Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Fairbanks North Star Borough | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $269,283 | $303,164 | $242,182 |
| Price Trend (Annual %) | 8.6% | 5.4% | 8.2% |
| Median Gross Rent | $1,423 | $1,387 | $1,342 |
| Rent Trend (Annual %) | 2.0% | 2.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fairbanks North Star Borough is about 11% lower than in Alaska. Rent is about 3% higher than the Alaska average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Fairbanks North Star Borough, up about 8.6% and 2.0% a year respectively. Home prices are changing faster.
Median rent in Fairbanks North Star Borough rose about 17.1% between 2015 and 2023, from $1,215 to $1,423. Over the same span, rent in Alaska rose about 21.0%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Fairbanks North Star Borough.
Buying the median-priced home in Fairbanks North Star Borough costs roughly 15.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Fairbanks North Star Borough. The price-to-rent ratio in Alaska is about 18.2.
| Metric | Fairbanks North Star Borough | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $269,283 | $303,164 | $242,182 |
| Median Household Income | $87,664 | $90,338 | $78,145 |
| Price-to-Income Ratio | 3.1 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fairbanks North Star Borough rose about 79.7%, while median household income rose about 33.9% between 2009 and 2023 — 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 North Star Borough | Alaska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.3% | 54.5% | 58.2% |
| Rental Rate | 32.5% | 27.3% | 31.3% |
| Vacancy Rate | 15.3% | 18.2% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Fairbanks North Star Borough has a homeownership rate of 52.3%, lower than the Alaska average of 54.5%. Its housing vacancy rate is 15.3%, compared with 18.2% in Alaska.
Housing Stock
| Metric | Fairbanks North Star Borough | Alaska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.63 people | 2.54 people |
| Median Structure Built Year | 1985 | 1985 | 1978 |
| Median Number of Rooms | 4.8 | 4.8 | 5.5 |
The typical housing unit in Fairbanks North Star Borough was built around 1985. On average, 2.5 people live in a home with about 4.8 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fairbanks North Star Borough, Alaska.
What is the median home price in Fairbanks North Star Borough, Alaska?
The median home price in Fairbanks North Star Borough, Alaska is $269,283, lower than the Alaska average of $303,164.
What is the average home price in Fairbanks North Star Borough, Alaska?
The typical home price in %s, reported as the median sale price, is %s. 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 North Star Borough, Alaska?
The median gross rent in Fairbanks North Star Borough, Alaska is $1,423 per month, higher than the Alaska average of $1,387.
What was the median gross rent in Fairbanks North Star Borough in 2020?
In 2020, the median gross rent in Fairbanks North Star Borough, Alaska was $1,297 per month.
What is the price-to-rent ratio in Fairbanks North Star Borough, Alaska?
The price-to-rent ratio in Fairbanks North Star Borough, Alaska is about 15.8, meaning it would take roughly 15.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Fairbanks North Star Borough.
Are home prices or rent rising faster in Fairbanks North Star Borough, Alaska?
Both home prices and rent are rising in Fairbanks North Star Borough, up about 8.6% and 2.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fairbanks North Star Borough, Alaska?
52.3% of households in Fairbanks North Star Borough, Alaska own their home, lower than the Alaska average of 54.5%.
What is the vacancy rate in Fairbanks North Star Borough, Alaska?
The housing vacancy rate in Fairbanks North Star Borough, Alaska is 15.3%, lower than the Alaska average of 18.2%.