Apartment or House: Which is Right for You?

apartment or house

Many people have difficulty deciding between living in an apartment or a house. If you’re one of those people, you may ask yourself if you should buy a house or rent an apartment. It’s a tricky question, and there are pros and cons to each choice. We’ve broken it down to give you a quick guide to help you decide.

Renting an Apartment


  • Easy in, easy out! Most apartments offer short-term leases and month-to-month options, so you can move in fast and get out quickly.
  • Credit requirements are lower than when buying a home.
  • Apartments are low maintenance with management to take care of things that break, and no lawn care required.
  • Amenities like a workout room and pool are often part of an apartment complex.


  • Rental rates can increase every time your lease is up for renewal, leaving you guessing your housing costs.
  • A security deposits can be costly, and there’s no guarantee you’ll get it back.
  • You’re at the whim of someone else’s rules and neighbors surround you on all sides.

Buying a House


  • Build equity in a home you can call your own.
  • You can borrow against your home’s equity.
  • Your monthly mortgage payments stay the same with most loan programs.
  • In most cases, you can deduct the interest you pay on your mortgage from your taxes each year.
  • You get to choose where you want to live instead of choosing what’s available where there are apartment complexes.
  • You can have just a patio with no fence or yard, a backyard with a lawn and garden, property for large animals or livestock, or anything in between.
  • You get to make the rules, paint the walls, hang the pictures, remodel, and create the space you want and the home you want to live in.
  • Privacy from management or a landlord coming into your home uninvited or unannounced.


  • With most loan programs, you’ll need a down payment when you buy a home, which is like but usually more than the cost of a security deposit.
  • Closing costs are part of the expenses related to buying a home.
  • You’ll be responsible for all maintenance, repairs, and upkeep, including lawn and landscaping.
  • Homeownership includes paying property taxes each year, based on assessed home value.
  • To get and keep a mortgage loan, homeowners must have insurance.

Are you on the fence about choosing to rent an apartment or buy a house? For more information on the disadvantages of renting and the advantages of buying, including all you need to know about available loan programs, reach out to Midland Mortgage Corporation today.

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