Compare Apartment and House Costs in Tigard, OR

Renting vs. Owning in Tigard: What You’ll Pay

The cost of living in an apartment versus a house in Tigard, OR differs significantly when it comes to monthly expenses. Renting a 2BR apartment in Tigard typically costs around $1,800 per month, while a 3BR house may cost closer to $2,450 monthly. The average rent for a 3BR house in Tigard is $2,450 per month. Over the past year, the cost of renting a 3BR house in Tigard has increased by about 5%, with more affordable options found in neighborhoods like Bull Mountain and Metzger.

For homeowners, the median home value in Tigard is $512,000 according to Zillow. With a 20% down payment and current 30-year fixed mortgage rates around 6.5%, a typical mortgage payment would be roughly $2,590 per month (not including taxes, insurance, or HOA fees). While this is higher than the average rent, owning does provide the opportunity to build equity over time.

Table: Cost Comparison – Apartment vs House

Here’s a side-by-side breakdown of common monthly costs in Tigard:

*Typically covered by landlord. Estimates are for mid-range units with typical usage.

Utility and Upkeep Differences

Utility costs tend to be higher in houses compared to apartments in Tigard. Some key differences include:

• Water bills are often 2-3x higher for houses due to outdoor usage like lawn watering and larger household size.
• Heating and cooling a larger space leads to higher gas and electric bills, especially in older homes. Apartments benefit from shared walls and better efficiency.
• Houses require more hands-on upkeep like lawn mowing, gutter cleaning, and appliance repairs, adding $100-300/month on average.

Newer apartment complexes in Tigard often include trash service and sometimes even internet in the base rent. Older homes may have poor insulation and single-pane windows that drive up heating and cooling costs. Homeowners should budget at least 1-2% of their home’s value annually for maintenance and repairs.

Lifestyle Tradeoffs

Choosing between an apartment or house in Tigard is not just a financial decision. Lifestyle fit is equally important. Many Tigard residents opt for apartments to be closer to work or downtown amenities, with walkable access to shopping, dining, and parks. Others prefer the privacy and space of a single-family home, especially those with children or pets.

Apartments offer lower-maintenance living, with no yard work or exterior upkeep required. However, they provide less space, storage, and parking than most houses. Noise from neighbors can also be a factor. Houses appeal to those who value a private yard, garage, and the freedom to renovate or personalize their space. The tradeoff is more time and money spent on upkeep, plus a longer commute if further from central Tigard.

Young professionals may prefer a modern apartment near their workplace, while a family might prioritize a neighborhood with great schools and a large backyard. Considering your stage of life, hobbies, and personal preferences is key.

Which Is Cheaper Long Term in Tigard?

While renting is often cheaper month-to-month, owning a home can be more cost-effective long term. Assuming a 2BR apartment rent of $1,800/month and 3% annual increases, a renter would spend $116,800 over 5 years. Owning a $512,000 home with 20% down and a 6.5% interest rate would cost $154,800 in mortgage payments over that period, but $55,000 would go toward the loan principal, building equity the renter misses out on.

Of course, the homeowner must also cover property taxes, insurance, and maintenance over those 5 years, totaling around $45,000 more. However, they could benefit from home value appreciation over time. In cities like Tigard, buying a home could be more economical long-term, especially considering rising rents. Use this Monthly Budget Calculator for Tigard to compare your options.

FAQs About Housing Costs in Tigard

How much more does a house cost per month?
In Tigard, a typical 3BR house costs about $1,330 more per month than a 2BR apartment when you consider rent/mortgage, utilities, insurance, and upkeep. However, a house provides more space and privacy.

Do houses always have higher utility bills?

Houses often have 20-30% higher utility costs than apartments in Tigard due to more space to heat and cool, higher water usage, and less efficient construction. But this can vary based on the home’s age and energy upgrades.

Are apartments still cheaper with pet rent?
Even with a $35-50 monthly pet rent, apartments in Tigard are usually cheaper overall than houses. However, some apartments have breed or size restrictions. Those with large dogs may find renting a house easier, despite the higher cost.

Making the Right Housing Choice in Tigard

When deciding between an apartment or house in Tigard, consider both the hard numbers and your lifestyle needs. Renting a 2BR apartment saves about $1,330 per month compared to a 3BR house, offering more budget flexibility. But a house provides room to grow and a yard for kids and pets.

Be sure to account for the full cost of utilities, insurance, and maintenance to make an informed choice. Understand your property taxes and HOA fees as well. The right option depends on your family size, location preferences, and long-term financial goals.

Ultimately, the cost difference between renting and owning in Tigard is significant, but both options have benefits. By weighing the numbers and your personal priorities, you can find the best fit for your budget and lifestyle in this charming Portland suburb.