When deciding between an apartment or house in Summerlin South, it’s important to weigh the cost differences and lifestyle tradeoffs. Here’s a quick checklist of the key pros and cons:
- Apartments: Lower upfront costs, less maintenance, walkable locations ✓ | Less space and privacy, pet restrictions, noise from neighbors ✗
- Houses: More space, privacy, and control ✓ | Higher costs, more upkeep, potentially longer commutes ✗
Let’s take a closer look at the financial and lifestyle factors to consider when choosing between an apartment and house in Summerlin South.
Renting vs. Owning in Summerlin South: What You’ll Pay
In general, renting an apartment in Summerlin South is more affordable than buying a house, at least in the short term. Renting a 2BR apartment typically costs around $1,800/month, while a 3BR house may cost $2,450/month. The average rent for a 3BR house in Summerlin South is $2,450/month.
However, the cost of renting a house in Summerlin South has increased by 5% over the last year. More affordable options can be found in neighborhoods like The Paseos and The Vistas.
Of course, buying a house comes with additional costs beyond the mortgage payment, such as property taxes, insurance, and maintenance. To get a full picture of your average monthly expenses in Summerlin South, be sure to factor in these additional costs.
Cost Comparison: Apartment vs House
Here’s a side-by-side breakdown of common monthly costs for mid-range units in Summerlin South:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,450 |
| Utilities | $150 | $250 |
| Internet | $60 | $80 |
| Insurance | $20 | $100 |
| Maintenance | $0 | $150 |
| HOA | $0 | $100 |
| Total | $2,030 | $3,130 |
Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In addition to the base rent or mortgage payment, apartments and houses have different utility and maintenance costs to consider:
- Water/sewer: Often included in rent for apartments, but paid separately for houses
- Electricity: Houses typically use more due to larger square footage and central A/C
- Landscaping: Included for most apartments, but an added cost and time commitment for houses
- HVAC: Summerlin South’s hot summers mean higher cooling bills, especially for larger houses
Houses also come with added expenses like pest control, gutter cleaning, and occasional repairs that apartments don’t require. However, some newer apartment complexes in Summerlin South include trash and internet, which can help offset other costs.
Lifestyle Tradeoffs
Aside from the financial differences, apartments and houses each offer distinct lifestyles. Many Summerlin South residents choose apartments for the walkability to shops and restaurants, while families often prefer houses for the extra space and private yards.
Apartments generally mean less space and storage than houses, as well as limits on noise levels and pet ownership. However, they offer a low-maintenance, lock-and-go lifestyle. Some may prefer the convenience of an apartment near downtown, while others enjoy the privacy and elbow room a house provides.
Parking is another consideration – houses usually include private garages and driveways, while apartments may have shared lots or street parking. And for commuters, a house in the suburbs often means a longer drive than a centrally-located apartment.
Which Is Cheaper Long Term in Summerlin South?
While renting an apartment is cheaper upfront, buying a house can be more economical over time. Let’s compare the five-year cost of renting a 2BR apartment vs. owning a 3BR house, assuming 3% annual rent increases:
- Renting a 2BR apartment for 5 years: $128,000
- Owning a 3BR house for 5 years: $175,000 (including down payment)
In Summerlin South, buying a house costs about 37% more than renting over five years. However, this doesn’t account for the equity gained in the house or the tax benefits of ownership. And with Summerlin South’s rising rents, owning becomes increasingly appealing for those who plan to stay long-term.
FAQs About Housing Costs in Summerlin South
How much more does a house cost per month?
In Summerlin South, a 3BR house costs about $1,100 more per month than a 2BR apartment when you factor in the full cost of ownership.
Do houses come with higher utility bills?
Yes, houses in Summerlin South typically have higher utility costs due to the larger square footage, central A/C, and outdoor watering needs.
Are apartments cheaper even with pet fees?
While many Summerlin South apartments charge pet rent around $50/month, they are still usually cheaper than houses when you consider the total monthly cost.
Making the Right Housing Choice in Summerlin South
Ultimately, the choice between an apartment and a house in Summerlin South depends on your budget, lifestyle priorities, and long-term plans. Renting an apartment offers flexibility and simplicity, while buying a house provides more space and control.
Be sure to consider the full picture of monthly expenses, including rent/mortgage, utilities, insurance, maintenance, and HOA fees. Understanding property taxes and HOA fees is key for homebuyers in Summerlin South.
Whether you choose an apartment or house, living in Summerlin South offers an enviable blend of suburban comfort and big-city access. With thoughtful budgeting and lifestyle planning, you can find the perfect place to call home.