Lake and Peninsula Borough, Alaska Housing Market Prices
Lake and Peninsula Borough 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 49% below the Alaska median Cheaper than 78% of counties in Alaska$162,074
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Median rent 34% below the Alaska median Among the top 3 cheapest counties in Alaska$937
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Lake and Peninsula Borough | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,074 | $320,616 | $248,835 |
| Price Trend (Annual %) | — | 5.4% | 7.5% |
| Median Gross Rent | $937 | $1,418 | $1,407 |
| Rent Trend (Annual %) | 3.2% | 2.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake and Peninsula Borough is about 49% lower than in Alaska. Rent is about 34% lower than the Alaska average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2017
Median Rent Prices, 2015-2024
Median rent in Lake and Peninsula Borough rose about 32.5% between 2015 and 2024, from $708 to $937. Over the same span, rent in Alaska rose about 23.8%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Lake and Peninsula Borough.
Buying the median-priced home in Lake and Peninsula Borough costs roughly 14.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lake and Peninsula Borough. The price-to-rent ratio in Alaska is about 18.8.
| Metric | Lake and Peninsula Borough | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,074 | $320,616 | $248,835 |
| Median Household Income | $64,886 | $93,666 | $80,455 |
| Price-to-Income Ratio | 2.5 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2017, the median home price in Lake and Peninsula Borough fell about 0.6%, while median household income rose about 41.5% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lake and Peninsula Borough | Alaska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 16.1% | 55.1% | 58.5% |
| Rental Rate | 8.6% | 27.3% | 31.2% |
| Vacancy Rate | 75.3% | 17.6% | 10.2% |
| Median Tenure (years) | 19.0 | 14.0 | 15.0 |
| Median Year Moved In | 2007 | 2012 | 2011 |
Lake and Peninsula Borough has a homeownership rate of 16.1%, lower than the Alaska average of 55.1%. Its housing vacancy rate is 75.3%, compared with 17.6% in Alaska.
Housing Stock
| Metric | Lake and Peninsula Borough | Alaska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1986 | 1986 | 1978 |
| Median Number of Rooms | 3.4 | 4.8 | 5.5 |
The typical housing unit in Lake and Peninsula Borough was built around 1986. On average, 2.6 people live in a home with about 3.4 rooms, staying for about 19.0 years on average.
Lake and Peninsula Borough, AK Housing Compared With Nearby Counties
How Lake and Peninsula Borough, AK compares with the 1 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lake and Peninsula Borough, AK | 1,056 | $162,074 #2/2 | $937 #2/2 | 65.1% #2/2 |
| Kenai Peninsula Borough, AK | 60,577 | $264,574 | $1,183 | 77.1% |
Frequently Asked Questions
Common questions about the housing market in Lake and Peninsula Borough, Alaska.
What is the median home price in Lake and Peninsula Borough, Alaska?
The median home price in Lake and Peninsula Borough, Alaska is $162,074, lower than the Alaska average of $320,616.
What is the average home price in Lake and Peninsula Borough, Alaska?
The typical home price in Lake and Peninsula Borough, Alaska, reported as the median sale price, is $162,074. 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 Lake and Peninsula Borough, Alaska?
The median gross rent in Lake and Peninsula Borough, Alaska is $937 per month, lower than the Alaska average of $1,418.
What was the median gross rent in Lake and Peninsula Borough in 2020?
In 2020, the median gross rent in Lake and Peninsula Borough, Alaska was $776 per month.
What is the price-to-rent ratio in Lake and Peninsula Borough, Alaska?
The price-to-rent ratio in Lake and Peninsula Borough, Alaska is about 14.4, meaning it would take roughly 14.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lake and Peninsula Borough.
What is the homeownership rate in Lake and Peninsula Borough, Alaska?
16.1% of households in Lake and Peninsula Borough, Alaska own their home, lower than the Alaska average of 55.1%.
What is the vacancy rate in Lake and Peninsula Borough, Alaska?
The housing vacancy rate in Lake and Peninsula Borough, Alaska is 75.3%, higher than the Alaska average of 17.6%.
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