When deciding between renting an apartment or buying a house in Redlands, it’s important to consider not just the sticker price, but the full range of costs. Imagine two scenarios:
- Renting a 2-bedroom apartment for $1,800/month, with most utilities and maintenance included
- Buying a 3-bedroom house with a mortgage of $2,200/month, plus an extra $250/month for utilities, $100/month for insurance, and 1% of the home’s value annually for upkeep
While the house may seem like a better deal at first glance, the additional expenses can add up quickly. Let’s take a closer look at the cost differences between apartments and houses in Redlands, including rent, utilities, maintenance, and lifestyle factors.
Renting vs. Owning in Redlands: What You’ll Pay
In general, renting tends to be more affordable than buying in Redlands, especially in the short term. The average rent for a 2-bedroom apartment in Redlands is around $1,850 per month, while a 3-bedroom house typically rents for closer to $2,450 monthly. Of course, prices can vary significantly depending on the neighborhood, age of the property, and amenities included.
For those looking to buy, the median home price in Redlands is $460,000 as of early 2023. With a standard 30-year mortgage and 20% down payment, that translates to a monthly payment of roughly $2,200, not including property taxes, insurance, or HOA fees. The cost of buying a home in Redlands has risen nearly 10% in the last year alone, making it an increasingly expensive proposition.
While there are still affordable homes to be found, particularly in older neighborhoods, competition is fierce. Many buyers are opting for condos or townhomes instead, which offer a lower price point but come with tradeoffs like less space and privacy.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs for a 2-bedroom apartment vs. a 3-bedroom house in Redlands:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,850 | $2,200 |
| Utilities (Electric, Gas, Water, Trash) | $150 | $250 |
| Internet/Cable | $75 | $100 |
| Insurance (Renters/Homeowners) | $20 | $100 |
| Maintenance/Repairs | $0 | $380 |
| HOA Fees | $0 | $250 |
| Total | $2,095 | $3,280 |
Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In addition to the base rent or mortgage payment, apartments and houses have very different utility costs. Apartments tend to be smaller and more energy-efficient, with lower bills for electricity, heating, and cooling. Water, trash, and sometimes even cable and internet may be included in the rent.
Houses, on the other hand, are larger and older on average, leading to higher costs for heating, cooling, and lighting. Homeowners are also responsible for additional utilities like water and trash, which can add $50-100 per month. And don’t forget exterior maintenance costs like landscaping, tree trimming, and gutter cleaning, which can easily average a few thousand dollars per year.
Some other cost factors to keep in mind:
- Older Redlands homes may have less efficient appliances and HVAC systems, leading to higher electric and gas bills
- Apartments with shared walls and less exposure tend to have lower heating and cooling costs
- Houses with yards have additional water costs, while apartments often include water
- Newer Redlands apartments usually include trash service, while homeowners have to pay for private pickup
Lifestyle Tradeoffs
Of course, the decision between an apartment and a house isn’t just about dollars and cents. There are significant lifestyle factors to consider as well. Apartments offer greater flexibility, with shorter lease terms and the ability to move without worrying about selling. They also come with fewer maintenance headaches, since the landlord is typically responsible for repairs and upkeep.
Houses, in contrast, provide more space, privacy, and control over your living environment. They often have private yards, garages, and room to spread out. And for those planning to stay put for a while, owning a home can be a smart financial investment, with the potential for appreciation and equity building over time.
Ultimately, the right choice depends on your stage of life and personal priorities. Many young professionals in Redlands choose apartments for the flexibility and convenience, while families often prefer houses for the extra space and stability. Others opt for a happy medium with a condo or townhome. With a wide variety of housing options and neighborhoods, there’s something for every lifestyle in Redlands.
Which Is Cheaper Long Term in Redlands?
While renting is almost always cheaper in the short term, the long-term cost comparison between apartments and houses is more complex. Let’s say you’re debating between renting a $1,850 apartment or buying a $460,000 house in Redlands. Here’s how the costs might stack up over 5 years:
Renting the apartment would cost around $111,000 in total, assuming 3% annual rent increases. That includes $300 in renters insurance.
Buying the house would cost roughly $165,000 over the same period, including the mortgage, property taxes, insurance, maintenance, and HOA fees. However, you would also build nearly $45,000 in equity over those 5 years.
So even though buying is more expensive up front, owning a home can be a better deal long-term. When you factor in the potential for rental income or future appreciation, a house starts looking like a smart financial move in a place like Redlands with a strong housing market. The key is making sure you can afford the higher monthly costs and have the stability to stay put for a while.
FAQs About Housing Costs in Redlands
Q: How much more does a house cost per month compared to an apartment in Redlands?
A: On average, a 3-bedroom house costs about $1,200 more per month than a 2-bedroom apartment when you factor in the full cost of utilities, maintenance, insurance, and fees.
Q: Do houses always have higher utility bills than apartments?
A: In most cases, yes. Houses are larger and have more exposure to the elements, leading to higher costs for heating, cooling, and lighting. They also have additional utility costs like water and trash that are often included with apartments.
Q: Are apartments still cheaper than houses even with pet rent and other fees?
A: Usually, even with additional fees, apartments come out ahead in monthly cost. However, it depends on the specific property and what’s included. Some luxury apartments with high pet rents and parking fees may end up costing more than a basic starter home.
Making the Right Housing Choice in Redlands
As you can see, the cost difference between renting an apartment and owning a house in Redlands is significant, with houses costing $1,000 or more extra per month on average. Renting is the clear winner for short-term affordability and flexibility. But for those with the budget and long-term stability, a house can be a worthwhile investment with the potential to build equity over time.
Ultimately, the right choice comes down to your personal financial situation and housing priorities. Crunching the numbers on your monthly budget can help you figure out what you can comfortably afford. And don’t forget to factor in property taxes and HOA fees, which can add hundreds to your monthly housing costs in Redlands.
Whether you opt for a cozy apartment, a charming bungalow, or something in between, there are plenty of great housing options to fit every lifestyle and budget in Redlands. The key is doing your homework, running the numbers, and choosing the home that works best for your needs both now and in the future.