Owning a Home vs renting an apartment?

I think it depends heavily on the prices of your local area.. How much are houses going for? I bought a house relatively recently & have a pretty good grasp on what I was paying for rent vs what I am paying now for the house..

My previous apartment: (500ft2 basement 1br in a not-good, but not-bad neighborhood)

-$465 rent

-$14 insurance

-$45 electric

-$30 gas

Total: $554 per month

My current house: (1500ft2 house with a garage, laundry, and large yard. House located in a decent middle class neighborhood.. Bought for 55k)

-$272 mortgage

-$80 property taxes (local, county, & school.. If the house was assessed at the price I bought it for, this number would be $120)

-$60 insurance

-$17 trash

-$40 water/sewage

-$45 electric

-$50 gas

Total: $564 per month ($604 if it was assessed at market value)

As you can see, I pay roughly the same price for both, but my quality of life is far greater after purchasing the house (better neighborhood, more space, etc) & that is worth taking into consideration..

I didn't include maintenance costs in the estimate because I tend to use home improvement/maintenance as a hobby when I'm bored, causing me to spend more than most people likely would. If I were to price "normal" maintenance costs for my house, it would likely be around $1200 per year ($100 per month).

/r/Frugal Thread