Fairbanks, Alaska Housing Market Prices
Fairbanks Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 9% above the Alaska median$350,000
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Median rent 6% below the Alaska median$1,335
Housing Market Overview
| Metric | Fairbanks | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,000 | $320,616 | $248,835 |
| Price Trend (Annual %) | 26.3% | 5.4% | 7.5% |
| Median Gross Rent | $1,335 | $1,418 | $1,407 |
| Rent Trend (Annual %) | 2.5% | 2.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fairbanks is about 9% higher than in Alaska. Rent is about 6% lower than the Alaska average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Fairbanks, up about 26.3% and 2.5% a year respectively. Home prices are changing faster.
Median rent in Fairbanks rose about 26.0% between 2015 and 2024, from $1,059 to $1,335. Over the same span, rent in Alaska rose about 23.8%.
Affordability
On average, housing unit costs 4.8 yearly household incomes in Fairbanks.
Buying the median-priced home in Fairbanks costs roughly 21.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Fairbanks. The price-to-rent ratio in Alaska is about 18.8.
| Metric | Fairbanks | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,000 | $320,616 | $248,835 |
| Median Household Income | $73,614 | $93,666 | $80,455 |
| Price-to-Income Ratio | 4.8 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Fairbanks rose about 149.0%, while median household income rose about 42.7% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Fairbanks | Alaska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.4% | 55.1% | 58.5% |
| Rental Rate | 46.1% | 27.3% | 31.2% |
| Vacancy Rate | 12.5% | 17.6% | 10.2% |
| Median Tenure (years) | 10.0 | 14.0 | 15.0 |
| Median Year Moved In | 2016 | 2012 | 2011 |
Fairbanks has a homeownership rate of 41.4%, lower than the Alaska average of 55.1%. Its housing vacancy rate is 12.5%, compared with 17.6% in Alaska.
Housing Stock
| Metric | Fairbanks | Alaska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1976 | 1986 | 1978 |
| Median Number of Rooms | 4.3 | 4.8 | 5.5 |
The typical housing unit in Fairbanks was built around 1976. On average, 2.2 people live in a home with about 4.3 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fairbanks, Alaska.
What is the median home price in Fairbanks, Alaska?
The median home price in Fairbanks, Alaska is $350,000, higher than the Alaska average of $320,616.
What is the average home price in Fairbanks, Alaska?
The typical home price in Fairbanks, Alaska, reported as the median sale price, is $350,000. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Fairbanks, Alaska?
The median gross rent in Fairbanks, Alaska is $1,335 per month, lower than the Alaska average of $1,418.
What was the median gross rent in Fairbanks in 2020?
In 2020, the median gross rent in Fairbanks, Alaska was $1,140 per month.
What is the price-to-rent ratio in Fairbanks, Alaska?
The price-to-rent ratio in Fairbanks, Alaska is about 21.8, meaning it would take roughly 21.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Fairbanks.
Are home prices or rent rising faster in Fairbanks, Alaska?
Both home prices and rent are rising in Fairbanks, up about 26.3% and 2.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fairbanks, Alaska?
41.4% of households in Fairbanks, Alaska own their home, lower than the Alaska average of 55.1%.
What is the vacancy rate in Fairbanks, Alaska?
The housing vacancy rate in Fairbanks, Alaska is 12.5%, lower than the Alaska average of 17.6%.
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