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 | Lake and Peninsula Borough | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,057 | $303,164 | $242,182 |
| Price Trend (Annual %) | — | 5.4% | 8.2% |
| Median Gross Rent | $933 | $1,387 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 2.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake and Peninsula Borough is about 47% lower than in Alaska. Rent is about 33% lower than the Alaska average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2017
Median Rent Prices, 2015-2023
Median rent in Lake and Peninsula Borough rose about 29.5% between 2015 and 2023, from $721 to $933. Over the same span, rent in Alaska rose about 21.0%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Lake and Peninsula Borough.
Buying the median-priced home in Lake and Peninsula Borough costs roughly 14.5 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 18.2.
| Metric | Lake and Peninsula Borough | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,057 | $303,164 | $242,182 |
| Median Household Income | $63,484 | $90,338 | $78,145 |
| Price-to-Income Ratio | 2.6 | 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 52.6% between 2009 and 2023 — 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 | 14.5% | 54.5% | 58.2% |
| Rental Rate | 9.4% | 27.3% | 31.3% |
| Vacancy Rate | 76.1% | 18.2% | 10.6% |
| 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 14.5%, lower than the Alaska average of 54.5%. Its housing vacancy rate is 76.1%, compared with 18.2% in Alaska.
Housing Stock
| Metric | Lake and Peninsula Borough | Alaska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.63 people | 2.54 people |
| Median Structure Built Year | 1985 | 1985 | 1978 |
| Median Number of Rooms | 3.2 | 4.8 | 5.5 |
The typical housing unit in Lake and Peninsula Borough was built around 1985. On average, 2.6 people live in a home with about 3.2 rooms, staying for about 19.0 years on average.
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 $162,057, lower than the Alaska average of $303,164.
What is the average home price in Lake and Peninsula 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 Lake and Peninsula Borough, Alaska?
The median gross rent in Lake and Peninsula Borough, Alaska is $933 per month, lower than the Alaska average of $1,387.
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 14.5, meaning it would take roughly 14.5 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?
14.5% of households in Lake and Peninsula Borough, Alaska own their home, lower than the Alaska average of 54.5%.
What is the vacancy rate in Lake and Peninsula Borough, Alaska?
The housing vacancy rate in Lake and Peninsula Borough, Alaska is 76.1%, higher than the Alaska average of 18.2%.