Is It Worth Buying a Home in Gilbert, AZ?
The decision to rent or buy in Gilbert, Arizona depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $485,000 and median monthly rent of $2,000, the math plays out differently depending on your personal situation.
Gilbert has an average property tax rate of 0.62% annually, which adds approximately $251/month to the cost of homeownership on a median-priced home.
Historically, home values in Gilbert have appreciated at roughly 4.2% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Gilbert Buyers
- Down payment of 20% on a median home = $97,000
- Monthly mortgage (30yr at 6.99%) ≈ $2,579/mo
- Property tax ≈ $251/mo
- Estimated maintenance ≈ $404/mo