Renting vs. Owning in Wheaton: What You’ll Pay
When deciding between renting an apartment or buying a house in Wheaton, it’s important to look at the full cost of living in each option. The average rent for a 2-bedroom apartment in Wheaton is around $1,800 per month, while the average rent for a 3-bedroom house is closer to $2,450 per month. However, rent is just one piece of the puzzle.
Homeowners need to factor in additional monthly expenses like property taxes, homeowners insurance, private mortgage insurance (PMI), and higher utility costs. Renters may have some utilities included, but need to budget for renters insurance. Both options come with lifestyle considerations that can impact your budget and quality of life.
Cost Comparison: Apartment vs House in Wheaton
Here’s a side-by-side breakdown of common monthly costs* when living in an apartment vs. a house in Wheaton:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,450 |
| Utilities | $150 | $300 |
| Internet | $60 | $70 |
| Insurance | $20 | $120 |
| Maintenance/Repairs | $0 | $200 |
| HOA Fees | $0 | $150 |
| Total | $2,030 | $3,290 |
*Estimates are for mid-range units with typical usage, expressed as gross monthly costs.
As the table shows, houses in Wheaton tend to cost over $1,200 more per month than apartments when you factor in the full range of expenses. However, this is a high-level average. Your individual costs will depend on the age, size, location, and amenities of the property you choose.
Utility and Upkeep Differences
In addition to higher base rent or mortgage payments, houses typically have higher utility costs than apartments. Some factors that impact this include:
- More square footage to heat and cool
- Older, less efficient appliances and HVAC systems
- Separate water and trash bills (apartments often include these)
- Lawn and garden upkeep
While newer houses may have energy-efficient features like dual-pane windows and high-efficiency furnaces, older homes are more likely to have drafts, leaks, and outdated systems that drive up utility bills. It’s important to ask for a history of utility costs before renting or buying.
Lifestyle Tradeoffs Between Apartments and Houses
Of course, choosing between an apartment and a house isn’t just about the hard costs. There are lifestyle factors to consider as well, such as:
- Space: Houses offer more square footage and storage, but apartments may feel cozier and easier to maintain.
- Noise: Apartments have shared walls and may have noise restrictions, while houses provide more privacy and soundproofing.
- Outdoor access: Houses usually include private yards, while apartments may have shared green space or no outdoor area at all.
- Pets: Many apartments charge pet rent or have breed/size restrictions, while most houses give you more flexibility for animal companions.
- Parking: Apartments typically include assigned spots or garages, while houses have private driveways and street parking.
- Amenities: Apartment complexes often have on-site gyms, pools, and community spaces, while houses provide more autonomy over your amenities.
Many Wheaton residents choose apartments for their walkability and low-maintenance perks, while families often prefer houses for the extra bedrooms, yard space, and long-term equity potential. Consider your stage of life and daily routines when weighing which option better suits your needs.
Which Housing Option in Wheaton is Cheaper Long-Term?
While renting an apartment is almost always cheaper than buying a house on a monthly basis, owning can be more cost-effective long-term. Let’s look at a typical scenario in Wheaton over a 5-year period:
If you rent a $1,800 2BR apartment for 5 years, assuming 4% annual rent increases, you’ll spend a total of $116,500. You won’t build any equity, but you’ll avoid maintenance, taxes, and homeownership costs.
If you buy a $400,000 house with a 4.5% interest rate and 10% down, your monthly mortgage will be around $2,450 including taxes and insurance (but not utilities, maintenance, or HOA). Over 5 years, you’ll spend $184,000. However, assuming 3% annual appreciation, you’ll gain $62,000 in equity. So your “true” 5-year cost is more like $122,000.
This example illustrates how owning can be financially advantageous long-term, especially in an appreciating market like Wheaton. But renting provides more flexibility and predictability if your budget is tight or you plan to move within a few years. Analyze your monthly budget examples for Wheaton residents to see which option fits your current finances.
FAQs About the Cost of Living in Wheaton Apartments vs. Houses
How much more does a house cost than an apartment in Wheaton?
On average, a house in Wheaton costs about $1,200 more per month than an apartment when you include rent/mortgage, utilities, maintenance, taxes, insurance, and HOA fees. However, this varies significantly based on the size, age, and location of the property.
Do houses always have higher utility bills than apartments?
In most cases, yes. Houses have more square footage to heat and cool, and they often have less efficient appliances and HVAC systems. However, newer houses with energy-efficient features may have lower utility costs than older apartments.
Are apartments still cheaper than houses when you factor in pet costs?
Usually, yes. While many Wheaton apartments charge pet rent or one-time fees, these costs rarely exceed the additional monthly expenses of owning a house. However, some apartments have strict pet policies that can limit your options. Be sure to understand property taxes and HOA fees for any home you’re considering.
Making the Right Housing Choice in Wheaton
As this cost comparison shows, apartments in Wheaton are generally cheaper than houses on a monthly basis. Renters can save on utilities, maintenance, taxes, and insurance while enjoying amenities and flexibility. However, houses provide more space, privacy, and long-term financial benefits for those who plan to stay put.
Ultimately, the right choice depends on your budget, lifestyle, and goals. Use this guide as a starting point, but be sure to run the numbers for your specific situation. With a clear understanding of the costs and tradeoffs, you can make a smart housing decision that fits your needs and enhances your quality of life in Wheaton.