When deciding between an apartment or house in Oviedo, the monthly costs can vary significantly. Imagine two neighbors: one pays a $250 HOA fee for their townhome, while the other spends $400 on lawn care and small repairs for their house. Understanding these differences is key to choosing the right home for your budget and lifestyle in Oviedo.
Renting vs. Owning in Oviedo: What You’ll Pay
The cost of housing is the biggest factor in the overall average monthly expenses in Oviedo, FL. Renting a 2BR apartment typically costs around $1,800/month, while a 3BR house may rent for $2,450/month. Buying a home involves additional costs like a down payment, closing costs, and property taxes and HOA fees.
Over the past year, the cost of renting a house in Oviedo has increased by about 8%, with more affordable options found in neighborhoods like Remington Park or Aloma Woods. Apartment rents have risen at a slightly slower pace of around 5%.
Cost Comparison: Apartment vs House in Oviedo
Here’s a side-by-side breakdown of common monthly costs when renting in Oviedo:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent | $1,800 | $2,450 |
| Electricity | $120 | $180 |
| Water | Included | $80 |
| Internet | $65 | $65 |
| Renter’s/Home Insurance | $15 | $100 |
| Maintenance & Repairs | $0 | $200 |
| Lawn Care/Pest Control | Included | $150 |
| Total | $2,000 | $3,225 |
Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
Apartments in Oviedo often have lower utility costs due to their smaller size and shared walls. Expect to pay around $120/month for electricity and have water included in your rent. Houses usually have higher bills, around $180 for electricity and $80 for water for a 3BR.
Upkeep is another major difference:
- Houses require more hands-on maintenance like lawn care, pest control, HVAC tune-ups, and appliance repairs, totaling $200-400/month.
- Apartments include most exterior upkeep in the rent, but may charge small fees for trash or pest control.
Lifestyle Tradeoffs Between Apartments and Houses
Aside from costs, apartments and houses offer different lifestyles in Oviedo. Many residents choose apartments for the convenience of walking to shops and restaurants, while families often prefer houses for the extra space and private yards.
Other factors to consider include:
- Noise – Apartments have shared walls, so you may hear neighbors. Houses provide more privacy and quiet.
- Parking – Apartments usually have assigned spots or garages, while houses have private driveways and street parking.
- Pets – Many apartments charge pet rent around $30-50/month. Houses give pets more space but you’re responsible for damage.
- Amenities – Newer Oviedo apartments often have pools, gyms and package lockers. Houses provide more freedom to customize your space.
Which is Cheaper Long-Term: An Apartment or House in Oviedo?
While renting an apartment is cheaper month-to-month, buying a house in Oviedo can be more economical over time. Assuming a 1.5% annual rent increase, after 5 years an apartment’s monthly cost would grow from $2,000 to $2,150, totaling $123,000. Owning a $300,000 house with 20% down, your total 5-year cost would be around $105,000 including the mortgage, taxes, insurance and upkeep – an $18,000 savings compared to renting.
However, this depends on your situation and goals. Renting allows more flexibility to move. And not everyone can afford the upfront costs of buying a house.
Common Questions About the Cost of Apartments vs. Houses in Oviedo
How much more does a house cost per month compared to an apartment in Oviedo?
Renting a house costs about $600-800 more per month than an apartment, when you factor in the base rent, utilities, and upkeep. Buying a house has a lower monthly cost long-term, but higher upfront expenses.
Do houses always have higher utility bills than apartments?
Yes, houses in Oviedo typically have higher utility costs, especially for electricity and water. The larger space requires more energy to heat, cool and light. Expect to pay $80-100 more per month compared to an apartment.
Is renting an apartment still cheaper even with pet fees?
In most cases, yes. While many Oviedo apartments charge pet rent from $30-50/month, this is still less than the added utilities and upkeep costs of a house. However, a house does give your pet more space to roam.
Making the Right Housing Choice for Your Budget in Oviedo
When deciding between an apartment or house in Oviedo, it’s important to look at both the monthly costs and the lifestyle you want. Apartments offer convenience and included amenities for a lower monthly price. Houses provide more space and privacy, but come with added utilities and maintenance.
Be sure to budget at least $2,000/month for an apartment or $3,200/month for a house, as a starting point. The exact cost will depend on the size, location, and amenities you choose.
Ultimately, the right choice depends on your long-term goals and financial situation. Renting an apartment provides flexibility, while buying a house can build equity. Consider your budget, lifestyle, and plans for the next 5+ years. And don’t forget to factor in those extra costs of utilities and upkeep to get a full picture!