rent or have breed restrictions. Houses give pets more space.
Which Is Cheaper Long Term in Lyndon?
While renting is often cheaper month-to-month, buying can be more cost-effective long term. Let’s simulate the cost of renting a $1,100 2BR apartment vs. buying a $300,000 3BR house over 5 years:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Down payment (5%) | $0 | $15,000 |
| Monthly payment | $1,100 | $1,800 |
| Total payments (5 yrs) | $66,000 | $108,000 |
| Maintenance & repairs (5 yrs) | $0* | $9,000 |
| Equity built | $0 | $35,000 |
| Total 5-year cost | $66,000 | $82,000 |
*Assuming no rent increases and that maintenance is included in rent.
In this simplified example, buying a $300,000 house is only $16,000 more over 5 years compared to renting—and the buyer has built $35,000 in equity. Even factoring in closing costs, insurance, property taxes, and maintenance, buying can be cheaper long-term. That said, renting offers more flexibility to move and frees up cash with a lower monthly payment.
In cities like Lyndon, buying a home could be more economical over time, especially considering rising rents. But it depends on your budget, future plans, and how long you intend to stay in the home. For a full picture of ownership costs, read our guide on How Much Are Property Taxes and HOA Fees in Lyndon?
FAQs About Housing Costs in Lyndon
How much more does a house cost per month?
In Lyndon, a typical house costs $600-1,000 more per month than an apartment when you factor in mortgage payments, utilities, maintenance, insurance, and taxes. The exact difference depends on the size and age of the house.
Do houses always have higher utility bills?
Houses usually have higher utility costs than apartments since they have more space to heat, cool, and power. Older houses in Lyndon may have less efficient appliances and windows, further increasing bills. That said, upgraded houses with good insulation and energy-efficient features can keep utility costs manageable.
Are apartments still cheaper with pet fees?
Even with pet rent and deposits, apartments are typically cheaper than houses—especially in the short-term. For example, if pet rent adds $50/month to your apartment cost, that’s still less than the added expenses of owning a house. However, houses offer more space and freedom for pets.
Making the Right Housing Choice in Lyndon
When comparing the cost of living in an apartment vs. a house in Lyndon, apartments offer lower monthly expenses and less maintenance, while houses provide more space, control, and long-term investment potential. The right choice depends on your budget, lifestyle, and goals.
If you value affordability, convenience, and amenities, renting an apartment may be the way to go. You’ll have a predictable monthly payment and can save on utilities and upkeep. But if you’re ready to put down roots and build equity, buying a house can be a smart financial move—as long as you’re prepared for the added costs and responsibilities.
Whichever option you choose, make sure to budget carefully and factor in all the related expenses. And remember, there’s no one-size-fits-all answer. The best choice is the one that aligns with your unique situation and priorities.
Ready to crunch the numbers? Check out our guide to budgeting for monthly expenses in Lyndon to see how housing costs fit into your overall spending plan. With careful planning and a clear understanding of the tradeoffs, you can find the perfect apartment or house to call home in Lyndon.