Are you thinking about moving to Gilbert or Mesa, Arizona and you’re wondering about the cost of living? In this episode of The Great Escape, we’re going to walk through the cost of living in Mesa and Gilbert, focusing on four areas that are important to know. From affordability and income levels to rent prices and taxes, knowing the numbers will help you see if Arizona living is right for you.
Affordability Of Gilbert And Mesa, Arizona
The first aspect of living costs to consider is affordability. The median household income in the Phoenix metropolitan area is $72,300. People at this income level can afford 60-75% of the available homes on the market. To understand the numbers, let’s look at this historically. Interest rates and payments back in July of 2005 are 3% higher than they are currently; they’re also 30% higher than they were in 2006. This is based on homes that are 1,500-2,000 square feet.
The appreciation rate has been at 12% in recent times, with the median price of a Gilbert home at $390,000 and a Mesa home at $335,000. Property taxes for a $300,000 home in Gilbert would range from $800 -$1,300. In Mesa, these taxes would range from $600-$1,100.
What about renting? The median rent in Gilbert is $1,999 and the median rent in Mesa is $1,850. When you look specifically at the 55+ community, Mesa’s rents average $1,100-$3,000 and Gilbert averages $1,300-$3,000 per month. However, if you’re looking for a manufactured home in Mesa, it’s only $850 a month.
Taxes And Additional Costs
The sales taxes are a little bit high here in Arizona, though our income and property taxes are lower than the national average. There are a few additional costs, of course. According to the Labor Bureau of Statistics, people in the Phoenix metropolitan areas spend 11% of their income on food versus 12.6% on a national average. While our food prices are low, our gas prices are a little bit high. According to GasBuddy, they’re higher than the national average at 7th in the nation.
Affordable Living In Arizona
The overall affordability of Mesa and Gilbert is rated 27th in the entire nation. I hope this gives you some insight into the cost of living in Arizona. If you want more information about Arizona or the Southeast Valley specifically, please feel free to reach out to me and I’d be happy to connect with you. If you’d like more information on the 55+ community, make sure to subscribe so you don’t miss a video!