Should You Rent or Buy in Perris?

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

When deciding between an apartment or house in Perris, CA, the cost difference is a key factor. On average, renting a 2BR apartment in Perris costs around $1,800 per month, while a 3BR house typically rents for $2,450 monthly. The median rent for a 3BR house in Perris is $2,450 per month. Over the past year, the cost of renting a 3BR house in Perris has risen by 5%, with more affordable options available in the Mead Valley neighborhood.

For homebuyers, the typical mortgage payment on a 3BR house in Perris is around $2,200 per month, assuming a 10% down payment. However, this does not include additional costs like property taxes, insurance, and maintenance. Single-family homes are the most popular choice for new buyers in Perris, with 65% opting for a detached house over a condo or townhome.

Table: Cost Comparison – Apartment vs House

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

Estimates are for mid-range units with typical usage.

Utility and Upkeep Differences

Beyond rent or mortgage payments, apartments and houses in Perris have different utility and maintenance costs:

• Water bills tend to be lower in apartments, as outdoor watering is usually covered by the property
• Electricity costs are higher in houses due to more space to cool in the summer
• Houses require more upkeep, such as lawn care, pest control, and HVAC maintenance
• Many Perris homes use swamp coolers, which can help reduce A/C bills

The age and size of the property also impacts utility costs. Newer, energy-efficient apartments often have lower bills than older houses. Some apartment complexes in Perris include trash service and internet in the rent.

Lifestyle Tradeoffs

Choosing between an apartment and house in Perris is not just a financial decision. Lifestyle factors play a big role:

• Apartments offer less space but require minimal upkeep and yard work
• Houses provide more room to spread out, plus private outdoor space
• Noise from neighbors can be an issue in apartments with shared walls
• Many houses in Perris have fenced yards suitable for pets and kids
• Apartments are often closer to amenities and have shorter commutes
• Houses usually include private garages or driveways for parking

Some Perris residents prefer the walkability and simplicity of apartment living near the downtown core. Others prioritize the extra space and privacy that a suburban house provides, especially for families. Many of the newer apartment complexes offer resort-style amenities like pools and fitness centers.

Which Is Cheaper Long Term in Perris?

While renting is often cheaper month-to-month, owning a home can be more economical over time. Assuming a 1% annual rent increase, a 2BR apartment in Perris would cost around $115,000 in rent over 5 years. Owning a comparable condo, including the mortgage, taxes, insurance and upkeep, would cost about $105,000 over that same period — a $10,000 savings.

For a 3BR house, 5-year ownership costs would be around $182,000 compared to $150,000 in rent. However, this does not account for the equity gained in the home, which can offset the higher monthly expense. With Perris home values projected to rise 3-5% annually, buying can make sense as a long-term investment.

FAQs About Housing Costs in Perris

How much more does a house cost per month?
In Perris, a 3BR house costs about $650 more per month than a 2BR apartment when you factor in rent/mortgage, utilities, and upkeep. However, the difference in monthly payments alone is closer to $400.

Do houses come with higher utility bills?
Yes, houses in Perris typically have higher utility costs due to more space to heat and cool, plus water for landscaping. The average house spends $220/month on utilities, compared to $120/month for an apartment.

Are apartments cheaper even with pet fees?

Most apartments in Perris charge pet rent ranging from $25-50 per month. Even with this extra fee, apartments are usually cheaper overall than houses when you consider the full cost of utilities and upkeep.

Making the Right Housing Choice in Perris

Ultimately, the decision between an apartment or house in Perris is a combination of budget and lifestyle priorities. Renting an apartment can cost $400-1000 less per month, making it an attractive choice for singles, couples, and those who value simplicity. Houses come with higher monthly costs but offer more space, privacy, and control.

As you evaluate your options, consider creating a line-item sample monthly budget to compare total costs. Don’t forget to factor in expenses like property taxes and HOA fees, which can add hundreds to your monthly payment as a homeowner.

By running the numbers and reflecting on your needs, you can make a smart housing choice that fits your finances and enhances your lifestyle in Perris. Whether you decide to rent or buy, you’ll find diverse housing options to match your preferences in this inviting Inland Empire community.