Known for its quaint lifestyle, Gilbert is a highly-desirable locality in Arizona where you will be greeted with breathtaking landscapes and thriving residential communities. This rapidly expanding town nestled in the heart of Maricopa County has emerged as a sought-after destination for individuals, young couples, families, and retirees.
If you are planning to move to this charming town, there are a few factors to consider before taking a big leap. One of the most important considerations when looking for a new place to settle down is the overall cost of living in the area you plan to move into.
In this article, we will cover the essential things you need to know about the cost of living in Gilbert, AZ.
What Is Cost of Living?
The term “cost of living” describes the sum of money needed to maintain one’s current level of lifestyle in a given area. It includes costs for basic needs like shelter, food, transportation, healthcare, utilities, and other necessities.
It’s not enough to add up the prices of products and services when calculating a person’s cost of living. Factors including the local economy, supply and demand, inflation rates, taxes, and lifestyle can significantly affect the cost of living in a particular city, region, or country. Other factors, such as the availability of better employment, recreation, or top-tier local services may justify a higher cost of living in one place.
Living in Gilbert, AZ
To help you decide if moving to Gilbert, AZ, is a wise and financially-smart move, here is a short list of the expenses you can expect.
Overall Cost of Living in Gilbert, AZ
The cost of living in Gilbert exceeds the national average by approximately 16%, with housing and transportation being the primary factors contributing to the higher cost. Its strong economy and desirable location also contribute to the higher cost of living.
Despite the higher expenses, many residents find Gilbert a great place to live due to its high quality of life, excellent schools, and fantastic amenities and services.
The cost of housing is a significant consideration for any homebuyer. If you plan to purchase a new house in this town, expect high housing costs.
Since Gilbert’s real estate market has been on an upward trend for recent years, it has ultimately resulted in steadily rising home prices and higher demand for homes in the town. The town’s home values are currently 41% higher than the national average, having an average median home price of approximately $600,000 as of May 2023.
Gilbert, AZ, is also experiencing a seller’s market, indicating a higher demand from potential buyers compared to the number of available homes for sale in the area. This also leads to higher prices for residential properties.
The cost of living index for transportation in Gilbert, AZ, is higher than the national average for the United States. With an index of 118.1, this implies that residents allocate a larger portion of their budget toward transportation expenses compared to the average American.
Although Gilbert has an excellent system of roads and highways that makes getting around town and the surrounding area a breeze, you should expect to pay more for transportation and other travel-related expenses such as fares and gasoline prices.
Here is a breakdown of the average bus and taxi fares in Gilbert, AZ:
- One-Way Ticket – $2
- All Day Pass – $4
- Standard – $3
- Additional every 1 km – $1.37
When it comes to essential utilities, such as electricity, heating, cooling, water, and garbage services, residents in Gilbert, AZ, enjoy lower costs compared to the national average. On average, these utilities amount to $132.29, which is significantly lower than the national average of $186.64. This indicates potential savings for residents in Gilbert when it comes to basic utilities.
However, in terms of internet services, Gilbert’s costs are slightly higher. For a plan with 60 Mbps or more, unlimited data, and cable/ADSL, residents in Gilbert can expect to pay around $81.50, while the national average stands at $70.12.
Overall, residents in Gilbert, AZ, can benefit from lower costs for basic utilities, potentially leading to savings.
Food and Grocery Costs
Just like in any other city, the cost of living in Gilbert is affected by the price of food and grocery items. To give you an overview, here is a table comparing the average costs of each grocery item in Gilbert vs. the United States.
|Grocery Item||Gilbert, AZ||United States Average|
|Milk (regular), (1 liter)||$0.97||$1.03|
|Loaf of Fresh White Bread (500g)||$4.41||$3.54|
|Rice (white), (1kg)||$5.05||$4.21|
|Eggs (regular) (12)||$6.50||$4.49|
|Local Cheese (1kg)||$13.22||$11.85|
|Chicken Fillet (1kg)||$7.67||$11.94|
|Beef Round (1kg)||$12.94||$15.18|
|Lettuce (1 head)||$1.25||$2.14|
|Water (1.5 liter bottle)||$0.35||$2.12|
Moving to Gilbert, Arizona, will result in increased living expenses, especially housing and transportation costs. Internet service may demand a slightly bigger share of the whole budget, although standard utilities may present opportunities for cost savings. Despite this, residents enjoy an excellent quality of life with easy access to various attractions and local services in the area.
In the end, the choice to relocate to any location should take into account both the monetary considerations and the overall benefits that the area can provide. By considering the information presented in this article, you can make informed decisions and enjoy all Gilbert offers while maintaining financial stability.
If you would like to explore this topic further or have any questions, we encourage you to reach out to our team of seasoned market specialists. We are well-equipped to provide valuable insights and guidance regarding the cost of living in Gilbert, AZ.
Our team can also help you in finding the ideal home in Gilbert or other parts of Arizona. Feel free to contact us for personalized assistance tailored to your needs and preferences. You can book an appointment with us by calling (480) 888-5272 or emailing firstname.lastname@example.org to get started.
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Frequently Asked Questions
Definitely! There are many reasons why Gilbert, Arizona, is a great place to call home. Many families choose Gilbert due to its top-rated educational institutions and robust economy.
The town is also great for those seeking an active lifestyle because of its pleasant weather and many outdoor activities. The town’s dedication to hosting community events and providing family-friendly facilities further adds to its allure.
The average annual cost of living in Arizona is estimated to be around $44,875. However, to maintain a comfortable standard of living in the town, it is recommended to have an income after taxes of approximately $68,499.
Electricity costs for Gilbert, AZ, residents average about $148 per month or $1,776 per year. This is roughly 14% lower compared to the typical American household’s power cost of $2,023.
Arizona has a cost of living that is 13% lower than the national average, making it an appealing choice for individuals seeking to save money. However, remember that the specific location within Arizona can significantly impact monthly expenses.
Different areas in the state may have varying costs for housing, transportation, utilities, and other necessities, so it’s advisable to research and consider the specific location when evaluating the potential monthly outlays.