Renting vs. Owning in Mt Juliet: What You’ll Pay
When deciding between an apartment or house in Mt Juliet, TN, cost is a key factor. On average, renting a 2BR apartment in Mt Juliet typically costs $1,450/month, while a 3BR house may cost $2,200/month. The average rent for a 3BR house in Mt Juliet is $2,200/month. The cost of renting a 3BR house in Mt Juliet has increased by 6% over the last year, with more affordable options in the Providence area.
For homebuyers, the median home price in Mt Juliet is $450,000, which translates to a monthly mortgage of around $2,700 (assuming a 30-year fixed rate at 5% with 20% down). While this is higher than renting, owning a home builds equity over time and offers more control over the property.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Mt Juliet:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,450 | $2,700 |
| Utilities | $120 | $250 |
| Internet | $60 | $80 |
| Insurance | $15 (renters) | $100 (homeowners) |
| Maintenance | $0* | $200 |
| HOA | $200 | $50** |
| Total | $1,845 | $3,380 |
*Included in rent
**Not all homes have HOA fees
Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
Utility costs can vary significantly between apartments and houses in Mt Juliet. Some key differences:
- Water/Sewer: Often included in apartment rent, but paid separately for houses (avg. $80/month).
- Electricity: Houses typically use more power and have higher bills, especially with larger HVAC systems. Expect to pay $50-$100 more per month.
- Lawn Care: Not applicable for most apartments, but can cost $100+/month for houses.
- HVAC Maintenance: Central air in houses requires annual tune-ups ($75-$150). Apartments usually have this covered.
The age and size of the unit also impacts utility costs. Newer, energy-efficient apartments in Mt Juliet often have lower bills than older or larger houses.
Lifestyle Tradeoffs
Beyond the financial aspects, there are important lifestyle differences between apartments and houses in Mt Juliet:
- Space: Houses offer more square footage and storage, but apartments can feel more efficient and low-maintenance.
- Noise: Apartments have shared walls, so noise from neighbors is more likely. Houses offer more privacy.
- Yard Access: Houses usually have private outdoor space, while apartments may have shared courtyards or no yard at all.
- Pets: Many apartments charge monthly pet rent ($25-$50) and have breed/size restrictions. Houses offer more pet-friendly options.
- Commute: Apartments are often located closer to jobs and amenities, reducing transportation costs. However, some prefer the space and quiet of suburban houses.
- Parking: Apartments usually have free shared parking, while houses have private driveways or garages.
Many Mt Juliet residents choose apartments for walkability, while families prefer houses for yard space and privacy. Some may prefer the convenience of an apartment near downtown, while others enjoy the extra space a house provides.
Which Is Cheaper Long Term in Mt Juliet?
While renting is often cheaper month-to-month, owning a home can be more cost-effective long term. Let’s compare the 5-year cost of renting a 2BR apartment vs. owning a 3BR house in Mt Juliet:
| Expense | 2BR Apartment (5-Year Rent) | 3BR House (5-Year Mortgage) |
|---|---|---|
| Monthly Payment | $1,450 | $2,700 |
| Total Housing Cost | $87,000 | $162,000 |
| Equity Built | $0 | $75,000 |
| Tax Deductions | $0 | $25,000 |
| Maintenance & Repairs | $0 | $15,000 |
| Total 5-Year Cost | $87,000 | $87,000 |
In Mt Juliet, buying a home could be more economical over time, especially considering rising rents. However, this assumes home values appreciate and the owner stays long enough to offset closing costs and realtor fees.
FAQs About Housing Costs in Mt Juliet
How much more does a house cost per month?
On average, a 3BR house costs $835 more per month than a 2BR apartment in Mt Juliet, including utilities and maintenance.
Do houses come with higher utility bills?
Yes, houses in Mt Juliet typically have higher utility costs due to more space, lawn care, and older systems. Expect to pay $150-$300 more per month compared to an apartment.
Are apartments cheaper even with pet fees?
Usually, yes. Even with a $50 monthly pet fee, apartments in Mt Juliet are often $500+ cheaper than houses when you factor in utilities, maintenance, and lawn care.
Making the Right Housing Choice in Mt Juliet
When comparing the cost of an apartment vs. a house in Mt Juliet, apartments are generally cheaper in the short term. The average renter saves over $800 per month compared to a homeowner. However, houses can be more cost-effective long term, as they build equity and offer more space.
Ultimately, the right choice depends on your budget, lifestyle, and long-term goals. Use this guide to monthly living costs in Mt Juliet to estimate your expenses and weigh the tradeoffs. If you decide to buy, be sure to factor in property taxes and HOA fees, which can add hundreds to your monthly payment.
Whether you choose an apartment or house, Mt Juliet offers a range of options to fit your needs and budget. Start your search today and find the perfect place to call home!