Renting vs. Owning in Naperville: What You’ll Pay
When comparing the cost of living in an apartment vs house in Naperville, the first factor to consider is your monthly rent or mortgage payment. According to Zillow data from May 2023, the average rent for a 2-bedroom apartment in Naperville is $1,895 per month. The average rent for a 3-bedroom house in Naperville is $2,695 per month. Mortgage costs for a typical single-family home purchased at the median price of $525,000 would be around $2,800 per month, assuming a 20% down payment and 6.5% interest rate.
While houses tend to have higher base monthly costs, they also provide more space and privacy. Apartments offer convenience, amenities, and flexibility. Ultimately, the right choice depends on your budget, family size, and lifestyle preferences. Let’s break down the key cost differences between renting an apartment and owning a house in Naperville.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Naperville*:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,895 | $2,800 |
| Utilities | $180 | $320 |
| Internet | $65 | $75 |
| Renter’s/Homeowner’s Insurance | $15 | $120 |
| Maintenance & Repairs | $0 | $250 |
| HOA/Condo Fees | $250 | $0 |
| Total | $2,405 | $3,565 |
*Estimates are for mid-range units with typical usage, expressed as gross monthly costs (pre-tax). See our guide to Monthly Budget Examples for Naperville Residents for more details.
Utility and Upkeep Differences
In addition to the base rent or mortgage, apartments and houses have different monthly utility costs. Key factors include:
- Water/sewer – Often included in rent for apartments but paid separately for houses
- Electricity – Houses typically use 20-30% more than apartments
- Gas heating – Larger homes have higher heating loads in winter months
- Cooling – Central A/C is standard in Naperville houses and some high-end apartments
- Trash/recycling – Frequently covered by HOA fees in apartment and condo communities
Homeowners are also solely responsible for maintenance, repairs, and lawn care. These costs can add hundreds of dollars to the monthly budget. New homebuyers should plan to spend 1-2% of their home’s value on upkeep each year.
Lifestyle Tradeoffs
Choosing between an apartment and a house involves more than just comparing monthly costs. Lifestyle factors play a big role for Naperville renters and buyers. Houses provide more interior space, private yards, and room for kids and pets. However, they require more cleaning and upkeep. Many Naperville residents choose apartments for walkability, while families prefer houses for yard space.
Apartments tend to be closer to dining, shopping and entertainment. They also offer amenities like fitness centers and pools. However, living in close proximity to neighbors means less privacy and potentially more noise. Parking is limited and often an additional fee. Ultimately, your housing choice depends on your stage of life and personal priorities.
Which Is Cheaper Long Term in Naperville?
While renting is cheaper than owning month-to-month, houses can be a better financial choice long-term. Let’s compare the total cost of renting a 2BR apartment vs. owning a house over 5 years in Naperville:
- Renting an apartment at $2,405/month = $144,300
- Owning a $525K house with 20% down and 6.5% interest = $214,200 (including $16,800 for maintenance and repairs)
The net cost of owning is $69,900 higher over 5 years. However, assuming 3% annual appreciation, the house would accrue over $80K in equity. The decision to rent or buy depends on your long-term plans. See our guide to Understanding Property Tax and HOA Fees in Naperville to estimate your total monthly homeownership costs.
FAQs About Housing Costs in Naperville
Q: How much more does a house cost per month?
A: The average rent for a 3BR house in Naperville is about $800 more per month than a 2BR apartment, not including utilities and maintenance.
Q: Do houses come with higher utility bills?
A: Yes, houses typically have 20-30% higher utility costs than apartments due to larger square footage and full responsibility for water/sewer and trash.
Q: Are apartments cheaper even with pet fees?
A: For most Naperville renters, pet fees add $25-50 per month. Even with this extra cost, apartments are usually cheaper than houses when factoring in utilities, insurance and upkeep.
Making the Right Housing Choice in Naperville
Comparing the cost of living in an apartment vs. house involves looking at both the hard numbers and softer lifestyle factors. Renting is cheaper in the short-term, while owning can build wealth over time. Apartments offer convenience and amenities, while houses provide space and autonomy.
For a typical renter, choosing an apartment in Naperville will save around $1,100 per month compared to owning a single-family house. However, homeowners can expect to accrue significant equity if they stay put for several years. The right choice depends on your budget, family size, and future plans. Our Monthly Budget Examples for Naperville Residents can help you crunch the numbers and make an informed decision.