Figuring out your living situation is often not as simple as people think it is. The reality is there are several things that factor into a person’s decision when it comes to living in an apartment versus a home. Of course, choosing apartment living over homeownership for some may seem like they have given up on the American Dream, but that could not be further from the truth. Ultimately, when you take the time and look at all the reasons living in an apartment is more beneficial for you, you might change your mind, like so many Americans have already. That said, here are at least ten reasons why apartment living beats homeownership most days.
The main reason many people opt for apartment living is financial. When you crunch the numbers, there is simply no denying that as a renter, you do not face the same financial burdens or hardships. Think about it, even though most monthly mortgage payments are less than rent for a 2-bedroom apartment, that does not include the down payment, homeowners’ insurances, taxes, and so on. In fact, with an apartment, your only financial concerns are rent, a security deposit, and your utility bills. Moreover, you do not have to take out a loan or finance an apartment, which is generally reason enough for most people.
Safety and Security
Besides being a better financial decision, renting an apartment typically entitles you to additional safety precautions and features. When you own a home, you often have to stay on top of your alarm or detectors, pay for a security system, install lights/sensors, cameras, and more. Yet, when you live in an apartment complex, those things are taken care of for you. Furthermore, if there is a break-in or a fire while you are away, then there is likely someone at the complex who can immediately address these problems. In addition to the above-mentioned safety measures, most complexes have onsite security guards, gate access, lock codes, well-lit parking lots, and more.
Yet another nice thing about apartment living is that you do not have to worry about the appliances. Generally, most complexes rent out units with appliances, including a refrigerator, stove, dishwasher, microwave, and even an in-unit washer/dryer. Thus, all you have to do is move in and stock up. Of course, you can purchase homes with appliances. However, if they are new, brand-name appliances, then they are likely rolled into the price, or if the house comes with the owner’s old appliances, then you have no idea what condition they are in. Not only do apartment homes have all the necessary appliances hooked up and ready for use, but they also will replace/repair them at no cost to you.
As a renter, you also do not need to concern yourself with landscaping. As a result, any lush trees, gardening, or lawn mowing are handled by your apartment complex’s maintenance team or landscaping company. This not only frees you up to do other things in your at-home leisure time, but it also means you do not have to foot the bill either for supplies, equipment, gas, or a landscaping company. So, do not let any homeowner tell you that they enjoy spending holidays and weekends edging the lawn because they do not.
Apartment living also comes with amenities and community facilities that you typically do not get with a home, unless you live in a master-planned neighborhood/community. Even then, however, master-planned community perks are often paid for by residents in the form of HOA fees. When you live in an apartment complex, the pool, gym, nearby nature trails, outdoor play areas, picnic/barbeque spots, and reservable party/event space are all included at no additional cost to you. Communal facilities overall are great, especially since you do not have to maintain them or clean them up.
Repairs and Maintenance
Along those same lines, anything that needs to be fixed or repaired in your apartment home or with the complex is not your responsibility when renting an apartment. This means if your garbage disposal stops working, your blinds are damaged, or your fridge needs to be replaced, the property management team will handle it and at no cost to you. So, if you never owned a toolbox or had a handy list of repair people in the area, you definitely do not need them now. This is honestly one of the best perks about apartment living.
What’s more, seasonal maintenance like snow removal and salting/deicing sidewalks is not your responsibility either as an apartment complex resident. Even if you live in areas that do not get snow or much snow at all, it never hurts to know that shoveling snow is not on your to-do list. This is especially handy when an unexpected snowstorm hits or temps fall below freezing overnight. When you wake up to go to work or take the kids to school, everything is already taken care of, which is always nice.
Furthermore, for those looking for flexibility when it comes to moving or leasing terms, there is nothing like apartment living. Most apartment communities offer flexible lease terms, and they are relatively easy to move out of. With a home, you have to put your house up for sale, declutter, pack, have open houses, and more—all before you can even think about where you would like to live next. Another nice thing about apartment living is you can sublet your apartment, in the event that you need to move at a moment’s notice and do not want to break your lease.
If you have ever lived in a major city before, you know that most apartment complexes are near if not closer to downtown districts. As a result, you have convenient access to stores, markets, venues, entertainment options, and more, without even having to get in your car most of the time. This can be a real bonus for those who do not have vehicles or prefer to bike/walk places instead. In contrast, most houses are in subdivisions, and the nearest store is often a mile or more away.
Lastly, if you are like most people, you probably do not enjoy being on the receiving end of a large utility bill-whether it is the electric or gas. Well, when you live in an apartment, more often than not, a portion of your utilities are included in your rent, and the remaining bills are usually less than $150.00 combined. Most apartments come with water and sewage included. Some even pay for everything but electrical. You definitely cannot say that about the utility bills for a house. In fact, you can expect your DTE bill to be at least $150.00 by itself if you own a home.
At first glance, owning a home can be great. You can have all the space and privacy you have ever dreamed of, plus you can say you have achieved the American Dream, but when you scratch the surface, homeownership is a lot of work. Plus, owning a home involves maintenance, time, money, and more. Therefore, if you do not want to be responsible for it all just yet or would rather spend your money and free time on other things, then you should seriously consider renting an apartment. The reality is, in today’s economy, purchasing a home is not everything it once was. Ultimately, these are just a few things you should keep in mind when making your decision.