Home Affordability in Gilbert, AZ
The median home price in Gilbert is $510,000 with a median household income of $93,987. Housing is significantly stretched relative to local incomes.
Median Home Price
$510,000
Median Income
$93,987
Price-to-Income Ratio
5.4x
Est. Affordable Home
$366,000
Property Tax Rate
0.55%
Annual Property Tax
$2,805
Sales Tax Rate
7.60%
Cost of Living Index
112
Buying a Home in Gilbert
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $93,987 in Gilbert can afford a monthly housing payment of approximately $2,193. This translates to a home price of roughly $366,000, which is below the median home price of $510,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Gilbert would be approximately $2,805 per year ($234/month) at the effective rate of 0.55%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $15,300 | $494,700 | Yes |
| 5% | $25,500 | $484,500 | Yes |
| 10% | $51,000 | $459,000 | Yes |
| 20% | $102,000 | $408,000 | No |
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