I have lived in houses and apartments and both have their advantages and disadvantages. I have been living in an apartment for the past five years. I think in most cases people choose an apartment because they can’t afford a house. I chose to move back into an apartment to increase my savings and pay off bills. The decision is also based on availability. Some cities have an abundance of apartments and others don’t. The same applies to the housing market. I live in Tucson, Arizona, and apartments are plentiful here. Whatever you choose, it’s important to stay within your budget.
Apartment rent is usually cheaper than a home mortgage, and a large down payment is usually not required. Another benefit is the complex maintains the grounds and maintenance issues. Some complexes have security gates and patrols. Most have swimming pools, exercise rooms, and clubhouses. Some have free Wi-Fi, utilities, and cable. It is also easier and cheaper to break a lease if financial problems arise.
Apartments typically lack privacy and are noisy due to the close proximity of other tenants. They usually have less living and storage space. You will have to park farther away in most cases because of no garage or carport. The mailboxes are usually centrally located. Most do not have washers and dryers. There are limitations to how much you can personalize them. They also have limited space and flexibility for outside holiday decorations. Some are also prone to crime.
Houses typically have more living space than an apartment. They also are a long-term investment and not simply rent. Most have a front and backyard. There are no limitations to personalizing and upgrading. Home equity loan options are available. Homeowners usually enjoy a tax deduction. Most usually have a garage or carport. Mailboxes are in front of the property. They typically have washers and dryers. They offer the ability to park close to your door for taking things in and out of your home.
Houses are typically in the tens of thousands of dollars or more in down payment, closing, and moving costs. Mortgages are usually much higher than rent. There also is the added expense of homeowners insurance. Some communities have homeowners associations that have strict rules and regulations. Typically these associations have fees. The owner has complete responsibility for all maintenance. If you are unable to pay the mortgage, a foreclosure can seriously damage your credit.