Renting vs. Owning in Norco: What You’ll Pay
When deciding between an apartment or house in Norco, CA, cost is often a key factor. On average, renting a 2BR apartment in Norco typically costs around $1,800/month, while a 3BR house may run closer to $2,450/month. The average rent for a 3BR house in Norco is $2,450 per month. However, the cost of renting a 3BR house in Norco has increased by about 5% over the last year, with more affordable options available in the northern part of the city.
For those looking to buy, the median home price in Norco is around $650,000. Interestingly, over 60% of new homebuyers in Norco opt for single-family houses rather than townhomes or condos. With a 20% down payment, that translates to a monthly mortgage of roughly $2,900 (assuming a 30-year fixed loan at 3.5% APR). Of course, this doesn’t include other 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 Norco:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,450 |
| Utilities | $120 | $180 |
| Internet | $60 | $60 |
| Insurance | $15 (renters) | $80 (homeowners) |
| Maintenance | $0* | $150 |
| HOA | $0 | $250 |
| Total | $1,995 | $3,170 |
*Typically included in rent. Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In addition to rent or mortgage payments, apartments and houses have different utility and maintenance costs to consider:
- Water/Sewer: Often included in rent for apartments but paid separately for houses. Expect $60-80/month for a house.
- Electricity: Apartments usually have lower bills due to less space to heat/cool. Budget $100/month for an apartment vs $150/month for a house.
- Gas: If gas heating, an apartment may cost $20/month while a house runs $40-50/month.
- Trash: Frequently covered by apartment complexes or HOA fees. If not, budget $20-30/month.
- Maintenance: From appliances to plumbing to yard work, houses have more upkeep. Set aside at least 1% of the home’s value annually for repairs and maintenance.
In Norco, many homes use swamp coolers which can reduce summer A/C bills. Newer apartment complexes in the city often include trash service and sometimes even internet in the base rent.
Lifestyle Tradeoffs
Aside from hard costs, there are lifestyle factors to weigh when choosing between an apartment or house in Norco. Houses provide more space and privacy but also require more cleaning and upkeep. Apartments offer less room but may have attractive amenities like a pool, gym, or dog park.
Yard access is another consideration. Many Norco residents choose apartments for the walkability to shops and restaurants, while families often prefer houses for the private outdoor space. Some may enjoy the convenience of an apartment near downtown, while others value the extra storage and parking that comes with a house.
Noise and neighbor proximity also differ. Apartments have shared walls and more ambient noise, whereas houses provide greater distance from neighbors. Pet policies are another factor, with many apartments charging monthly pet rent or imposing breed/size restrictions that houses don’t have. However, a house with a yard gives a dog more room to roam.
Which Is Cheaper Long Term in Norco?
While renting an apartment may be cheaper month-to-month, buying a house in Norco could be more economical over time. Let’s compare the 5-year cost of renting a 2BR apartment vs owning a 3BR house, assuming 2% annual rent increases and 3% annual appreciation for the house:
- Renting (5 years): $1800/month with 2% annual increases = $115,500
- Owning (5 years): $2900/month mortgage + $430/month taxes, insurance, HOA, maintenance = $199,800 – $38,285 in equity gained = $161,515 net cost
In this scenario, owning the house has a higher monthly cost but part of the mortgage builds equity. The longer you stay, the more financially advantageous owning can be, especially considering rising rents. Learn more about property taxes and HOA fees in Norco.
FAQs About Housing Costs in Norco
How much more does a house cost per month vs an apartment in Norco?
On average, a 3BR house costs about $650 more per month than a 2BR apartment when you factor in rent/mortgage, utilities, insurance, and maintenance.
Do houses always have higher utility bills than apartments?
In general, yes. Houses have more space to heat and cool, plus water/sewer and trash are often paid separately vs being included in apartment rent.
Are apartments still cheaper than houses even with pet fees?
Usually, yes. While pet deposits and monthly pet rent can add up, the total monthly cost of an apartment is typically less than a house when you consider all expenses.
Making the Right Housing Choice in Norco
Choosing between an apartment or house in Norco ultimately depends on your budget, lifestyle, and long-term goals. Apartments offer convenience and simplicity for a lower monthly cost, while houses provide more space and autonomy but with added expenses and upkeep.
If you plan to stay in Norco for several years, buying a house may be the better financial move. But if you value flexibility or have a tighter budget, renting an apartment could be the way to go. Weigh the total costs as well as factors like location, amenities, and personal preferences to find the right fit. And don’t forget to budget for the full cost of living in Norco, beyond just rent or mortgage payments.