9 Financial Benefits of Living in an Apartment

You have a few different options when you are deciding where you will live. And, each of those options has a price point to consider. While buying your own home may be considered the “American dream,” here are nine financial benefits that come along with living in an apartment.

#1 Rent is Cheaper Than a Mortgage

Not only is the rent cheaper than a mortgage would be, but there aren’t any other costs that would be associated with a mortgage when you live in an apartment. 

  • There is no down payment to consider when renting an apartment.
  • Property taxes are also paid by the landlord, instead of being a part of your mortgage escrow account.
  • Renter’s insurance is also cheaper than homeowner’s insurance, which is usually a part of your escrow account that is calculated into your monthly mortgage payments.

#2 Utilities

Homeowners pay for all of the utilities associated with their property. But, apartment dwellers often have the financial benefit of not having to pay for some utilities. And, the utilities for apartments are almost always cheaper than they are for houses, depending on the overall size.

#3 Trash Service

Not only is your garbage and recycling disposal included in most apartment leases, but you can also dispose of it daily, and usually more conveniently, rather than waiting for a weekly pickup if you live in a house. 

#4 Living in an Apartment is Eco-Friendly

There are a few different ways that living in an apartment will reduce your carbon footprint on the environment. Keeping our environment safe for the future is one way to keep our energy sources affordable, protecting your financial future. 

  • The construction process of building apartments is much simpler than building houses. At the end of the day, the emissions that are created to build a single house are about the same as those produced by constructing a small apartment building.
  • If you live in a apartment, you’ll also likely be driving less, possibly using more public transportation options, again reducing those harmful emissions that are destroying our ecosystem.
  • And, by using less utilities, you are again reducing the amount of hazardous pollutants that are being released into our atmosphere.

#5 Repair Bills

Apartment dwellers also have the advantage of having no repair bills when something breaks. It’s a quick call to the landlord, and the problem is taken care of. The repairs and maintenance associated with home ownership are often a large part of the monthly budget, and can sometimes be very expensive.

#6 Yard Work

Not only does lawn care take a considerable amount of time if you live in a house, exterior maintenance is an added expense every month for homeowners. Apartment residents have the benefit of not being responsible for any yard work or exterior maintenance. 

#7 Location

Apartments can be more centrally located than some homes, saving you money on gas whenever you use your car to take care of errands or get to work.

#8 Amenities

Many apartments will include amenities that you would not be included with a house. Swimming pools, fitness rooms, tennis courts, and other features of apartment living can save you the expense of different clubs and memberships that you would have to pay for if you lived in a house.

#9 Short-term Options

Apartment leases can be for a monthly basis, semi-annually, yearly, or longer, giving the easy flexibility of relocating as your life dictates. Owning a home makes it a little more difficult if you need to move. And, trying to sell a home quickly can often cost a homeowner a considerable amount of money.

While there are some restrictions to living in apartments, it’s the ideal lifestyle for a lot of people, especially from a financial standpoint. Not only is it often much cheaper to live in an apartment, but not having to worry about any of the maintenance will allow you a lot more free time.

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About the author: Wifred Murray

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