Renting vs. Owning in Oklahoma City: What You’ll Pay
When deciding between renting an apartment or buying a house in Oklahoma City, it’s important to understand the cost differences. Renting a 2BR apartment in Oklahoma City typically costs $1,100/month, while a 3BR house may cost $1,800/month. The average rent for a 3BR house in Oklahoma City is $1,800/month. The cost of renting a 3BR house in Oklahoma City has increased by 5% over the last year, with more affordable options in neighborhoods like Midwest City and Del City.
Of course, monthly rent is just one part of the equation. Homeowners also need to factor in costs like property taxes, insurance, and maintenance. According to the Oklahoma County Assessor’s office, the average property tax rate in Oklahoma City is 1.1%, which would add about $220/month to the cost of a $240,000 home. Homeowners insurance averages $120/month, and setting aside 1% of the home’s value each year for maintenance and repairs is recommended.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Oklahoma City:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage* | $1,100 | $1,460 |
| Utilities | $120 | $250 |
| Internet | $60 | $60 |
| Insurance | $15 | $120 |
| Maintenance | $0 | $200 |
| Property Tax | $0 | $220 |
| Total | $1,295 | $2,310 |
*Mortgage based on $240,000 home with 20% down at 6.5% interest. Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In addition to the base costs, there are some key differences in utility and maintenance expenses for apartments vs. houses in Oklahoma City:
- Water/Sewer: Often included in apartment rent, but paid separately for houses (about $50/month).
- Electricity: Houses typically use more due to larger square footage and central A/C. Expect $150/month for a house vs. $80 for an apartment.
- Gas: Used more in houses for heating, cooking, laundry. Budget $50/month, vs. $20 for an apartment.
- Lawn Care: Not applicable for most apartments, but plan on $50/month for mowing and landscaping for a house.
- Pest Control: Typically included for apartments, but budget $30/month for a house.
In Oklahoma City, many homes use swamp coolers which can help reduce summer A/C bills. However, expect higher utility costs overall in a house due to the larger space and additional appliances like a washer/dryer. Newer apartment complexes in Oklahoma City often include trash and even internet in the monthly rent.
Lifestyle Tradeoffs
Of course, the decision between renting an apartment or buying a house involves more than just the monthly costs. There are important lifestyle factors to consider as well:
- Space: Houses offer more square footage and storage, plus yard space. Apartments are typically smaller but require less cleaning and upkeep.
- Noise: Apartments mean sharing walls with neighbors, so noise can be an issue. Houses provide more privacy and quiet.
- Location: Apartments are often located in more walkable areas near dining and entertainment. Houses are typically in more residential neighborhoods.
- Parking: Apartments usually include 1-2 designated spots, while houses have private driveways and garages.
- Pets: Many apartments charge monthly pet rent around $25-50, and may have breed/size restrictions. Houses give more flexibility for pet owners.
Many Oklahoma City residents choose apartments for the affordability and low-maintenance lifestyle, especially young professionals. However, families often prefer houses for the extra space, privacy, and ability to build equity over time. As remote work has grown, some are opting for houses further out from the city center to get more for their money.
Which Is Cheaper Long Term in Oklahoma City?
While renting is cheaper than owning month-to-month, buying can be more economical long-term. Let’s compare the 5-year cost of renting a $1,100 2BR apartment vs. buying a $240,000 house in Oklahoma City, assuming 3% annual rent increases and 2% home value appreciation:
- Total Rent Paid Over 5 Years: $71,500
- Total Mortgage Paid Over 5 Years: $87,600
- Minus $24,500 in equity gained
- Minus $12,000 in tax deductions (20% tax bracket)
- Plus $12,000 in maintenance/repairs
- Actual 5-Year Cost: $63,100
In this example, owning the home would save about $8,400 over 5 years compared to renting. Of course, this doesn’t account for the opportunity cost of the down payment, closing costs, or the value of flexibility. For those planning to stay 5+ years, buying can often be the better financial choice in Oklahoma City, especially considering rising rents. Use this monthly budget calculator to estimate your costs.
FAQs About Housing Costs in Oklahoma City
How much more does a house cost per month in Oklahoma City?
On average, expect to pay about $1,000 more per month for a 3BR house compared to a 2BR apartment in Oklahoma City, including rent/mortgage, taxes, insurance, and maintenance.
Do houses always have higher utility bills than apartments?
In most cases, yes. Houses have more square footage to heat and cool, plus additional costs like water/sewer and lawn care that are often included with apartment rent.
Are apartments still cheaper than houses even with pet rent?
For most pet owners, an apartment will still be cheaper overall than a house, even with monthly pet fees. However, a house offers more space and fewer restrictions for pets.
Making the Right Housing Choice in Oklahoma City
In summary, renting an apartment in Oklahoma City will cost around $1,295/month on average, while owning a house runs closer to $2,310/month. Renting is cheaper in the short term, but buying can be more economical over 5+ years. The right choice depends on your budget, lifestyle, and long-term plans.
Whichever option you choose, make sure to factor in the full cost of utilities, insurance, and maintenance to avoid surprises. And don’t forget to consider the tradeoffs in space, location, and flexibility. With a clear understanding of the costs and your priorities, you can find the perfect apartment or house to call home in Oklahoma City.