Apartment vs. House in Northglenn: Which Costs More?

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

When deciding between renting an apartment or buying a house in Northglenn, it’s important to understand the cost differences. Renting a 2BR apartment in Northglenn typically costs around $1,800 per month, while a 3BR house may cost closer to $2,450 per month. The average rent for a 3BR house in Northglenn is $2,450 per month. The cost of renting a 3BR house in Northglenn has increased by about 5% over the last year, with more affordable options available in the Wyco Park neighborhood.

For those looking to purchase a home, the median sale price for a single-family house in Northglenn is $450,000 as of 2023. With a typical mortgage rate and down payment, that translates to a monthly payment around $2,700 including property taxes and insurance. Over 60% of new homebuyers in Northglenn opt for single-family houses over condos or townhomes.

While buying a house comes with a higher sticker price, it’s important to factor in the long-term costs and potential for building equity. Renting may provide more flexibility and lower upfront costs. Ultimately, the decision depends on your personal financial situation and housing needs. Use our guide to budgeting to live in Northglenn to assess what you can afford.

Table: Cost Comparison – Apartment vs House

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

Estimates are for mid-range units with typical usage.

Utility and Upkeep Differences

In addition to rent or mortgage payments, the cost of utilities and maintenance varies between apartments and houses in Northglenn:

• Water/Sewer: Often included in rent for apartments but paid separately for houses, adding $50-100/month.
• Electricity: Houses typically have higher usage, especially with central A/C. Expect to pay $50-100 more per month than in an apartment.
• Heating: While Northglenn has cold winters, heating costs are fairly moderate. Budget an extra $50/month for a house vs. apartment.
• Cooling: Many Northglenn homes rely on window A/C units or swamp coolers rather than central air, which helps keep summer electric bills in check – usually under $100/month.
• Yard Upkeep: Hiring out lawn care for a typical Northglenn lot runs $100-200/month in the summer. Apartments have no private yard maintenance costs.

Lifestyle Tradeoffs

Aside from hard costs, there are lifestyle factors to consider when choosing between an apartment or house in Northglenn. Apartments are often located in more walkable areas near shopping and dining, with amenities like a pool or gym. However, they provide less space and privacy than a house, with shared walls and limited outdoor areas.

Houses, on the other hand, almost always include a private yard and garage, offering room for kids, pets, and hobbies. Many Northglenn neighborhoods are family-friendly with nearby parks and good schools. The tradeoff is that houses typically require a longer commute and more time spent on upkeep like yardwork and repairs.

Parking is another consideration – apartments usually include at least one reserved space, while houses have a private driveway and garage. For multi-car households, a house provides more flexibility. Ultimately, it’s a matter of prioritizing the features that matter most to you, whether that’s a short commute, extra space, or certain amenities.

Which Is Cheaper Long Term in Northglenn?

While renting an apartment in Northglenn has a lower monthly cost than buying a house, the long-term cost comparison isn’t as clear cut. Assuming a 2BR apartment rent of $1,800/month and 5% annual increases, the total cost over 5 years would be roughly $120,000. For a house with a monthly payment of $2,700, the 5-year cost is $162,000 – over $40,000 more than renting.

However, that calculation leaves out the potential financial benefits of owning a home. If the house appreciates by a modest 3% per year, it would be worth nearly $525,000 after 5 years. Factoring in the equity gained, the homeowner likely comes out tens of thousands of dollars ahead compared to a renter.

Of course, this scenario assumes stable housing market conditions. Renters are more shielded from swings in home values. As with any financial decision, it’s wise to assess your own situation and risk tolerance. Our guide on Northglenn property taxes and HOA fees provides more context for the added costs of homeownership.

FAQs About Housing Costs in Northglenn

How much more does a house cost per month compared to an apartment in Northglenn?
On average, expect to pay about $1,000 more per month for a 3BR house compared to a 2BR apartment in Northglenn, including rent/mortgage, utilities, and maintenance.

Do houses always have higher utility bills than apartments?
In most cases, yes. Houses are larger and have more exterior surface area, requiring more energy for heating, cooling, and lighting. Typical utility costs are $200-400/month for a house vs. $100-200/month for an apartment.

I have pets. Is it still cheaper to rent an apartment?
It depends. Many Northglenn apartments charge pet rent around $35-50/month per pet, plus a deposit. For one or two pets, an apartment is likely still cheaper than a house. But for multiple large dogs, a house with a yard may be more cost-effective.

Making the Right Housing Choice in Northglenn

Choosing between an apartment and a house in Northglenn ultimately depends on your budget, lifestyle preferences, and long-term financial goals. Apartments offer flexibility and lower monthly costs, but less space and privacy. Houses provide room to spread out, but come with higher monthly payments and maintenance.

Based on the averages above, expect to pay around $1,000 more per month for a 3BR house compared to a 2BR apartment in Northglenn. That adds up to over $12,000 per year – a significant chunk of change. But for many, the benefits of homeownership and extra space are worth the added cost.

No matter which path you choose, make sure to budget carefully and plan for both short-term and long-term expenses. Start with our guide to affording the cost of living in Northglenn to see how your income stacks up. With the right preparation, you can find a comfortable place to call home in this friendly Denver suburb.