Kara sat at her kitchen table, papers spread out before her as she calculated her housing budget. As a first-time buyer in Northglenn, she wanted to understand the real cost difference between renting an apartment and buying a house. With rising prices and a competitive market, making an informed decision was crucial.
Like many in Northglenn, Kara is navigating a dynamic housing landscape. Whether you’re a young professional, growing family, or empty nester, understanding the cost of living in an apartment vs house in Northglenn is key to finding the right fit for your finances and lifestyle. Let’s break down the numbers and trends shaping the local market.
The Housing Market in Northglenn Today
Northglenn’s housing market reflects the city’s continued growth and appeal. Inventory has tightened in recent years, with a mix of established neighborhoods and new developments drawing a range of buyers and renters. The city’s proximity to Denver and diverse amenities make it an attractive option for those seeking a suburban lifestyle with urban convenience.
In Northglenn, an increasing number of apartments are offering more green spaces and community features to attract renters. At the same time, many single-family homes boast mature landscaping and quiet streets that appeal to families. With a variety of housing types and price points, Northglenn offers options for a range of budgets and preferences.
Renting in Northglenn: What’s Typical?
For renters in Northglenn, average monthly costs vary by apartment size and location. As of 2023, a typical one-bedroom apartment rents for around $1,400, while a two-bedroom unit averages $1,800. Rent in Northglenn has risen by 5% in the last year, but areas like the Webster Lake neighborhood still offer affordable options for young professionals.
Renters in Northglenn are a mix of young singles, couples, and families. Many are drawn to the city’s diverse dining and entertainment options, as well as its convenient location for commuting. Popular renter areas include the walkable Northglenn Marketplace district and the newer apartment complexes along Grant Street.
Owning a Home in Northglenn
For those looking to buy, the median home price in Northglenn is currently $450,000. With a 10% down payment and a 30-year mortgage at 4% interest, buyers can expect an average monthly mortgage payment of around $1,950. However, additional costs like property taxes, insurance, and HOA dues can add several hundred dollars per month.
In Northglenn, property taxes average 0.7% of a home’s assessed value, which equates to about $262 per month for a median-priced home. Homeowners insurance typically runs $80-120 per month, while HOA dues vary widely by neighborhood and amenities. For a home in the popular Fox Run area, monthly HOA fees average $250.
Renters vs. Homeowners: Who Lives Where?
Northglenn’s homeownership rate stands at 65%, slightly higher than the national average. While renting is common among younger individuals and new arrivals, a large portion of older residents and established families own their homes. This split reflects both financial factors and lifestyle preferences.
For many in Northglenn, renting offers flexibility and lower upfront costs, making it an appealing choice for those early in their careers or saving for a future purchase. However, rising rents and the desire for more space and stability motivate some to pursue homeownership. The city’s diverse housing stock and range of prices make ownership accessible to a broader range of buyers than in some neighboring cities.
Table: Typical Monthly Housing Costs in Northglenn
Here’s what housing costs might look like each month in Northglenn:
| Cost | Apartment (1BR) | House (Median Price) |
|---|---|---|
| Rent/Mortgage | $1,400 | $1,950 |
| Property Tax | – | $262 |
| Insurance | $15 (renters) | $100 |
| Utilities | $120 | $250 |
| HOA | – | $250 |
| Total | $1,535 | $2,812 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Several factors influence housing costs in Northglenn. The city’s growing population and strong job market are driving demand, particularly for entry-level homes and affordable rentals. At the same time, limited inventory and rising construction costs are pushing prices higher.
In neighborhoods like Northglenn Heights and Fox Run, zoning changes have allowed for more high-density housing, increasing supply but also shifting the character of some areas. New luxury apartments along 120th Avenue have raised the ceiling for high-end rents. However, the city is also investing in affordable housing initiatives to help moderate rising costs.
FAQs About Housing in Northglenn
- Is Northglenn affordable to live in? Compared to some Denver suburbs, Northglenn offers relatively affordable options for both renters and buyers. However, rising costs are an increasing concern for many residents.
- Why are housing prices changing? Northglenn’s growing population, limited inventory, and the broader Denver market are all contributing to rising housing costs. Zoning changes and new luxury developments are also factors.
- How does Northglenn compare to nearby cities? Northglenn is generally more affordable than cities like Westminster and Thornton, but pricier than some areas further north. Its mix of urban amenities and suburban charm is appealing to many.
Making Smart Housing Decisions in Northglenn
As Kara and many others in Northglenn have found, making smart housing choices requires carefully evaluating your budget, lifestyle, and long-term goals. While renting is often cheaper in the short term, buying can offer greater stability and wealth-building potential over time. Tools like a monthly budget calculator can help you understand your spending and saving potential in each scenario.
Ultimately, the cost of living in an apartment vs house in Northglenn depends on your unique circumstances. By understanding the local market and your own priorities, you can find the right housing fit for your finances and future. For a fuller picture of expenses, see our guide to the total cost of living in Northglenn in 2023.