Picture a typical starter apartment in St Cloud, Florida: a modest 700 square foot 1-bedroom in a low-rise complex, with basic finishes, a small balcony overlooking a courtyard pool, and assigned parking. Rent runs about $1,200 per month, which feels manageable for many young professionals. But how does the cost of living in an apartment vs house in St Cloud really compare?
For anyone considering putting down roots in this growing Orlando suburb, it’s a key question. Housing is the biggest chunk of most people’s budgets, so choosing between renting and owning has major financial implications. Let’s break down the numbers to understand the real cost differences in St Cloud.
The Housing Market in St Cloud Today
Like much of Florida, St Cloud’s housing market has been on an upswing. The city’s population grew by over 25% between 2010-2020, fueled by its affordability and proximity to Orlando’s job centers. That’s put pressure on housing supply, pushing both rents and home prices steadily higher.
Still, compared to Orlando proper or trendier suburbs like Winter Park, St Cloud remains relatively affordable. New apartment complexes and residential developments continue to rise, especially along major corridors like US-192. While inventory can be tight, patient buyers and renters can still find good values.
St Cloud’s character is also evolving. An increasing number of new apartments feature upscale amenities like resort-style pools, dog parks, and co-working spaces to appeal to young professionals. New construction homes tend to favor modern, open-concept designs. Yet the city retains its laidback, small-town roots, with plentiful parks, lakes, and a quaint downtown district.
Renting in St Cloud: What’s Typical?
So what does it cost to rent in St Cloud these days? As of 2023, average rent for a 1-bedroom apartment hovers around $1,300 per month. Upgrading to a 2-bedroom pushes the typical rent closer to $1,600. Of course, variables like location, age, and amenities can swing those prices by a few hundred dollars in either direction.
Unsurprisingly, the most budget-friendly rentals tend to cluster on the outskirts of town. Slightly older complexes along Narcoossee Road or Neptune Road often have 1-bedrooms for under $1,100. Meanwhile, the priciest new apartments near the lake can top $1,800 for a 1-bed.
Young singles and couples are the most common renters in St Cloud. Many work in healthcare, education, hospitality, or other major local industries. Some are saving to buy a house, while others enjoy the flexibility of renting. Retirees downsizing from larger homes also make up a notable portion of the rental market.
Owning a Home in St Cloud
As of early 2023, the median home price in St Cloud is around $375,000. For a typical buyer putting 10% down on a 30-year mortgage at 6.5% interest, that equates to a monthly payment of roughly $2,150 (excluding taxes and insurance). Most single-family homes also have HOA dues, which average $200-300 per month.
Older homes and townhomes offer the most affordable entry points for buyers. It’s still possible to find small 3-bed/2-bath houses in the $275K range, mostly on the west side of town. However, newer construction with upgraded finishes easily runs $400K+ in popular subdivisions near the lake.
Of course, owning comes with additional costs to budget for. Property taxes in St Cloud average 0.83%, or about $3,100 per year for a median-priced home. Homeowners insurance adds another $1,200-1,500 annually. Plus, owners should plan to spend 1-2% of their home’s value each year on maintenance and repairs.
Renters vs. Homeowners: Who Lives Where?
Currently, about 65% of St Cloud households own their homes, while 35% rent. The homeownership rate has ticked down slightly in recent years as home prices have outpaced income growth.
Younger residents (under 35) are more likely to rent, often while saving for a future down payment. Families with children tend to prioritize homeownership for the stability and space. Older residents are the most likely to own — over 75% of those 65+ are homeowners, many living mortgage-free.
Still, the line between renting and owning can blur. Some new luxury apartment complexes attract high-earning young professionals who could afford to buy, but prefer the amenities and flexibility of renting. Conversely, some retirees are now opting to sell their paid-off homes and rent instead, to free up equity and simplify their finances.
| Expense | Apartment (1BR) | House (Median-Priced) |
|---|---|---|
| Rent/Mortgage | $1,300 | $2,150 |
| Property Tax | – | $260 |
| HOA/Maintenance | – | $250 |
| Renters/Homeowners Insurance | $15 | $100 |
| Utilities | $150 | $300 |
| Total | $1,465 | $3,060 |
Estimates reflect typical costs for a 1-bedroom apartment vs. a median-priced home in St Cloud as of 2023. Actual costs vary based on unit size, age, location, and lifestyle. Utility estimates assume energy-conscious usage.
What’s Driving Costs Up or Down?
Several key factors are shaping St Cloud’s housing landscape. On the demand side, the city’s quality of life continues to attract new residents. Being just a 30-minute drive from Orlando’s major employers makes St Cloud popular with commuters seeking more space for their money. Plus, the rise of remote work has boosted the appeal of affordable suburbs.
In terms of supply, St Cloud has seen steady residential construction over the past decade. However, development has struggled to keep pace with population growth and demand, particularly in the entry-level price ranges. Strict zoning and density limits in some areas constrain the potential for new multi-family projects.
Economically, the sharp rise in mortgage rates over the past year has made homebuying less affordable. That’s keeping more would-be first-time buyers in rental housing longer. Landlords, in turn, can raise rents due to the tight rental supply. An overall pullback in new housing starts may compound these affordability challenges in the near term.
FAQs About Housing in St Cloud
- Is St Cloud affordable to live in?
Compared to Orlando and other major Florida metros, St Cloud offers a lower cost of living. Housing costs are the biggest factor — the median home price in St Cloud is nearly $150,000 less than Orlando. However, rising prices are making affordability more challenging for many. - Why are housing prices changing?
St Cloud’s housing costs are rising due to a combination of population growth, limited housing supply, and economic factors like rising mortgage rates. The influx of new residents from more expensive cities has put particular pressure on prices. - How does St Cloud compare to nearby cities?
Among Orlando suburbs, St Cloud is relatively affordable. The median home price is about 15% lower than Kissimmee and 30% lower than Lake Nona. Rents are also lower on average. However, some newer homes and luxury apartments are priced comparably to those areas.
Making Smart Housing Decisions in St Cloud
Ultimately, the choice between renting and owning in St Cloud is both a financial and lifestyle decision. Renting is more affordable in the short-term, offering greater flexibility and predictable monthly costs. However, homeownership can build wealth and equity over time, while providing more stability and control.
Whichever path you choose, be sure to budget for the full cost of housing — not just rent or the mortgage. Factor in expenses like utilities, insurance, maintenance, and HOA/amenity fees. Location matters too — a smaller home or older apartment in a prime spot may be a better value than a newer place farther out.
Most importantly, align your housing choice with your long-term goals. Are you looking to put down roots or maintain flexibility? Prioritize space or affordability? By running the numbers and reflecting on your needs, you can make the smartest decision for your budget and lifestyle. For more tips, check out our full St Cloud Monthly Budget Guide and Cost of Living Overview.