Renting vs. Owning in Shively: What You’ll Pay
When deciding whether to rent an apartment or buy a house in Shively, it’s important to understand the cost differences. Renting a 2BR apartment in Shively typically costs around $950 per month, while a 3BR single-family house may rent for closer to $1,400 monthly. The average rent for a 3BR house in Shively is $1,375 per month. Over the past year, the cost of renting a 3BR house in Shively has increased by about 4%, with more affordable options available in the Rockford Lane area.
For those looking to purchase a home, the median sale price in Shively is currently $185,000, which translates to a monthly mortgage payment of around $1,100 (assuming a 30-year fixed loan with 20% down). While this may seem comparable to renting at first glance, homeowners must also factor in additional monthly expenses like property taxes, insurance, and maintenance that can add several hundred dollars to the total.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs for mid-range units in Shively:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $950 | $1,375 |
| Utilities | $120 | $250 |
| Internet | $60 | $70 |
| Insurance | $15 | $80 |
| Maintenance | $0 | $150 |
| HOA Fees | $0 | $25 |
| Total | $1,145 | $1,950 |
Estimates are for mid-range units with typical usage, expressed as gross monthly costs.
Utility and Upkeep Differences
In addition to the base rent or mortgage, apartments and houses have notably different utility costs. Some key factors that impact monthly bills include:
- Square footage – Larger homes are more expensive to heat, cool, and power than a compact apartment.
- Lawn maintenance – Houses with yards require ongoing costs for mowing, landscaping, and water.
- Age and efficiency – Older, less efficient HVAC systems and appliances lead to higher energy use.
- Exterior upkeep – Houses demand more exterior maintenance like gutter cleaning, painting, and roof repairs.
In Shively, many homes rely on window AC units or swamp coolers rather than central air, which can help reduce cooling costs in the summer. Newer apartment complexes often include trash service and sometimes even internet in the base rent. Overall, utility and maintenance expenses for a single-family home in Shively usually exceed apartment costs by $150 or more per month.
Lifestyle Tradeoffs
Of course, monthly costs are just one factor in the rent vs. buy decision. Houses and apartments offer very different lifestyles as well. Apartments in Shively are often located in more walkable areas closer to shopping and restaurants, which can reduce transportation costs. They also require much less hands-on upkeep, freeing up time and energy.
On the flip side, houses provide significantly more living space, both indoors and out. They allow more freedom and privacy, with the ability to paint, renovate, and truly make a space your own. Many homes in Shively have private yards, garages, and ample storage space compared to apartments.
Ultimately, the best fit depends on your stage of life and personal preferences. Young professionals may prefer a low-maintenance apartment close to work and nightlife. Growing families often need the extra bedrooms and yard space a house provides. Many Shively residents find a happy medium in renting a single-family home – combining the space and freedom of ownership with the flexibility of renting.
Which Is Cheaper Long Term in Shively?
While renting is almost always cheaper than owning on a monthly basis, the long-term cost comparison depends on how many years you plan to stay in the home. Using our averages, a Shively apartment would cost about $68,700 over a 5-year period, including 3% annual rent increases. A comparable house would cost around $117,000 to rent over that same span.
If you were to buy an $185,000 home with 20% down, the total 5-year cost would be close to $98,000, assuming a 3.5% mortgage rate, average [property tax and HOA fees](/shively-ky/property-tax-hoa/), and 3% for maintenance and repairs. So while buying requires a large upfront investment, it can be more economical than renting for those who plan to stay put for at least 5-7 years. Plus, homeowners build equity over time as the property value rises.
FAQs About Housing Costs in Shively
How much more does a house cost per month compared to an apartment in Shively?
On average, renting a single-family home in Shively costs about $425 more per month than renting an apartment, largely due to increased utility, maintenance, and insurance costs.
Do houses always have higher utility bills than apartments?
In most cases, yes. Houses have more space to heat and cool, higher water usage for yards, and greater energy demands for lighting and appliances. The utility cost difference is often $100/month or more in Shively.
Are apartments still cheaper than houses even with pet rent and parking fees?
Most apartments in Shively charge pet rent of $25-$50 per month as well as fees for covered parking or garages. However, even with those extra costs, apartments typically remain significantly cheaper than houses when accounting for utilities, insurance, taxes, and maintenance.
Making the Right Housing Choice in Shively
As this breakdown shows, renting an apartment in Shively is substantially cheaper than buying a house on a monthly basis. The average renter can expect to pay around $1,145 per month for a 2BR apartment, compared to $1,950 monthly for a 3BR house (including the mortgage, taxes, insurance, and maintenance). That’s an $805 difference every month.
However, the long-term cost gap narrows for those planning to stay over 5 years. And with a house, you gain additional space, privacy, and the freedom to customize your home. For many Shively residents, the lifestyle benefits of a house outweigh the added monthly expense.
Ultimately, the right choice depends on your unique budget, family size, location needs, and long-term goals. Use this guide as a starting point, then dive deeper with our resources on [monthly budgeting](/shively-ky/monthly-budget/) for your specific situation. The key is to find a comfortable home that supports your lifestyle without exceeding 30% of your gross income. With proper planning, you can achieve an affordable cost of living and thrive in Shively for years to come.