Gilbert has emerged as one of the most sought-after suburbs of Phoenix, Ariz. A charming downtown, booming economy, fantastic amenities, and proximity to Phoenix’s resources make Gilbert an appealing place to call home. Young professionals, families, and retirees can find their niche in Gilbert, a growing town with agricultural roots.
But do you know what kind of financial cushion you need to live there comfortably?
If you are interested in relocating to Gilbert, you will face a competitive housing market and a higher cost of living than you might see in other places, and you should budget accordingly. Read more below to understand the actual cost of living in Gilbert.
Check the area’s home purchase prices
The Gilbert housing market continues to favor sellers, even with the slight cooldown most housing markets have experienced in the past year. The bigger the home, the higher the price increase. Of the 17 Gilbert homes for sale with more than 5,000 square feet, all but three are posted at $1.5 million or greater.
Among Phoenix-area communities, Gilbert is right in the middle regarding median sold prices. As of July 2023, 81 Gilbert homes are publicly listed for $1 million or more. There is plenty of variety in the neighborhood’s luxury real estate market; many motivated buyers will not find the entry cost prohibitive in Gilbert.
Look at utility costs
Gilbert residents can expect to save money on utilities compared to their Phoenix-area counterparts. On average, Gilbert residents pay just under $78 per month for combined utility costs, which include water, sewer, and environmental services. This number sits below utility costs found in Mesa, Tempe, Scottsdale, Queen Creek, and Phoenix.
Residents can shave money off their utility bills by committing to careful stewardship of resources, namely through using less water. Smart irrigation controllers, for instance, can help residents avoid water waste and even result in rebates of a few hundred dollars. Further, residents can use the city government’s online calculator to tabulate water usage and make adjustments that can help their budget.
Budget for spending on food
The average American household is spending $438 per month on groceries, and that number has gone up by over 6% in the past few years. If you operate on a food budget, account for Gilbert’s growing lineup of restaurants, including local gems like The Farmhouse Restaurant, Hash Kitchen, Culinary Dropout, Pita Jungle, and Fogo de Chao.
Consider transportation costs
Depending on your needs, you may or may not need to allocate a significant portion of your budget toward transportation costs. If you can work remotely, your primary transportation needs will be for shopping, dining, or recreational destinations, all available within Gilbert. On the other hand, if you commute to Phoenix or another suburb, you will need to spend more on gas and vehicle maintenance. Consider that it takes roughly 30 minutes to travel from the heart of Gilbert to Phoenix. The Census Bureau indicates that the average commute time for residents in Gilbert is just over 27 minutes.
Lately, the average gas price in Arizona has exceeded the national average by over a dollar per gallon. Residents of Gilbert can use the Valley Metro transit system to save money and help reduce their carbon footprint. Bicycling and ride-share services can help in this capacity, as well. And for those willing to do a little walking, a light rail stop on Gilbert Road connects to other parts of the Valley.
Know the average salary of residents
To live comfortably, you will need a salary to cover mortgage payments, utilities, food, and transportation, among other monthly costs. In Gilbert, the median income for a household is over $105,000. Just 5.4% of residents live in poverty, and nearly three-quarters of residents own their own homes.
If you are in the market for a new home in Gilbert, you should weigh ongoing costs against your household income before settling on a price point for your home. While the preapproval process for a home loan will give you a cap, you should choose a number that feels comfortable given other needs.
Consider how much money you want to funnel into retirement and general savings, for example, when reviewing your monthly budget and determining an ideal mortgage cost. Know that the Gilbert housing market includes anything from townhomes with a smaller footprint to palatial properties, so you can settle on a home that works with your financial goals.
Find your next home in Gilbert
Gilbert’s amenities make it desirable to live in the Valley of the Sun. A foodie’s paradise, Gilbert has transformed from a farming community into a bustling suburb with a strong workforce and excellent schools. While housing prices are higher than the national average, residents value what they get for the investment. New or prospective residents will benefit from studying living costs in Gilbert to be strategic with their finances.
Real estate agents can access the most current data to help homebuyers know how living in Gilbert aligns with their budget. Perhaps most importantly, they can work with interested parties to find and negotiate for an excellent home that will meet their needs.
The Rider Elite Team has experience working in Gilbert’s real estate market to help clients land on the right property. Clients can expect attentive agents willing to answer any question and work endlessly on their behalf. Contact us today to unpack living costs in Gilbert or find your next home.
*Header photo courtesy of The Rider Elite Team
