Apartment vs Condo - The Complete Comparison
Apartment vs Condo:
Rent or buy? See the real cost.
Updated March 2026
An apartment is rented. A condo is owned. The units can be physically identical. The difference is legal and financial, not structural.
HOA fees: $200-$800/monthBreak-even: typically 5-7 yearsDown payment: 5-20%
Your Numbers
$/mo
Current or target rent
$
Comparable unit price
$
20% avoids PMI
%
30-year fixed rate
$/mo
Check the HOA before buying
%
US average ~1.1%
%
Historical US avg 3-4%
Total Rent Cost (5yr)
$142,991
All rent paid, no equity gained
Total Buying Cost (5yr)
$261,273
Mortgage + HOA + tax + insurance + maintenance
Equity Built After 5 Years
$118,404
Home value $405,746 minus remaining mortgage $262,997 minus selling costs
Buying saves vs renting after 5 years
$121
Net buying cost $142,870 vs total rent $142,991
| Monthly Cost | Renting | Owning |
|---|---|---|
| Mortgage / Rent | $2,200 | $1,825 |
| HOA Fee | $0 | $400 |
| Property Tax | $0 | $350 |
| Insurance | $0 | $146 |
| Maintenance (est) | $0 | $292 |
| Monthly Total | $2,200 | $3,013 |
| Factor | Apartment (Renting) | Condo (Owning) |
|---|---|---|
| Ownership | None - tenant | Full - property owner |
| Equity | Zero - all rent is a sunk cost | Building with every mortgage payment |
| Maintenance | Landlord responsible | Your responsibility (+ HOA for common areas) |
| Flexibility | Move when lease ends | Selling takes weeks to months |
| Upfront cost | First month + last month + deposit | Down payment ($20k-$100k+) + closing costs (3%) |
| Monthly surprise bills | Rare - call landlord | Special assessments, major repairs |
| Tax benefits | None | Mortgage interest deduction (if you itemize) |
| Forced savings | None | Equity builds even if you never invest |