Compare Apartment and House Costs in Lynnwood, WA

Renting vs. Owning in Lynnwood: What You’ll Pay

When deciding between an apartment or house in Lynnwood, the first factor most consider is the monthly cost. On average, renting a 2-bedroom apartment in Lynnwood runs about $2,100 per month, while a 3-bedroom house typically costs around $2,800 monthly. The median rent for a single-family home in Lynnwood is $2,750.

Of course, exact prices vary by neighborhood and amenities. Newer apartment complexes near Alderwood Mall tend to be pricier, while more affordable houses can be found in established neighborhoods like Martha Lake or Meadowdale. Rental prices for houses in Lynnwood have risen about 6% over the past year, though apartments remain a relatively stable and attainable option for many.

Table: Cost Comparison – Apartment vs House

Here’s a side-by-side breakdown of common monthly costs in Lynnwood:

Estimates are for mid-range units with typical usage.

Utility and Upkeep Differences

Beyond the base rent or mortgage, apartments and houses have notably different utility and maintenance costs in Lynnwood:

• Water/sewer is often included in apartment rent, but runs $80-120/month for houses
• Cooling costs are lower in apartments, as most houses in Lynnwood lack central AC
• Lawn care adds $50+/month for houses, though some HOAs cover this
• Older Lynnwood houses may have higher heating bills due to draftier construction

In general, houses come with more space but also more overhead in both monthly bills and upkeep time. Apartments offer a simpler, lower-maintenance lifestyle but with less square footage and outdoor area to call your own.

Lifestyle Tradeoffs

For many in Lynnwood, the choice between an apartment or house comes down to lifestyle fit, not just budget. Apartments are popular among young professionals for their walkability to places like Alderwood Mall, while families often prefer the yard space and neighborhood feel of houses.

Other key considerations include:

• Noise – Apartments have shared walls, while houses offer more privacy
• Parking – Apartments usually have just 1 spot, houses have garages/driveways
• Pets – Many apartments have breed or size restrictions; houses give more flexibility
• Commute – Apartments are often closer to I-5 and transit; houses may mean a longer drive

There’s no universally right answer – it depends on your stage of life and personal priorities. Some love the simplicity of an apartment near shopping and dining, while others wouldn’t trade the autonomy and space of a detached house.

Which Is Cheaper Long Term in Lynnwood?

While renting is almost always cheaper than buying on a monthly basis, the long-term cost difference is more complex. Assuming a 5-year horizon:

• Renting a 2BR apartment at $2,100/month is $126,000 total
• Owning a $500K house with 10% down, including taxes and maintenance, is around $216,000 total

However, the house will likely appreciate in that time, while the renter will have built no equity. According to Zillow data, Lynnwood home values rose 16% from 2020-2022 alone.

So while renting is often necessary in the short-term, buying can be more economical over longer periods for those who can afford the upfront costs. Tools like this rent vs buy calculator can help you weigh the tradeoffs for your specific situation.

FAQs About Housing Costs in Lynnwood

How much more does a house cost per month?
In Lynnwood, a typical house costs about $1,300 more per month than an apartment when you factor in mortgage, taxes, insurance, and upkeep. However, this doesn’t account for the equity you’re building in the home.

Do houses always have higher utility bills?
Houses in Lynnwood usually have higher utility costs than apartments, due to larger square footage, yard watering, and older construction. The exact difference depends on the home’s size, age, and energy efficiency.

Are apartments still cheaper with pet rent?
Even with a pet fee of $25-50/month, apartments in Lynnwood are almost always cheaper than houses when looking at total monthly costs. However, houses offer more flexibility in pet size and breed.

Making the Right Housing Choice in Lynnwood

Ultimately, the decision between an apartment or house in Lynnwood is both a financial and lifestyle choice. Apartments offer a lower-cost, lower-maintenance way to enjoy the area’s amenities, while houses provide more space and long-term investment potential at a higher monthly price.

For a deeper look at the cost of living in Lynnwood, check out these sample monthly budgets for a range of lifestyles and income levels. You can also explore typical property taxes and HOA fees in different Lynnwood neighborhoods to refine your house budget.

Whichever option you choose, Lynnwood offers a welcoming community and high quality of life for both renters and homeowners alike. The key is finding the housing type that best fits your budget, household size, and future goals.