Apartment vs. House in Midwest City: Which Costs More?

Renting vs. Owning in Midwest City: What You’ll Pay

When deciding between renting an apartment or buying a house in Midwest City, the cost differences are a key factor. On average, renting a 2-bedroom apartment in Midwest City costs around $1,100 per month, while a 3-bedroom house typically rents for $1,800 monthly. The median rent for a 3BR house in Midwest City is $1,850 per month. Over the past year, the cost of renting a 3BR house has risen by 4%, with more affordable options available in neighborhoods like Reno Acres.

For those looking to buy, the median home price in Midwest City is $215,000, which translates to a monthly mortgage payment of around $1,400 (assuming a 30-year fixed mortgage with 20% down). While this may seem comparable to renting at first glance, homeownership comes with additional costs like property taxes, insurance, and maintenance that can add hundreds to the monthly bottom line.

Table: Cost Comparison – Apartment vs House

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

Estimates are for mid-range units with typical usage.

Utility and Upkeep Differences

In addition to the base rent or mortgage, apartments and houses have notably different utility and maintenance costs:

• Water/Sewer: Often included in rent for apartments but paid separately for houses, adding $40-80/month.
• Electricity: Houses in Midwest City typically use 20-30% more electricity than apartments due to larger square footage and full-size appliances. Expect to pay around $120/month to power a house vs $80 for an apartment.
• Heating & Cooling: Many Midwest City homes rely on window A/C units or swamp coolers, which are less costly to run than central air. Winter gas heating adds around $80/month for the average house.
• Yard Care: Lawn mowing, tree trimming, and landscaping can cost $100+ monthly for homeowners, a cost renters avoid.

The age and efficiency of appliances and home systems also impacts utility costs. Newer, energy-efficient houses may have lower bills than older or poorly maintained apartments.

Lifestyle Tradeoffs

Aside from hard costs, there are key lifestyle differences between Midwest City apartments and houses:

• Space: Houses offer more square footage and private outdoor areas compared to apartments, making them ideal for families or those who desire room to spread out.
• Noise: Apartments tend to have thinner walls and shared spaces, leading to more neighbor noise than detached houses.
• Yard Access: Houses with private yards allow for gardening, pets, and outdoor entertaining, while most apartments offer limited green space.
• Location: Apartments are often centrally located near shopping, dining and transit, while houses are typically found in quieter residential areas a bit farther out.
• Parking: Houses usually include a private driveway or garage, while apartments may have shared lots or street parking.

Ultimately, the decision comes down to budget, household size, and personal preferences. Many young professionals in Midwest City opt for walkable apartments near downtown, while growing families tend to prefer the extra space and privacy of a house in the suburbs.

Which Is Cheaper Long Term in Midwest City?

While renting may be cheaper month-to-month, owning a home can be more cost-effective long term due to fixed mortgage payments and home equity gains. Assuming a 2% annual rent increase, a Midwest City renter would pay a total of $71,500 over 5 years for a 2BR apartment, while a homeowner’s total 5-year costs (including down payment) would be around $98,000 for a median-priced house.

However, after those 5 years, the homeowner will have accumulated over $35,000 in equity, while the renter walks away empty-handed. Plus, the homeowner can eventually pay off their mortgage, eliminating the largest chunk of their monthly housing cost. In Midwest City and similar markets, buying a home tends to be the better bargain if you plan to stay put for several years.

FAQs About Housing Costs in Midwest City

How much more does a house cost per month?
In Midwest City, the median rent for a 3BR house is $550 higher than a 2BR apartment. With the added costs of utilities, insurance and upkeep, houses typically cost $600-800 more per month all-in.

Do houses always have higher utility bills?

Yes, houses in Midwest City generally have 20-30% higher utility costs than apartments due to more space to heat and cool, as well as powering additional appliances like washers and dryers.

Are apartments still cheaper with pet fees?
Most Midwest City apartments charge pet rent of $20-50 per month, plus a $200-500 upfront deposit. However, this is still less than the typical costs of maintaining a yard for a pet at a house, such as fencing, pet doors, and lawn treatments.

Making the Right Housing Choice in Midwest City

When comparing the cost of living in an apartment vs. a house in Midwest City, apartments offer lower monthly expenses, but houses provide more space and long-term financial benefits. For a typical 2BR apartment, renters pay around $1,295 per month, while homeowners shell out closer to $1,930 monthly for a 3BR house when accounting for property taxes, insurance, and maintenance.

The right choice depends on your household budget, family size, location preferences, and long-term goals. Be sure to consider the full picture of costs and lifestyle factors before deciding whether to rent or buy in Midwest City. For more info on budgeting for your housing needs, check out our guide to monthly expenses for Midwest City residents.