When Jenna started her new job in Surprise, she faced a common dilemma: rent an apartment or buy a house? The cost of living in an apartment vs house in Surprise varies significantly, so she dug into the numbers.
Renting vs. Owning in Surprise: What You’ll Pay
In Surprise, the average rent for a 2-bedroom apartment is $1,550 per month. The average rent for a 3BR house in Surprise is $2,100/month. Buying that same 3BR house would mean a mortgage payment around $1,900, assuming a 10% down payment on the median home price of $450,000.
Of course, monthly payments are just part of the equation. Jenna also has to factor in utilities, maintenance, and lifestyle preferences. Let’s break it down:
Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Surprise:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage* | $1,550 | $1,900 |
| Electricity | $120 | $180 |
| Water/Sewer | Included | $90 |
| Internet | $60 | $70 |
| Renters/Home Insurance | $15 | $80 |
| Maintenance/Repairs | $0 | $150 |
| HOA Fees | $0 | $50 |
| Total | $1,745 | $2,520 |
*Mortgage based on 10% down, 30-year fixed loan. Estimates are for mid-range units with typical usage.
Utility and Upkeep Differences
In Surprise, many homes use energy-efficient heat pumps and swamp coolers which can reduce cooling bills compared to central AC in apartments. However, houses have more square footage to heat and cool. Expect to pay about 50% more for electricity in a house.
Apartments often include water, sewer, and trash service in the monthly rent. Homeowners have to pay for these separately, to the tune of $90+ per month. Houses also have yards to maintain, either with your own sweat equity or by hiring a landscaping service.
Lifestyle Tradeoffs
Jenna loves the idea of having her own backyard for gardening and hosting BBQs. But she also appreciates the walkability and social atmosphere of apartment living. Many Surprise residents choose apartments for convenience and amenities, while families prefer houses for more space and privacy.
Noise is another consideration. Apartment dwellers may contend with sounds from surrounding units, while houses offer more insulation. But homeowners have to deal with maintenance issues themselves, while renters can just call the landlord.
Which Is Cheaper Long Term in Surprise?
Looking at a 5-year horizon, Jenna would pay around $104,700 in rent for her apartment. If she bought a house, she’d pay $151,200 for her mortgage, plus an extra $14,400 in maintenance and utilities. However, $27,000 of her payments would go toward the loan principal, building equity in her home.
If Jenna plans to stay put for several years, buying could make more financial sense, especially if home values rise. But if her job or lifestyle might change soon, renting offers more flexibility. There’s no clear cut answer – it depends on her priorities and timeline.
FAQs About Housing Costs in Surprise
How much more does a house cost per month?
On average, houses in Surprise cost $775 more per month than apartments when you factor in utilities, insurance, and maintenance. But a portion of the mortgage payment builds equity.
Do houses come with higher utility bills?
Yes, houses typically have higher utility costs than apartments since they have more square footage. Expect to pay around 50% more for electricity and water in a house, although energy-efficient features can help.
Are apartments cheaper even with pet fees?
Usually, yes. Even with a pet fee of $30 to $50 per month, renting an apartment in Surprise is still cheaper than buying a house when you add up all the expenses. But it depends on the specific apartment and the size of the house.
Making the Right Housing Choice in Surprise
For Jenna, renting a 2BR apartment would cost $775 less per month than buying a 3BR house. Over 5 years, renting would save her nearly $47,000 in expenses, but she wouldn’t build any equity. It’s a tradeoff between short-term savings and long-term investment.
Ultimately, the right choice depends on Jenna’s personal preferences, financial goals, and life stage. Crunching the numbers is important, but so is considering the lifestyle fit. Hopefully this breakdown of the cost of living in an apartment vs house in Surprise helps inform her decision.
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