Cost Comparison: Living in a House vs Apartment in Murfreesboro

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

When deciding between renting an apartment or buying a house in Murfreesboro, TN, the most significant factor for many is the difference in monthly costs. On average, renting a 2BR apartment in Murfreesboro typically costs around $1,200/month, while a 3BR house may cost closer to $1,800/month. Of course, these figures can vary based on location, amenities, and property condition.

Over the past year, the cost of renting a 3BR house in Murfreesboro has increased by about 5%, with more affordable options found in neighborhoods like Blackman and Westfield. Apartments have seen a similar uptick in rent prices, although newer complexes with luxury amenities tend to command higher rates.

When it comes to buying a home in Murfreesboro, expect to pay around $300,000 for a mid-range 3BR house. With a conventional mortgage, property taxes, and insurance, the average monthly cost of owning a 3BR house in Murfreesboro is approximately $1,900. Keep in mind, this doesn’t include maintenance, repairs, or HOA fees, which can add several hundred dollars per month.

Table: Cost Comparison – Apartment vs House

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

Expense2BR Apartment3BR House
Rent/Mortgage$1,200$1,500
Utilities$150$250
Internet$60$60
Insurance$15$100
Maintenance$0$150
HOA$0$50
Total$1,425$2,110

Estimates are for mid-range units with typical usage.

Utility and Upkeep Differences

In addition to rent or mortgage payments, utility costs are another key factor when comparing apartments and houses in Murfreesboro. Some key differences:

  • Water/Sewer: Often included in rent for apartments, but paid separately for houses (around $50/month).
  • Electricity: Houses typically have higher bills due to more space to heat and cool. Expect to pay $50-$100 more per month.
  • Lawn Care: Not applicable for most apartments, but can cost $50-$200/month for houses depending on yard size.
  • HVAC Maintenance: More complex and costly in houses. Annual tune-ups are recommended ($100-$200).

The age and efficiency of appliances, HVAC systems, and fixtures also impact utility costs. Newer, energy-efficient models found in many apartments can help keep bills lower. Houses provide more control over these choices but also come with higher upfront costs.

A couple paints their home's trim while a neighbor tidies her condo in Murfreesboro, TN
Maintaining a home or apartment is a labor of love for many Murfreesboro residents.

Lifestyle Tradeoffs

Aside from hard costs, there are several lifestyle factors to consider when choosing between an apartment or house in Murfreesboro. Houses typically offer more space, both indoors and out, making them appealing to families or those who desire room to spread out. Apartments, on the other hand, often come with amenities like pools, gyms, and community spaces that can enhance daily life without added expense.

Noise is another consideration. While houses provide more privacy and separation from neighbors, apartments come with the risk of disruptive sounds from shared walls or ceilings. For those who value peace and quiet, a detached home may be worth the higher price tag.

Many Murfreesboro residents choose apartments for their walkability and proximity to dining and entertainment, while families often prefer houses for the yard space and sense of privacy. Some may prioritize the convenience of an apartment near downtown, while others are drawn to the extra elbow room and customization a house allows. Ultimately, it comes down to your personal preferences and priorities.

Which Is Cheaper Long Term in Murfreesboro?

While renting an apartment may be cheaper on a monthly basis, owning a home in Murfreesboro can be more economical in the long run. Let’s compare the total costs of each option over a 5-year period:

Assuming a 2BR apartment with a monthly rent of $1,200 and annual increases of 3%, you’d pay a total of $77,800 in rent over 5 years. Utilities, insurance, and other fees would add around $13,500, for a grand total of $91,300.

For a $300,000 house with 10% down and a 30-year mortgage at 3.5% interest, you’d pay around $72,500 in mortgage payments over the first 5 years. Add in property taxes, insurance, maintenance, and utilities, and the total 5-year cost comes to $119,500. However, assuming a modest 2% annual appreciation rate, you’d also gain about $31,000 in equity over that period.

So while owning a home does come with higher upfront and monthly costs, the forced savings and equity gained can make it the cheaper choice in the long term, especially considering Murfreesboro’s steady population growth and rising rents.

FAQs About Housing Costs in Murfreesboro

How much more does a house cost per month compared to an apartment in Murfreesboro?

On average, expect to pay about $600-$800 more per month for a house versus a comparable apartment. This factors in higher mortgage payments, property taxes, insurance, and maintenance costs.

Do houses always come with higher utility bills than apartments?

In most cases, yes. Houses have more space to heat and cool, and often feature less efficient appliances and fixtures. The difference in utility costs can be $50-$200 per month.

Are apartments still cheaper than houses even with pet fees and parking costs?

It depends on the specific property, but in general, apartments are still cheaper on a monthly basis even with pet rent (typically $25-$50) and parking fees (around $25-$100). However, these costs can add up over time and may factor into your long-term housing decision.

Making the Right Housing Choice in Murfreesboro

As this comparison shows, the cost difference between renting an apartment and owning a house in Murfreesboro is significant, with houses costing $600-$800 more per month on average. However, the long-term financial benefits of ownership can make a house the more economical choice over time.

Of course, monthly costs are just one factor to consider. Houses offer more space, privacy, and control, but come with added responsibilities like yard work and maintenance. Apartments provide convenience, amenities, and flexibility, but with less square footage and the potential for noise disruption.

Ultimately, the right choice depends on your budget, lifestyle, and future plans. Be sure to consider all the factors and crunch the numbers carefully before making a decision. And for more insights on budgeting for your Murfreesboro home, check out our guides on average monthly expenses and understanding property taxes and HOA fees.