When choosing between an apartment or house in Smyrna, TN, it’s important to consider not just the monthly rent or mortgage, but the full picture of costs and lifestyle factors. Let’s compare a typical scenario:
Imagine you’re deciding between a 2-bedroom apartment in a newer complex or a 3-bedroom house in an established neighborhood. The apartment comes with a $250 monthly HOA fee that covers amenities, exterior maintenance, and trash service. The house has no HOA, but you’ll need to budget for lawn care, gutter cleaning, and occasional repairs — averaging $300 per month if you outsource the work.
So from the start, the “extras” are fairly even — but what about the big picture of housing costs in Smyrna? Here’s a closer look at the key factors to help you decide which option fits your budget and lifestyle best.
Renting vs. Owning in Smyrna: What You’ll Pay
In general, renting tends to be cheaper than owning in Smyrna, at least on a monthly basis. Renting a 2BR apartment typically costs around $1,450 per month, while a 3BR house runs closer to $2,100 per month. Of course, that’s just the base rent or mortgage payment.
Buying a home comes with additional costs like property taxes, insurance, and maintenance that can add hundreds to your monthly housing budget. The median property tax in Smyrna is $1,824 per year, or about $152 per month. Homeowners insurance averages $1,200 per year, or $100 per month.
Rents in Smyrna have been rising steadily, especially for houses which are in high demand. The average rent for a 3BR house in Smyrna has increased 6% in the past year, reaching $2,125 per month. More affordable options can still be found in neighborhoods like Smyrna Crossings and Cedar Pointe.
Cost Comparison: Apartment vs House in Smyrna
Here’s a side-by-side breakdown of common monthly costs for a mid-range apartment and house in Smyrna:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent / Mortgage | $1,450 | $2,100 |
| Electricity | $120 | $180 |
| Water | Included | $60 |
| Internet | $65 | $65 |
| Renters/Homeowners Insurance | $15 | $100 |
| Maintenance & Repairs | $0* | $300 |
| HOA Fees | $250 | $0 |
| Property Tax | $0 | $150 |
| Total | $1,900 | $2,955 |
*Maintenance covered by landlord or HOA. Estimates based on typical usage.
Utility and Upkeep Differences
In addition to the base housing payment, utility costs can vary quite a bit between apartments and houses in Smyrna. Some key differences to consider:
- Electricity: Houses in Smyrna tend to be larger and less energy-efficient than apartments, leading to higher electricity bills for cooling in the summer. Many houses still have older HVAC systems.
- Water: Most apartments include water in the monthly rent, while houses require a separate water bill that can add $40-80 per month. Watering a lawn or garden can drive costs up.
- Maintenance: Homeowners are responsible for all upkeep costs like lawn care, pest control, HVAC tune-ups, gutter cleaning, and appliance repairs. These can easily average a few hundred dollars per month. Apartment dwellers pay little to nothing for maintenance.
Of course, the actual utility costs will depend on factors like the size and age of the unit, your usage habits, and your willingness to do some of the maintenance yourself. But in general, expect to pay more in monthly utilities and upkeep for a house compared to an apartment.
Lifestyle Tradeoffs
Aside from the hard costs, there are some key lifestyle differences to consider with apartments vs. houses in Smyrna:
Apartments offer convenience, amenities, and a low-maintenance lifestyle. Many are within walking distance to shopping and restaurants. You’ll have less space and privacy than a house, and may deal with noise from neighbors, but also less yard work and home maintenance to worry about.
Houses provide more space, privacy, and control over your environment. You can paint, renovate, and landscape to your heart’s content. Houses are better for pet owners, families with kids, and anyone who wants room to spread out. However, they require more upkeep and may mean a longer commute.
Many young professionals in Smyrna choose apartments for the walkability and simplicity, while families prefer the yard space and room to grow that a house provides. It really depends on your stage of life and priorities.
Which Is Cheaper Long-Term in Smyrna?
While renting is often cheaper than owning on a monthly basis, buying can be more economical long-term. Let’s compare the 5-year cost of renting a $1,450 apartment vs. buying a $300,000 house in Smyrna, assuming a 3% annual rent increase and 1% annual increase in home values and expenses:
| Year | Rent | Buy |
|---|---|---|
| 1 | $22,800 | $35,460 |
| 2 | $23,484 | $35,815 |
| 3 | $24,189 | $36,173 |
| 4 | $24,914 | $36,534 |
| 5 | $25,662 | $36,900 |
| Total | $121,049 | $180,882 |
Renting comes out ahead after 5 years. However, the homeowner has built about $30,000 in equity over that time. Assuming 3% annual appreciation, the $300,000 house would be worth around $347,000. So the effective cost of owning is closer to $150,000.
Considering rising rents in Smyrna, buying could start to look more attractive if you plan to stay put for 5+ years. But renting remains the lower-risk, more flexible option, especially if you might relocate within a few years.
FAQs About Housing Costs in Smyrna
How much more does a house cost than an apartment in Smyrna?
On average, a house in Smyrna costs about $1,000 more per month than an apartment when you factor in the mortgage, taxes, insurance, maintenance, and utilities. But the actual difference depends on the size and location of each.
Do houses always have higher utility bills than apartments?
Houses in Smyrna typically have higher utility costs than apartments since they are larger and less energy-efficient. Expect to pay more for electricity, water, and gas in a house. However, some utility costs may be offset by energy-saving upgrades.
Are apartments still cheaper than houses even with pet rent and parking fees?
In most cases, yes. Even with extra fees like pet rent ($25-50/month), parking ($50-100/month), and storage ($50-100/month), apartments in Smyrna tend to be cheaper than houses when you add up all the monthly expenses. Of course, it depends on the specific apartment and fees.
Making the Right Housing Choice in Smyrna
So is it better to rent an apartment or buy a house in Smyrna? The answer depends on your budget, lifestyle, and long-term plans. Apartments offer flexibility and convenience at a lower monthly cost, while houses provide more space and control with the potential for long-term equity.
Weigh the total costs as well as factors like location, amenities, maintenance, and your desire for stability vs. flexibility. Whether you choose to rent or buy, make sure to budget for the full cost of housing, not just the base rent or mortgage payment. Include line items for utilities, insurance, maintenance, and fees to get an accurate picture.
For more tips on budgeting for housing in Smyrna, check out our guides on how much it costs to live in Smyrna each month and what homeowners pay in taxes and HOA fees. With careful planning, you can find the right apartment or house to fit your needs and budget in Smyrna.