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 | Prince of Wales-Hyder Census Area | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,711 | $303,164 | $242,182 |
| Price Trend (Annual %) | 19.4% | 5.4% | 8.2% |
| Median Gross Rent | $916 | $1,387 | $1,342 |
| Rent Trend (Annual %) | 1.4% | 2.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Prince of Wales-Hyder Census Area is about 38% lower than in Alaska. Rent is about 34% lower 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 Prince of Wales-Hyder Census Area, up about 19.4% and 1.4% a year respectively. Home prices are changing faster.
Median rent in Prince of Wales-Hyder Census Area rose about 12.8% between 2015 and 2023, from $812 to $916. Over the same span, rent in Alaska rose about 21.0%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Prince of Wales-Hyder Census Area.
Buying the median-priced home in Prince of Wales-Hyder Census Area costs roughly 17.1 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 Prince of Wales-Hyder Census Area. The price-to-rent ratio in Alaska is about 18.2.
| Metric | Prince of Wales-Hyder Census Area | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,711 | $303,164 | $242,182 |
| Median Household Income | $58,847 | $90,338 | $78,145 |
| Price-to-Income Ratio | 3.2 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Prince of Wales-Hyder Census Area rose about 74.1%, while median household income fell about 17.2% 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 | Prince of Wales-Hyder Census Area | Alaska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.9% | 54.5% | 58.2% |
| Rental Rate | 20.6% | 27.3% | 31.3% |
| Vacancy Rate | 27.5% | 18.2% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Prince of Wales-Hyder Census Area has a homeownership rate of 51.9%, lower than the Alaska average of 54.5%. Its housing vacancy rate is 27.5%, compared with 18.2% in Alaska.
Housing Stock
| Metric | Prince of Wales-Hyder Census Area | Alaska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.63 people | 2.54 people |
| Median Structure Built Year | 1980 | 1985 | 1978 |
| Median Number of Rooms | 4.7 | 4.8 | 5.5 |
The typical housing unit in Prince of Wales-Hyder Census Area was built around 1980. On average, 2.4 people live in a home with about 4.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Prince of Wales-Hyder Census Area, Alaska.
What is the median home price in Prince of Wales-Hyder Census Area, Alaska?
The median home price in Prince of Wales-Hyder Census Area, Alaska is $187,711, lower than the Alaska average of $303,164.
What is the average home price in Prince of Wales-Hyder 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 Prince of Wales-Hyder Census Area, Alaska?
The median gross rent in Prince of Wales-Hyder Census Area, Alaska is $916 per month, lower than the Alaska average of $1,387.
What was the median gross rent in Prince of Wales-Hyder Census Area in 2020?
In 2020, the median gross rent in Prince of Wales-Hyder Census Area, Alaska was $801 per month.
What is the price-to-rent ratio in Prince of Wales-Hyder Census Area, Alaska?
The price-to-rent ratio in Prince of Wales-Hyder Census Area, Alaska is about 17.1, meaning it would take roughly 17.1 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 Prince of Wales-Hyder Census Area.
Are home prices or rent rising faster in Prince of Wales-Hyder Census Area, Alaska?
Both home prices and rent are rising in Prince of Wales-Hyder Census Area, up about 19.4% and 1.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Prince of Wales-Hyder Census Area, Alaska?
51.9% of households in Prince of Wales-Hyder Census Area, Alaska own their home, lower than the Alaska average of 54.5%.
What is the vacancy rate in Prince of Wales-Hyder Census Area, Alaska?
The housing vacancy rate in Prince of Wales-Hyder Census Area, Alaska is 27.5%, higher than the Alaska average of 18.2%.