When it comes to the cost of living in an apartment vs house in Matthews, there are several key factors to consider. As a growing suburb of Charlotte, Matthews offers a range of housing options for individuals and families at various price points. In this article, we’ll explore the current housing climate, typical costs for renters and homeowners, and the factors driving the local market.
The Housing Market in Matthews Today
Matthews, NC has seen steady growth in recent years, with new housing developments rising to meet the demand of a growing population. The local housing climate is characterized by a mix of established neighborhoods and newer apartment complexes and subdivisions. While inventory has tightened somewhat, there are still options available for both renters and buyers.
One unique aspect of the Matthews housing market is the prevalence of townhomes and condos, which offer a more affordable entry point for first-time homebuyers. Additionally, many newer apartment complexes in the area are incorporating amenities like green spaces, fitness centers, and community events to attract renters.
Renting in Matthews: What’s Typical?
For those considering renting in Matthews, here’s a breakdown of the average monthly costs for a mid-range apartment:
- 1BR apartment: $1,200 – $1,500
- 2BR apartment: $1,500 – $1,800
- Utilities (electricity, water, gas): $120 – $200
- Internet: $50 – $80
- Renters insurance: $15 – $30
Total monthly cost: $1,385 – $2,110
Popular renter areas in Matthews include downtown, where young professionals appreciate the walkability and proximity to restaurants and shops. Rent prices have risen by about 5% over the last year, but areas like Fullwood Lane still offer relatively affordable options.
Owning a Home in Matthews
For those looking to purchase a home in Matthews, the median home price is currently around $350,000. With a 10% down payment and a 30-year fixed mortgage at 3.5% interest, buyers can expect a monthly mortgage payment of approximately $1,600.
Additional monthly ownership costs in Matthews include:
- Property tax: $300 – $500
- Homeowners insurance: $80 – $120
- HOA dues (if applicable): $100 – $300
- Utilities: $150 – $250
- Maintenance and repairs: $100 – $300
Total monthly cost: $2,330 – $3,070
Renters vs. Homeowners: Who Lives Where?
Matthews has a homeownership rate of around 65%, slightly higher than the national average. While renting is common among younger residents and those new to the area, a significant portion of the population owns their homes. Families, in particular, often opt for homeownership due to the stability and space it provides.
However, there are still financial and cultural barriers to homeownership for some. Saving for a down payment and qualifying for a mortgage can be challenging, especially for those with student loan debt or inconsistent income. Additionally, some residents simply prefer the flexibility and amenities that renting provides.
What’s Driving Costs Up or Down?
Several factors are influencing housing costs in Matthews. On the demand side, the strong local job market and influx of new residents are putting upward pressure on prices. Matthews’ proximity to Charlotte and its highly-rated schools make it an attractive option for families and professionals.
On the supply side, zoning regulations and the availability of land for new development play a role. While there are some new apartment complexes and subdivisions in the works, the pace of construction hasn’t quite kept up with demand. This limited inventory contributes to rising prices, particularly for single-family homes.
FAQs About Housing in Matthews
Is Matthews affordable to live in?
Compared to some other Charlotte suburbs, Matthews is relatively affordable. However, housing costs have been rising in recent years, which may make it more challenging for some residents to find budget-friendly options.
Why are housing prices changing?
A combination of factors, including population growth, limited inventory, and the overall economic climate, are contributing to changes in housing prices. As demand for homes in Matthews increases, prices are likely to continue rising unless there is a significant boost in supply.
How does Matthews compare to nearby cities?
Matthews is often compared to nearby suburbs like Mint Hill and Indian Trail. While each town has its own unique character, they share some similarities in terms of housing types and costs. Matthews tends to be slightly more expensive than some surrounding areas, but it also offers a vibrant downtown and convenient access to Charlotte.
Making Smart Housing Decisions in Matthews
Whether you’re considering renting or buying in Matthews, it’s important to weigh your options carefully. Take into account not just the monthly costs, but also your long-term goals and lifestyle preferences. Consider factors like commute times, school districts, and access to amenities when choosing a neighborhood.
For a more detailed look at budgeting for life in Matthews, check out our guides on the monthly cost of living and planning your 2025 budget. With careful planning and a clear understanding of the local market, you can find a housing option that fits your needs and budget in this growing Charlotte suburb.