Cost of Living in an Apartment vs. House in Norman

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

When deciding between renting an apartment or buying a house in Norman, cost is a major factor. On average, renting a 2-bedroom apartment in Norman costs around $1,100 per month, while a 3-bedroom house may have a mortgage payment of $1,400 per month (assuming a 20% down payment). The median rent for a 3BR house in Norman is $1,595 per month.

However, these base costs only tell part of the story. Homeowners must also budget for property taxes, insurance, maintenance, and potentially HOA fees. Renters may have some utilities included but will still pay for others out of pocket. The cost of renting a 3BR house in Norman has increased by 4% over the last year, with more affordable options available in neighborhoods like Hall Park and Brookhaven.

Table: Cost Comparison – Apartment vs House

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

Estimates are for mid-range units with typical usage.

Utility and Upkeep Differences

Utility costs can vary significantly between apartments and houses in Norman. Some key differences include:

• Water/sewer: Often included in rent for apartments but paid separately by homeowners
• Electricity: Houses typically use more due to larger square footage and central AC
• Gas: Used more in houses for heating, cooking, and hot water
• Lawn care: Not applicable for most apartments but can cost $100+/month for houses
• Pest control: Sometimes included for apartments; homeowners arrange their own

HVAC maintenance is another cost factor, especially in the hot Oklahoma summers. While landlords typically cover major apartment AC repairs, homeowners must budget for annual tune-ups and part replacements over time. Some older Norman homes still use swamp coolers, which can help reduce electric bills but require more frequent upkeep compared to central air.

Lifestyle Tradeoffs

Finances are just one part of the rent vs. buy equation. Apartments and houses each offer distinct lifestyle benefits that may sway your decision:

Apartments provide amenities like pools, fitness centers and on-site maintenance. They’re often located in more walkable areas, closer to campus and downtown Norman. However, living in close proximity to neighbors means potentially dealing with more noise, less privacy and stricter pet policies.

Houses, on the other hand, provide much more space and yard access for kids and pets to roam. Many Norman residents prefer the quiet of neighborhoods like Hallbrooke or the Trails. However, that privacy comes with a longer commute and more household chores. Some may prefer the convenience of an apartment near Main Street, while growing families often need the extra bedrooms a house provides.

Which Is Cheaper Long Term in Norman?

While renting is often cheaper in the short term, buying can be more cost-effective long term. Assuming a 1-2% annual rent increase, a $1,100/month Norman apartment would cost $68,460 over five years. Owning a $200,000 house with 20% down, by comparison, builds around $23,000 in equity in that same period, even after accounting for upkeep.

Still, coming up with a down payment remains the biggest barrier to homeownership for many. Renters can avoid that large upfront expense and the commitment of a mortgage. In a growing city like Norman, though, buying a home could prove the better value, especially if you plan to stay put for 5+ years.

FAQs About Housing Costs in Norman

How much more does a house cost per month?
In Norman, the median rent for a 3BR house is around $500 more per month than a 2BR apartment. However, that doesn’t include additional costs like insurance, lawn care and maintenance that come with homeownership.

Do houses always have higher utility bills?
While every property is different, houses in Norman tend to have higher utility costs than apartments overall. The average electric bill alone is $50-$80 more per month due to the larger space and HVAC demands.

Are apartments still cheaper with pet rent?
Even with a $25-$50 monthly pet rent, Norman apartments are typically less expensive than houses when accounting for total rent, utilities and upkeep. However, many apartments have breed or weight restrictions that could limit your options.

Making the Right Housing Choice in Norman

As this breakdown shows, renting an apartment in Norman tends to be cheaper than buying a house by roughly $600 per month. For many, the added space and freedom of homeownership is well worth the extra expense. Others may value the flexibility and convenience of renting.

Ultimately, the right choice depends on your budget, lifestyle and long-term goals. Be sure to consider all the costs and tradeoffs carefully. For more tips, check out our guides on monthly budgeting for Norman residents and understanding property taxes and HOA fees.