When deciding whether to rent an apartment or buy a house in St Petersburg, it’s important to consider not just the monthly mortgage or rent payment, but also the many additional costs that come with each housing option. Let’s compare two common scenarios:
- Renting a 2-bedroom apartment for $1,800 per month
- Buying a 3-bedroom house with a mortgage of $2,000 per month and $350 in monthly HOA fees
At first glance, the house may seem only slightly more expensive. But when you factor in the added costs of maintenance, repairs, and higher utility bills, the real monthly cost of owning that house could be closer to $2,800 or more.
Meanwhile, the apartment rent already includes many of those extra expenses. You’ll still pay utilities, but the overall monthly cost is much more predictable, making it easier to budget accordingly.
Renting vs. Owning in St Petersburg: What You’ll Pay
The cost of housing in St Petersburg has been steadily rising in recent years. As of 2025, the average rent for a 2-bedroom apartment is around $1,800 per month, while a typical 3-bedroom house costs $2,450 per month to own, including mortgage, taxes, insurance, and HOA fees.
Renting a 3-bedroom house in St Petersburg will cost even more, averaging over $2,800 per month. The most affordable houses for rent are found in neighborhoods like Pinellas Park and Lealman, while prices are highest in waterfront areas like Snell Isle and Old Northeast.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs for a mid-range apartment and house in St Petersburg:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,000 |
| Electricity | $120 | $180 |
| Water | Included | $80 |
| Internet | $60 | $80 |
| Renters/Home Insurance | $15 | $100 |
| Maintenance & Repairs | $0 | $250 |
| HOA Fees | $0 | $350 |
| Total | $1,995 | $3,040 |
Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
Apartments and houses have some notable differences when it comes to monthly utility costs and maintenance expenses:
- Electricity and water: Houses typically have higher electricity and water bills due to more square footage, higher cooling costs, and outdoor watering. Many St Petersburg apartments include water in the rent.
- Maintenance: Homeowners are responsible for all repairs and upkeep costs, such as fixing broken appliances, plumbing issues, or roof leaks. Renters are only responsible for repairs they directly cause. Some houses also have monthly maintenance fees for shared amenities or groundskeeping.
- Renters vs home insurance: Renters insurance is affordable, costing around $15 per month for a basic policy. Homeowners insurance is much pricier, averaging $100/month or more depending on the home value and coverage.
These extra costs can add up quickly for homeowners. While appreciation may offset those expenses over time, it’s important to factor them into your monthly budget to determine what you can comfortably afford.
Lifestyle Tradeoffs
Aside from costs, there are lifestyle factors to consider when choosing between an apartment or house in St Petersburg:
- Space: Houses provide more indoor and outdoor space, making them appealing to families or those who want room to spread out. Apartments are generally smaller but require less cleaning and upkeep.
- Location: Many St Petersburg apartments are centrally located, offering walkability to shops, restaurants, and parks. Houses are more commonly found in residential areas that may require driving to reach attractions and amenities.
- Maintenance: Apartments provide a low-maintenance lifestyle since the landlord handles repairs and upkeep. Homeowners are responsible for all maintenance tasks like mowing, plumbing fixes, and appliance repairs.
- Community: Apartment complexes often have shared amenities like pools, gyms, and social events that make it easy to meet neighbors. In a house you’ll have more privacy but may need to work harder to connect with the local community.
Ultimately, the right choice depends on your budget, family size, and personal preferences. Many young professionals prefer the convenience and prime locations of St Petersburg apartments, while families are drawn to the space and autonomy of a house.
Which Is Cheaper Long Term in St Petersburg?
Renting is often cheaper than owning in the short term, but how about over a longer period? Let’s compare the 5-year cost of renting a 2-bedroom apartment vs. owning an equivalent condo in St Petersburg.
Assuming a purchase price of $250,000 with 20% down and a 4% mortgage rate, the monthly cost to own would be around $2,200 including the mortgage, taxes, insurance, HOA, and maintenance. Over 5 years the total cost of ownership would be approximately $132,000.
Meanwhile, renting a comparable apartment at $1,800/month would cost $108,000 over that same 5-year period, assuming 2% annual rent increases. That’s a savings of $24,000 compared to owning.
However, this doesn’t account for the equity gained as a homeowner. After 5 years, you would have paid down around $25,000 in mortgage principal. Combined with modest 2% annual appreciation, the condo could be worth $276,000. After deducting the initial down payment and closing costs, the net gain is around $16,000.
So while renting is cheaper on a monthly basis, owning could put you ahead by $16,000 after 5 years when accounting for equity. But this assumes steady appreciation and no major repair costs. Renting remains the safer choice if your budget is tight or you may move within a few years.
FAQs About Housing Costs in St Petersburg
How much more does a house cost than an apartment in St Petersburg?
On average, houses in St Petersburg cost $500 to $1,000 more per month than apartments when accounting for higher utilities, insurance, maintenance, and HOA fees.
Do houses always have higher utility bills than apartments?
Houses typically have higher utility costs due to more space to heat and cool, higher water usage, and powering more appliances. But newer, energy-efficient houses could have lower bills than older apartments.
How much are property taxes and HOA fees in St Petersburg?
Property taxes in St Petersburg average 1.1% of the assessed home value per year. HOA fees vary widely but typically range from $200 to $500 per month for houses, and $300 to $600 per month for condos. Be sure to factor both into your monthly housing budget.
Making the Right Housing Choice in St Petersburg
When comparing the cost to rent an apartment or own a house in St Petersburg, it’s essential to look beyond the monthly rent or mortgage payment. Owners must budget for higher utilities, insurance, maintenance, taxes, and HOA fees that can add $500 to $1,000 or more to the monthly cost.
Renting is often cheaper in the short term, providing more flexibility and predictable monthly expenses. But owning could be cheaper long term if the home appreciates and builds equity over time. The right choice depends on your financial situation, family size, location preferences, and how long you plan to stay.
No matter which option you choose, be sure to create a realistic monthly budget that accounts for all housing expenses so you don’t end up house poor or rent burdened. And remember, your home is just one part of the cost of living in St Petersburg, so make sure to budget for other essentials like food, transportation, and health care too.