— Your future landlord or apartment manager: “Most new apartment communities recognize that this is a concern for new residents and have established utility packages with prices that vary based on unit size,” Rios says. From a budgeting standpoint, neglecting to factor in your average utility bill into your monthly spending can be an expensive mistake. Differences in Utilities of Apartments Vs. If you're thinking of moving into an apartment complex, it's easier to ask current residents or the property manager for average utility costs. The majority of properties in other regions may rely on a single source of power. Single-Family Homes→, Why Do Housing Prices Vary from City to City?→, Bathtubs vs. Shower Stalls in the Sale of Houses→. And instead of creating a simple heat map comparing total prices, we broke each state into a diagram illustrating how much each one costs, letting you easily see which states and which utilities drive the highest monthly expenditures. 3. ; Closing costs: These usually clock in between 2% to 5% of the purchase price. A condo or townhouse may have a homeowner's association that covers some of these utilities. He also suggests switching to LED light bulbs, purchasing your energy through a third-party provider and installing a programmable thermostat or a smart thermostat like the Nest system. Move.org found that the average utility cost per month is $110.76 for electricity, $72.10 for natural gas, $70 for water, $14 for garbage and recycling, $85 for cable and $60 for internet. Aly J. Yale is the homebuying expert for The Balance. If you're thinking of moving into an apartment complex, it's easier to ask current residents or the property manager for average utility costs. The utility bill for your new home will depend on lots of things, but most importantly where you live and how many people you live with. Rental Listings: Rental House vs. More Than a Mortgage: The Cost of Owning a Home. The median annual utility cost for the state are the highest in the country in dollars at $4,347, as a proportion of single-family home values at 2.9%, and the second highest on a per square foot basis at $2.48 (after Hawaii at $2.57). With many apartment communities, she says, “the major utility expenses — heating, air conditioning, gas, water, trash removal — are covered in a single monthly fee, eliminating much of the budget guesswork. To get a sense of the average utilities cost of a house, apartment or condo, ask the right questions — and the right people — about average utility bill costs. Be sure to compare options from several lenders to ensure you’re getting the best deal. Montana: Montana ranks as the third cheapest state for utility costs thanks to natural gas costing just $52.12 a month on average in 2018, the single most affordable rate in the country. Older houses can raise your utility costs as well. While you may only have a rough estimate of how much utilities will cost you each month until you move in, there’s a simple way to take the guesswork out of calculating such fees. So, if you’re trying to calculate what your utilities will cost you, take these considerations into account. Make sure you study up on the average lifespan of your home’s features and systems, and be ready to replace them when necessary. As a freelance writer, her areas of focus include real estate, mortgages, and related financial topics. ], Ask the Right Questions to Predict Your Average Utility Bill. 1. You might need to replace appliances, repair major systems, fix damage after a storm or natural disaster, or spruce up parts of your home to keep it functioning and current. Be Prepared for These Fees, The Hidden Cost of Home Ownership Most Buyers Forget. These will include payments toward your principal balance, the interest you’re charged for borrowing the money and, in most cases, your property taxes and homeowner’s insurance premiums as well. 43. The only variables are electricity, internet and cable.”, [See: 25 Ways to Fix Your Finances Fast.]. By using The Balance, you accept our. Heating costs can also inflate your electric bill. If you own a home, you're responsible for all of the utilities, including trash, water, electricity, gas, cable and internet.
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