Renting vs. Owning in Mesquite: What You’ll Pay
When deciding between renting an apartment or buying a house in Mesquite, TX, the cost difference is a key factor. On average, renting a 2-bedroom apartment in Mesquite runs about $1,450 per month, while a 3-bedroom house typically rents for around $2,200 monthly. The median rent for a 3BR house in Mesquite is $2,175 per month. Over the past year, the cost to rent a 3BR house in Mesquite has risen by about 6%, with more affordable options found in neighborhoods like Creek Crossing and Edgemont Park.
For those looking to buy, approximately 65% of new homebuyers in Mesquite opt for single-family houses over apartments or townhomes. The average mortgage payment on a 3BR house is around $1,900 per month, assuming a 20% down payment. While this may seem cheaper than renting at first glance, it’s important to factor in additional costs of ownership like property taxes, insurance, and maintenance.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Mesquite:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,450 | $1,900 |
| Utilities (Electric, Gas, Water) | $180 | $290 |
| Internet | $65 | $65 |
| Renter’s/Homeowner’s Insurance | $15 | $120 |
| Maintenance & Repairs | $0 | $200 |
| HOA Fees | $0 | $50 |
| Total | $1,710 | $2,625 |
Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In addition to the base rent or mortgage, utility costs tend to be higher for houses compared to apartments in Mesquite. Some key differences include:
- Water bills are often 40-50% higher in single-family homes due to outdoor usage like lawn irrigation and pools.
- Cooling a larger space in the Texas heat means higher electric bills, with houses averaging $50-75 more per month than apartments of similar age and construction.
- Lawn care and landscaping can add $100+ per month for houses, a cost that apartments don’t have.
- When HVAC, plumbing or appliances need repair, homeowners foot the bill, while many apartments cover these costs.
The extra square footage and yard space of a house comes with higher ongoing costs to maintain it. Apartments offer a more predictable and often lower monthly expense in this area.
Lifestyle Tradeoffs
Of course, the decision between an apartment or house involves more than just dollars and cents. Lifestyle fit is a huge consideration. Houses almost always offer more interior space and storage than apartments, making them attractive to families. The outdoor space of a private yard is great for kids, pets, and hosting gatherings.
On the flip side, apartments often provide better walkability and access to community amenities like gyms and pools. Many Mesquite renters also value the convenience of a shorter commute that comes with a more central apartment location. Parking is often simpler with apartments compared to street parking in residential areas.
Noise and privacy are other common deciding factors. While single-family homes provide more distance from neighbors, apartments may have better soundproofing between units. Some Mesquite residents choose apartments for the “lock and leave” ease of travel, while others prefer not sharing walls for a greater sense of privacy.
Which Is Cheaper Long Term in Mesquite?
While renting an apartment is often cheaper than a house month-to-month, the long-term cost difference may favor owning. Let’s compare the total costs over a 5-year period, assuming 3% annual rent increases and 2% annual appreciation for home values:
- Renting a 2BR apartment for 5 years would cost a total of $97,000 in rent and utilities.
- Owning a 3BR house for 5 years, including mortgage, taxes, insurance, maintenance and selling costs, totals $182,000, but with $35,000 in equity gained.
So while the total out-of-pocket is higher for owning, the net cost considering equity gained is closer to $147,000 over 5 years. That’s still significantly more than renting in this scenario, but the gap narrows with longer time frames. As with any investment, individual circumstances and market conditions will impact the rent vs buy calculus.
FAQs About Housing Costs in Mesquite
Q: How much more does a house cost per month compared to an apartment in Mesquite?
A: On average, a 3BR house costs about $900 more per month than a 2BR apartment when you include utilities, insurance, maintenance, and other fees.
Q: Do houses always have higher utility bills than apartments?
A: In most cases, yes. The larger size and outdoor spaces of houses mean higher costs for electricity, water, and gas. The exact difference depends on the age, size, and efficiency of each property.
Q: Are apartments still cheaper than houses even with pet rent and other fees?
A: Most of the time, apartments have a lower total monthly cost than houses, even with extra fees factored in. However, pet deposits and monthly pet rent can add up. A house may be more economical for large dogs or multiple animals.
Making the Right Housing Choice in Mesquite
Choosing between an apartment or house in Mesquite is a blend of budget, lifestyle, and long-term goals. For a 3BR house, expect to pay about $900 more per month on average compared to a 2BR apartment, with the tradeoff of more space and privacy. Renting can offer more flexibility and simplicity, which appeals to many Mesquite residents.
Consider using a monthly budget calculator to get a clear picture of your housing costs and understand how property taxes and HOA fees factor in. By running the numbers and weighing your priorities, you can find the right fit among Mesquite’s diverse rental and ownership options.