Now is the time to buy, not rent in Gilbert, AZ. According to Forbes and several other authorities I myself have verified this statement. I've conducting my own research on a sample market in Gilbert that consists of single family homes that are for sale, under contract, or have sold in the past 90 days.
Forbes identified the top 6 cities in the U.S. where it is better to buy than rent and Phoenix, Arizona was one of those 6! As I reviewed the market for buying VS renting in the Gilbert area, I found that a typical single family home of 1750 square feet is renting for about $1,250/month. That same home, if purchased, would cost you about $1100/month. You could purchase this home for an average price of $169K. If a buyer puts 3.5% down, which is the minimum down payment on an FHA loan, their payments would be approximately $1100/month! When you consider that monthly renting payments are continuing to increse in the Gilbert area. This is due to the demand for rentals by homeowners who have had to short sale their home or who have lost their home do to foreclosure.
It makes even more sense to buy with the record low interest rates! Even if the value of your home were to go down slightly from current levels, the future available interest rates would cost more for the same home than if you purchased it now at today's interest rates. Take advantage of the market! Now is the Time to Buy, Not Rent, in Gilbert, AZ