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: Counties in Alaska
Housing Market Overview
| Metric | Alaska | US Average |
|---|---|---|
| Median Home Price | $303,164 | $242,182 |
| Price Trend (Annual %) | 5.4% | 8.2% |
| Median Gross Rent | $1,387 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Alaska is about 25% higher than in US. Rent is about 3% higher than the US 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 Alaska, up about 5.4% and 2.4% a year respectively. Home prices are changing faster.
Median rent in Alaska rose about 21.0% between 2015 and 2023, from $1,146 to $1,387. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Alaska.
Buying the median-priced home in Alaska costs roughly 18.2 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 Alaska. The price-to-rent ratio in US is about 15.0.
| Metric | Alaska | US Average |
|---|---|---|
| Median Home Price | $303,164 | $242,182 |
| Median Household Income | $90,338 | $78,145 |
| Price-to-Income Ratio | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Alaska rose about 51.9%, while median household income rose about 37.8% 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 | Alaska | US Average |
|---|---|---|
| Homeownership Rate | 54.5% | 58.2% |
| Rental Rate | 27.3% | 31.3% |
| Vacancy Rate | 18.2% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 |
Alaska has a homeownership rate of 54.5%, lower than the US average of 58.2%. Its housing vacancy rate is 18.2%, compared with 10.6% in US.
Housing Stock
| Metric | Alaska | US Average |
|---|---|---|
| Average Household Size | 2.63 people | 2.54 people |
| Median Structure Built Year | 1985 | 1978 |
| Median Number of Rooms | 4.8 | 5.5 |
The typical housing unit in Alaska was built around 1985. On average, 2.6 people live in a home with about 4.8 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Alaska.
What is the median home price in Alaska?
The median home price in Alaska is $303,164, higher than the US average of $242,182.
What is the average home price in 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 Alaska?
The median gross rent in Alaska is $1,387 per month, higher than the US average of $1,342.
What was the median gross rent in Alaska in 2020?
In 2020, the median gross rent in Alaska was $1,241 per month.
What is the price-to-rent ratio in Alaska?
The price-to-rent ratio in Alaska is about 18.2, meaning it would take roughly 18.2 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 Alaska.
Are home prices or rent rising faster in Alaska?
Both home prices and rent are rising in Alaska, up about 5.4% and 2.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Alaska?
54.5% of households in Alaska own their home, lower than the US average of 58.2%.
What is the vacancy rate in Alaska?
The housing vacancy rate in Alaska is 18.2%, higher than the US average of 10.6%.