Choosing between an apartment or house is a big decision when moving to Redmond. To help you weigh the options, here’s a quick checklist of the key pros and cons:
- Apartments
- ✅ Lower monthly rent
- ✅ Included amenities & maintenance
- ✅ Walkable locations
- ❌ Limited space & storage
- ❌ Shared walls & noise
- Houses
- ✅ More space & privacy
- ✅ Yard & garage
- ✅ Flexibility to renovate
- ❌ Higher monthly costs
- ❌ Maintenance responsibilities
Of course, the decision ultimately comes down to your budget, lifestyle, and housing needs. Let’s take a closer look at the cost differences between renting an apartment vs owning a house in Redmond, including rent, utilities, upkeep, and other factors.
Renting vs. Owning in Redmond: What You’ll Pay
In general, renting an apartment in Redmond is more affordable than owning a house, at least in terms of monthly costs. The average rent for a 2-bedroom apartment is around $2,400 per month, while a 3-bedroom house typically rents for closer to $3,200 monthly.
Buying a house comes with an even higher price tag. The median home price in Redmond is over $1.1 million, which translates to a monthly mortgage payment of roughly $5,500 (assuming 20% down on a 30-year fixed loan). Property taxes, insurance, and HOA fees can add hundreds more to the monthly bill.
Keep in mind, rental prices can vary significantly depending on the neighborhood, age of the building, and included amenities. For example, you might find more affordable apartments in the Grass Lawn area, while newer luxury buildings downtown command top dollar. Likewise, the total monthly cost of living in Redmond will depend on your specific housing choice and lifestyle.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs* for renting a 2-bed apartment vs owning a 3-bed house in Redmond:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $2,400 | $5,500 |
| Utilities | $150 | $300 |
| Internet | $65 | $65 |
| Renter’s/Home Insurance | $15 | $80 |
| Maintenance & Repairs | $0 | $415 |
| HOA Fees | $0 | $250 |
| Total | $2,630 | $6,610 |
*Estimates are for mid-range units with typical usage and assume 20% down on a 30-year fixed mortgage at 5% APR. Property taxes and HOA fees can vary. Maintenance estimate is 1% of home value annually.
Utility and Upkeep Differences
In addition to higher base rent or mortgage payments, houses typically come with increased utility and maintenance costs compared to apartments. Some factors that can drive up the monthly bills for a single-family home include:
- Larger floor plans that require more energy to heat and cool
- Older, less efficient appliances and HVAC systems
- Water-thirsty lawns that need regular irrigation
- Maintenance and repair of the roof, siding, plumbing, etc.
By contrast, apartments tend to be smaller, more efficient, and have most exterior upkeep covered by the landlord or HOA. You may still pay for some utilities like electricity and internet, but the overall costs are usually lower. Some newer “green” buildings even include utilities in the base rent.
Lifestyle Tradeoffs
Of course, the decision between an apartment or house isn’t just about dollars and cents. There are also important lifestyle factors to consider, like space, privacy, location, and amenities.
Apartments are popular among young professionals who want to be close to the action. Many complexes in downtown Redmond and Overlake are just steps from shopping, dining, and transit. Shared amenities like fitness centers, co-working spaces, and dog runs can also be a draw. The tradeoff is less square footage and potential noise from neighbors.
Houses appeal to families who crave more space to spread out, including a private yard for kids and pets to play. Having a garage is also a plus for extra storage or hobbies. And while some HOAs have restrictions, you generally have more freedom to paint, renovate, and make a house feel like home. The downside is more maintenance and a longer commute.
Ultimately, the best choice depends on your stage of life and personal preferences. A busy singleton may prefer a low-maintenance apartment near work, while a family of four needs the extra bedrooms and breathing room a house provides.
Which Is Cheaper Long Term in Redmond?
While renting is almost always cheaper than owning on a monthly basis, the long-term costs can be more complicated. Let’s say you’re debating between a $2,400 apartment and a $5,500 house payment. At first glance, the apartment is $3,100 less per month or $37,200 per year. Over five years, that’s $186,000 in savings on rent alone!
However, owning a home has a secret weapon: equity. With each mortgage payment, you’re building ownership in an appreciating asset. According to Zillow, Redmond home values have climbed nearly 50% in the last five years. So while you’re spending more on housing each month, you’re also getting some of that back in the form of equity.
Additionally, rents tend to rise over time, while a fixed-rate mortgage stays the same. The apartment that costs $2,400 today could easily be $3,000 or more in five years. Assuming a 5% annual increase, the total rent paid over five years would be over $160,000.
The bottom line? Owning a home in Redmond is likely to be cheaper than renting long-term, thanks to equity gains and stable housing payments. But it requires a higher upfront investment and more responsibility. Renting is best for short-term residents or those who value flexibility and convenience over building wealth.
FAQs About Housing Costs in Redmond
How much more does a house cost than an apartment in Redmond?
The average rent for a 3-bedroom house in Redmond is about $800 more per month than a 2-bedroom apartment, not including utilities and maintenance. Owning a median-priced home costs over $4,000 more per month than renting, assuming 20% down.
Do houses always have higher utility bills than apartments?
In general, yes. Houses are larger and often have less efficient appliances and systems. Costs for heating, cooling, water, and landscaping tend to be higher than in an apartment.
Is it cheaper to rent in Redmond, even with pet fees and parking costs?
It depends on the apartment, but in most cases, yes. Even with add-on costs like pet rent (~$50/month) or parking (~$100/month), the total monthly cost of renting is still well below owning a comparable house in Redmond.
Making the Right Housing Choice in Redmond
As you can see, the cost difference between renting an apartment and owning a house in Redmond is significant. For a mid-range 2-bedroom apartment, expect to pay around $2,600 per month including rent and utilities. A similar 3-bedroom house will cost over $6,600 per month, factoring in the mortgage, taxes, insurance, and maintenance.
Renting is the clear winner for short-term affordability and flexibility. But if you plan to stay in Redmond for the long haul, buying a house could pay off—just be prepared for the higher upfront costs and ongoing responsibilities of homeownership.
Ultimately, the right choice depends on your personal budget, lifestyle needs, and goals. Use this guide as a starting point, then crunch the numbers for your specific situation. And don’t forget to account for the intangible benefits of each option, whether it’s the community feel of an apartment complex or the pride of planting your own garden.
Ready to take the next step in your Redmond housing journey? Check out our guide to budgeting for monthly expenses or learn more about property taxes and HOA fees for Redmond homeowners.