Apartment vs House in Riverside, CA: Comparing Monthly Costs

By IndexYard Editorial Team | Published: May 31, 2025

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

Couple sitting on porch of Riverside bungalow, waving to neighbor walking dog on street with mixed housing types — In Riverside neighborhoods, a variety of housing options means there’s something for every lifestyle and budget – from cozy bungalows to modern apartments.

When deciding between renting an apartment or buying a house in Riverside, the cost of living is a major factor. The average rent for a 2-bedroom apartment in Riverside is around $1,800 per month, while the average rent for a 3-bedroom house is closer to $2,450 per month. Of course, prices vary based on location, amenities, and property condition.

Owning a home comes with additional costs like property taxes, insurance, and maintenance that can add hundreds of dollars to the monthly budget. According to Zillow, the typical home value in Riverside is $495,000 as of early 2023. With a 30-year fixed mortgage at 6.5% interest and 10% down, the monthly mortgage payment would be around $2,800 (not including taxes and insurance).

Cost Comparison – Apartment vs House

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

Expense	2BR Apartment	3BR House
Rent/Mortgage	$1,800	$2,800
Utilities	$150	$250
Internet	$65	$65
Renter’s/Homeowner’s Insurance	$15	$100
Maintenance & Repairs	$0	$200
HOA Fees	$0	$250
Total	$2,030	$3,665

Estimates are for mid-range units with typical usage, expressed in gross monthly figures (pre-tax).

Utility and Upkeep Differences

In general, houses have higher utility costs than apartments due to their larger size. Expect to pay more for electricity, water, heating and cooling in a single-family home. Some factors that impact utility bills include:

Square footage – more space means more area to heat, cool and light
Lawn maintenance – watering grass and landscaping adds to water bills
Older appliances and systems – dated HVAC, thermostats and appliances are often less energy-efficient
Weatherization – houses may have air leaks around windows and doors that increase heating/cooling loads

In Riverside, many homes use swamp coolers which can help reduce summer electric bills compared to central air conditioning. Apartments typically have smaller loads but may have less efficient appliances or building-wide HVAC.

Lifestyle Tradeoffs

Choosing between an apartment and a house often comes down to lifestyle priorities, not just monthly costs. Apartments offer greater flexibility, predictable expenses, and less hands-on maintenance. They’re often located in more walkable areas with amenities like gyms and pools.

Houses provide more space, privacy and freedom to customize the property. Having a private yard is great for gardening, pets, kids and entertaining. However, homeowners are responsible for all repairs, yard work, and utility costs. Many Riverside residents choose apartments for convenience and walkability, while families often prefer houses for the extra space.

Which Is Cheaper Long Term in Riverside?

While renting may be cheaper month-to-month, owning a home can be more cost-effective long term. Let’s compare the 5-year cost of renting a $1,800 apartment vs. buying a $495,000 house in Riverside, assuming 2% annual rent increases and a 30-year fixed mortgage at 6.5% with 10% down:

Total rent paid over 5 years: $115,855
Total mortgage payments over 5 years: $168,000
Minus $35,600 principal pay down and $24,750 property appreciation (assuming 1% annually)
Actual homeownership cost over 5 years: $107,650

In this scenario, owning becomes cheaper than renting after 5 years. However, this doesn’t account for maintenance, repairs, property taxes and other homeownership costs. Renting may be the better choice for those who value flexibility and predictability in their monthly budget.

FAQs About Housing Costs in Riverside

How much more does a house cost per month?
On average, houses in Riverside cost $600-$1,000 more per month than apartments when you factor in the full cost of ownership. Check out our guide to monthly budget examples for Riverside residents to see how your income stacks up.

Do houses come with higher utility bills?
Yes, houses typically have higher utility costs than apartments due to their larger size, higher heating and cooling loads, and maintenance of yards and exterior areas. The difference can easily be $100+ per month.

Are apartments cheaper even with pet fees?
For most Riverside residents, apartments are still cheaper than houses even factoring in pet rent and deposits. A $50/month pet fee adds up to $600 per year – far less than the extra mortgage, tax and maintenance costs of owning a home. See our article on understanding property tax and HOA fees in Riverside.

Making the Right Housing Choice in Riverside

At the end of the day, the true cost difference between renting and owning in Riverside depends on your specific property, lifestyle and long-term goals. Apartments are generally the more affordable option, with total monthly costs around $1,600 lower than comparable houses. However, homeownership can be cheaper than renting after 5-10 years due to building equity.

If you value flexibility, convenience and lower upfront costs, renting is likely the better choice. Those who plan to stay put for several years and want the freedom of owning may find buying a house worthwhile. Weigh the tradeoffs in space, upkeep, location and monthly budget to determine the right fit for your needs.