The Housing Market in Gilbert Today
Gilbert, Arizona, is a thriving suburb located southeast of Phoenix, known for its strong economy, excellent schools, and high quality of life. In recent years, the local housing market has experienced significant growth and change. Inventory has tightened as more people move to the area, attracted by job opportunities and a family-friendly atmosphere. New housing developments are rising downtown and in surrounding neighborhoods to meet the increasing demand.
Despite the growth, Gilbert remains relatively affordable compared to other parts of the Phoenix metropolitan area. The city offers a diverse range of housing options, from apartments and condos to single-family homes and luxury estates. However, as the population continues to grow, housing costs are expected to rise, making it important for residents to understand the current market trends.
Renting in Gilbert: What’s Typical?
For those considering renting in Gilbert, the average monthly rent for a one-bedroom apartment is around $1,300, while a two-bedroom apartment typically costs about $1,600. These prices can vary depending on the location, amenities, and age of the property. Newer apartment complexes in Gilbert often include trash and internet in the monthly rent.
Rent prices in Gilbert have been steadily increasing over the past few years, driven by high demand and limited supply. However, the city still offers more affordable options compared to nearby Scottsdale or Tempe. Popular areas for renters include the downtown district, which features a mix of apartments, condos, and townhouses, as well as the Val Vista Lakes and Morrison Ranch neighborhoods.
Owning a Home in Gilbert
The median home price in Gilbert is approximately $450,000, with prices varying based on the size, age, and location of the property. For a typical buyer putting 10% down on a 30-year mortgage at 3.5% interest, the estimated monthly mortgage payment would be around $1,800. However, homeowners must also consider additional costs such as property taxes, insurance, and HOA dues, which can add several hundred dollars to the monthly expenses.
Property taxes in Gilbert are relatively low compared to other parts of the country, with an average effective rate of 0.6%. For a home valued at $450,000, the annual property tax would be approximately $2,700. Homeowners insurance costs vary depending on the size and value of the home, but typically range from $800 to $1,500 per year. Many neighborhoods in Gilbert have HOA fees, which can cost anywhere from $50 to $300 per month, depending on the community and amenities.
Renters vs. Homeowners: Who Lives Where?
Gilbert has a homeownership rate of around 75%, which is higher than the national average of 64%. This can be attributed to the city’s strong economy, excellent schools, and family-oriented atmosphere. Many families choose to buy homes in Gilbert for the stability and long-term investment potential.
However, renting remains a popular choice for young professionals, singles, and those who are new to the area. Apartments and condos are often located closer to downtown Gilbert, providing easy access to restaurants, shops, and entertainment. Retirees may opt for low-maintenance living in age-restricted communities or resort-style apartments.
While owning a home is often seen as the ultimate goal, it’s important to consider the financial and lifestyle implications. Renting offers flexibility and lower upfront costs, while owning a home provides stability and the potential for long-term wealth building. Ultimately, the decision depends on individual circumstances, such as income, savings, and future plans.
Typical Monthly Housing Costs in Gilbert
Here’s what housing costs might look like each month in Gilbert:
| Expense | Renting (1BR) | Owning ($450K Home) |
|---|---|---|
| Rent/Mortgage | $1,300 | $1,800 |
| Property Tax | – | $225 |
| Insurance | $15 (Renters) | $100 (Homeowners) |
| Utilities | $150 | $250 |
| HOA Dues | – | $75 |
| Total | $1,465 | $2,450 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Several factors influence housing costs in Gilbert, including supply and demand, the local job market, and population growth. As more people move to the area for work or retirement, the demand for housing increases, putting upward pressure on prices. However, new construction and development projects are helping to alleviate some of the pressure by adding more housing units to the market.
Zoning regulations and land use policies also play a role in shaping the housing landscape. Gilbert has a mix of single-family homes, apartments, and condos, with new developments focusing on higher-density housing options to accommodate the growing population. The city has also invested in infrastructure and amenities, such as parks, trails, and community centers, which can increase property values and attract new residents.
FAQs About Housing in Gilbert
- Is Gilbert affordable to live in? Compared to other parts of the Phoenix metro area, Gilbert offers relatively affordable housing options. However, costs are rising as the city grows and demand increases.
- Why are housing prices changing? Housing prices in Gilbert are influenced by factors such as population growth, job market trends, and new development projects. As more people move to the area, demand for housing increases, driving up prices.
- How does Gilbert compare to nearby cities? Gilbert is generally more affordable than Scottsdale or Tempe, but prices are higher than in some other East Valley communities like Mesa or Chandler.
Making Smart Housing Decisions in Gilbert
When deciding whether to rent or buy a home in Gilbert, it’s important to consider your individual financial situation, lifestyle preferences, and long-term goals. Renting offers flexibility and lower upfront costs, while buying a home provides stability and the potential for long-term wealth building.
To make an informed decision, start by creating a monthly budget to determine how much you can afford to spend on housing. Consider factors such as your income, savings, debt, and other financial obligations. It’s also a good idea to research different neighborhoods and housing options to find the best fit for your needs and preferences.
For a comprehensive look at the cost of living in Gilbert, including housing, transportation, food, and entertainment costs, check out our 2025 guide. By understanding the full picture of expenses, you can make informed decisions about where to live and how to allocate your budget.
Whether you choose to rent or buy, Gilbert offers a range of housing options to suit different lifestyles and budgets. By staying informed about market trends and making smart financial decisions, you can find a comfortable and affordable place to call home in this thriving desert community.