Renting vs. Owning in Gilbert: What You’ll Pay
When evaluating the cost of living in an apartment vs house in Gilbert, the biggest factor is usually the rent or mortgage payment. In Gilbert, the average rent for a 2-bedroom apartment is around $1,800 per month, while the typical mortgage payment on a 3-bedroom house is closer to $2,450 monthly (assuming a 20% down payment). The average rent for a 3BR house in Gilbert is $2,600/month.
Of course, these are just averages – actual costs can vary significantly based on the specific property, location, and amenities. Newer luxury apartments in desirable areas of Gilbert may rent for well over $2,000/month, while older houses in more affordable neighborhoods might have mortgage payments under $2,000.
Beyond the base rent or mortgage, there are other monthly costs to consider as well. The next section breaks down a typical comparison of apartment and house living expenses in Gilbert.
Table: Cost Comparison – Apartment vs House
Here’s a side-by-side breakdown of common monthly costs in Gilbert:
| Expense | 2BR Apartment | 3BR House |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,450 |
| Utilities | $150 | $250 |
| Internet | $60 | $80 |
| Insurance | $20 | $120 |
| Maintenance | $0 | $150 |
| HOA Fees | $300 | $50 |
| Total | $2,330 | $3,100 |
Estimates are for mid-range units with typical usage
As shown above, the total monthly cost of renting a 2BR apartment in Gilbert averages around $2,330, while the monthly cost of owning a 3BR house is closer to $3,100. Keep in mind, all income figures are expressed in gross monthly income (pre-tax).
The biggest cost differences are in the rent/mortgage payment itself, as well as maintenance and HOA fees. Houses tend to have much lower (or no) HOA fees compared to apartments and condos. However, houses have higher maintenance costs, since things like roof repairs, painting, and yard work fall to the homeowner.
Utility and Upkeep Differences
In addition to the base costs, apartments and houses have some notable differences in monthly utility expenses:
- Water/sewer costs are often higher in houses due to irrigation and pool filling
- Heating and cooling bills are usually higher in houses because of the larger square footage
- Houses require more electricity to power additional rooms and outdoor lighting
- Lawn care and landscaping can add $50-$200/month in costs for homeowners
The utility cost difference between apartments and houses really comes down to space. More interior space means higher heating and cooling bills. More exterior space means greater water and landscaping costs. And all that extra space requires more electricity to light and power.
In Gilbert, many homes use desert-friendly xeriscaping and energy-efficient appliances to keep utility costs down. Apartments may have lower utility bills simply because they are smaller and more contained. Newer apartment complexes in Gilbert often include trash and even internet service in the base rent.
Lifestyle Tradeoffs
Of course, monthly costs are just one part of the apartment vs house equation. There are also significant lifestyle differences to consider:
Apartments offer less space and privacy than houses, but they often provide better amenities like pools, gyms and social events. Apartment dwellers may have to contend with noisy neighbors or limited parking, but they also enjoy greater flexibility to relocate. Many Gilbert residents choose apartments for their convenient location and walkability to shops and restaurants.
Houses provide more space, privacy and storage than apartments. They often have private yards for pets and outdoor living. However, that extra space comes with added responsibilities like yard work, maintenance and higher utility bills. Houses are less walkable than apartments, but they offer easier parking and room for families to spread out. Many Gilbert families prefer houses for the extra bedrooms, yard space and long-term stability.
Which Is Cheaper Long Term in Gilbert?
While renting is almost always cheaper than owning on a monthly basis, the long-term costs are more complex. To compare the 5-year cost of renting vs owning in Gilbert, let’s make a few assumptions:
- Rent on a 2BR apartment is $1,800/month and increases 3% per year
- Mortgage on a 3BR house is $2,450/month on a 30-year fixed loan
- Maintenance on the house averages $150/month
- Utilities, internet and insurance are $200/month higher for the house
- The house appreciates 2% per year
After 5 years, the total cost of renting would be around $116,000 while the total cost of owning would be $186,000. However, $51,000 of the ownership cost would be paid toward the mortgage principal. Plus, the house would gain about $25,000 in appreciation. So the effective cost of ownership is closer to $110,000.
In other words, owning becomes cheaper than renting in Gilbert after about 4-5 years. But this assumes you can afford the 20% down payment and qualify for a competitive mortgage rate. Renting is still the more affordable option for those with limited savings or credit.
FAQs About Housing Costs in Gilbert
How much more does a house cost per month?
In Gilbert, a typical house costs about $770 more per month than an apartment. This factors in the higher mortgage payment as well as increased utilities, maintenance and insurance.
Do houses come with higher utility bills?
Yes, houses in Gilbert tend to have higher utility bills than apartments. The exact difference depends on the size and efficiency of each property. On average, expect to pay $150-$250 more per month for utilities on a house compared to an apartment.
Are apartments cheaper even with pet fees?
In most cases, yes. While many Gilbert apartments charge monthly pet rent around $35-$50 per pet, this still doesn’t close the overall cost gap with houses. An apartment with two pets might cost $2,400/month while a house would still be over $3,000/month.
Making the Right Housing Choice in Gilbert
As this cost comparison shows, both renting an apartment and owning a house have their advantages in Gilbert. Apartments offer greater affordability and flexibility, but less space and privacy. Houses provide more room to spread out, but come with higher monthly costs and maintenance responsibilities.
Ultimately, the right choice depends on your budget, lifestyle and long-term goals. A good first step is to add up all the potential monthly costs and compare them to your ideal monthly budget. This can give you a realistic picture of what you can afford in Gilbert.
If you plan to stay in the area for 5+ years, buying a house may be the better financial move. But if you value convenience and amenities over square footage, an apartment could be the way to go. Take time to weigh all the factors before deciding whether renting or owning is right for you.