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 | Nome Census Area | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $46,428 | $303,164 | $242,182 |
| Price Trend (Annual %) | -3.2% | 5.4% | 8.2% |
| Median Gross Rent | $1,328 | $1,387 | $1,342 |
| Rent Trend (Annual %) | 0.8% | 2.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Nome Census Area is about 85% lower than in Alaska. Rent is about 4% lower than the Alaska average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Nome Census Area: home prices fell about 3.2% a year while rent rose about 0.8% a year. That is an unusual pattern worth watching.
Median rent in Nome Census Area rose about 11.9% between 2015 and 2023, from $1,187 to $1,328. Over the same span, rent in Alaska rose about 21.0%.
Affordability
On average, housing unit costs 0.6 yearly household incomes in Nome Census Area.
Buying the median-priced home in Nome Census Area costs roughly 2.9 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 Nome Census Area. The price-to-rent ratio in Alaska is about 18.2.
| Metric | Nome Census Area | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $46,428 | $303,164 | $242,182 |
| Median Household Income | $76,780 | $90,338 | $78,145 |
| Price-to-Income Ratio | 0.6 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Nome Census Area fell about 59.8%, while median household income rose about 39.0% 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 | Nome Census Area | Alaska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.0% | 54.5% | 58.2% |
| Rental Rate | 24.8% | 27.3% | 31.3% |
| Vacancy Rate | 32.2% | 18.2% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Nome Census Area has a homeownership rate of 43.0%, lower than the Alaska average of 54.5%. Its housing vacancy rate is 32.2%, compared with 18.2% in Alaska.
Housing Stock
| Metric | Nome Census Area | Alaska Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.35 people | 2.63 people | 2.54 people |
| Median Structure Built Year | 1984 | 1985 | 1978 |
| Median Number of Rooms | 3.7 | 4.8 | 5.5 |
The typical housing unit in Nome Census Area was built around 1984. On average, 3.3 people live in a home with about 3.7 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Nome Census Area, Alaska.
What is the median home price in Nome Census Area, Alaska?
The median home price in Nome Census Area, Alaska is $46,428, lower than the Alaska average of $303,164.
What is the average home price in Nome Census Area, 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 Nome Census Area, Alaska?
The median gross rent in Nome Census Area, Alaska is $1,328 per month, lower than the Alaska average of $1,387.
What was the median gross rent in Nome Census Area in 2020?
In 2020, the median gross rent in Nome Census Area, Alaska was $1,231 per month.
What is the price-to-rent ratio in Nome Census Area, Alaska?
The price-to-rent ratio in Nome Census Area, Alaska is about 2.9, meaning it would take roughly 2.9 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 Nome Census Area.
Are home prices or rent rising faster in Nome Census Area, Alaska?
Home prices and rent are moving in opposite directions in Nome Census Area: home prices fell about 3.2% a year while rent rose about 0.8% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Nome Census Area, Alaska?
43.0% of households in Nome Census Area, Alaska own their home, lower than the Alaska average of 54.5%.
What is the vacancy rate in Nome Census Area, Alaska?
The housing vacancy rate in Nome Census Area, Alaska is 32.2%, higher than the Alaska average of 18.2%.