Renting vs. Owning in Riverview: What You’ll Pay
When deciding between renting an apartment or buying a house in Riverview, the cost difference is a key factor. On average, renting a 2BR apartment in Riverview typically costs around $1,450/month, while a 3BR house may cost closer to $2,200/month. The median rent for a 3BR house in Riverview is $2,175/month. However, the cost of renting a house has increased by nearly 8% over the last year, with more affordable options found in neighborhoods like Panther Trace and Lake St. Charles.
Of course, the monthly cost is just one piece of the puzzle. Owning a home also means additional expenses like property taxes, insurance, and maintenance that renters don’t have to worry about. The average property tax in Hillsborough County is around $2,200 per year for a $300K home, plus HOA fees which can add $200-400/month in some Riverview neighborhoods.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Riverview:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage* | $1,450 | $2,200 |
| Utilities | $150 | $250 |
| Internet | $60 | $60 |
| Insurance | $15 | $100 |
| Maintenance | $0 | $200 |
| HOA | $0 | $250 |
| Total | $1,675 | $3,060 |
*Based on a 5% down payment on a $300K home. Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In addition to the base rent or mortgage, there are notable differences in monthly utility and maintenance costs between apartments and houses in Riverview:
- Water/Sewer: Often included in apartment rent, but homeowners pay $60-100/month
- Electricity: Houses use 30-50% more, costing $150/month vs $90 in an apartment
- Cooling: Summers in Riverview are hot and humid. Expect A/C to run $100/month in an apartment but $150-200 in a larger house
- Lawn Care: Not applicable for most apartments, but budget $100/month for mowing and landscaping a typical Riverview yard
These cost differences add up. Apartments are generally more efficient and have some utilities included, while houses give you more space but also more expenses. A good rule of thumb is to budget about 25% more for utilities in a house vs a comparable apartment.
Lifestyle Tradeoffs
Finances are a major factor, but there are also important lifestyle differences to consider with apartments and houses in Riverview. Many residents choose apartments for the convenience of living near shopping and dining at places like the Riverview 14 complex. The newer Bell Riverview community is also popular for its modern finishes and amenities.
On the flip side, houses provide more space, privacy and room to grow. Families often prefer having a yard for kids and pets to play. Some of the most desirable Riverview neighborhoods for houses include Panther Trace, Boyette Springs and Rivercrest, which offer larger lots and highly-rated schools.
Commuters should also factor in location. While many apartment complexes are centrally located near major highways like 301 and I-75, some of the more affordable houses are further out east and may mean a longer drive to Tampa or MacDill AFB.
Which Is Cheaper Long Term in Riverview?
Renting is often cheaper up front, but owning a home can be a better deal long-term, especially as rents continue to rise. Assuming a 5% down payment on a $300K house, the monthly cost would be around $2,200 including taxes and insurance. Meanwhile, the average rent for a 3BR in Riverview is already $2,175 and projected to keep increasing 3-5% per year.
Over a 5-year period, that adds up to roughly $141K in rent, while owning would cost $132K even with maintenance and repairs factored in. Plus you’d be building equity in the house. Of course, this depends on your situation – use our Riverview cost of living calculator to estimate your specific monthly expenses.
FAQs About Housing Costs in Riverview
How much more does a house cost per month?
On average, expect to pay about $1,000 more per month for a 3BR house compared to a 2BR apartment in Riverview when you factor in the mortgage, taxes, insurance and maintenance.
Do houses always have higher utility bills?
In general, yes. Houses in Riverview are larger and less efficient than apartments, so utilities like electric and water tend to be 25-50% higher. But a newer, energy-efficient home could cost less than an older apartment.
Are apartments still cheaper with pet rent?
Usually, even with pet rent and deposits, an apartment will cost less overall than a house in Riverview. But it depends on the complex – some charge up to $50/month per pet, so a house could be cheaper if you have multiple animals.
Making the Right Housing Choice in Riverview
So is it better to rent an apartment or buy a house in Riverview? It comes down to your budget, lifestyle and long-term goals. Apartments offer convenience and flexibility for less money up front. Houses provide more space and privacy, but with higher monthly costs and maintenance.
Either way, it’s important to understand how your housing fits into your overall budget. Use our monthly expense calculator to estimate your total cost of living in Riverview and make an informed decision on renting vs owning. The right choice is the one that fits your finances and helps you feel at home in this growing Tampa Bay community.