Calculate using real Gilbert data. Median home price: $480,000. Property tax rate: 0.61%.
With the median household income of $105,230 in Gilbert, AZ, following the 28% rule, you could afford a monthly payment of about $2,455.
The cost of living index in Gilbert, AZ is 110 (national average = 100). A home at the median price of $480,000 would require roughly 4.6x the median income.
A conventional 20% down payment on the median Gilbert, AZ home ($480,000) would be $96,000. FHA loans may require as little as 3.5% ($16,800).