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.
Housing Market Overview
| Metric | Wrangell | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $181,252 | $303,164 | $242,182 |
| Price Trend (Annual %) | 3.4% | 5.4% | 8.2% |
| Median Gross Rent | $1,047 | $1,387 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 2.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wrangell is about 40% lower than in Alaska. Rent is about 25% 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 Wrangell, up about 3.4% and 4.7% a year respectively. Rent is changing faster.
Median rent in Wrangell rose about 42.9% between 2015 and 2023, from $733 to $1,047. Over the same span, rent in Alaska rose about 21.0%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Wrangell.
Buying the median-priced home in Wrangell 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 Wrangell. The price-to-rent ratio in Alaska is about 18.2.
| Metric | Wrangell | Alaska Avg | US Average |
|---|---|---|---|
| Median Home Price | $181,252 | $303,164 | $242,182 |
| Median Household Income | $62,499 | $90,338 | $78,145 |
| Price-to-Income Ratio | 2.9 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wrangell rose about 15.7%, while median household income rose about 23.6% between 2010 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 | Wrangell | Alaska Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 39.7% | 54.5% | 58.2% |
| Rental Rate | 30.5% | 27.3% | 31.3% |
| Vacancy Rate | 29.8% | 18.2% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Wrangell has a homeownership rate of 39.7%, lower than the Alaska average of 54.5%. Its housing vacancy rate is 29.8%, compared with 18.2% in Alaska.
Housing Stock
| Metric | Wrangell | Alaska Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.63 people | 2.54 people |
| Median Structure Built Year | 1975 | 1985 | 1978 |
| Median Number of Rooms | 4.3 | 4.8 | 5.5 |
The typical housing unit in Wrangell was built around 1975. On average, 2.2 people live in a home with about 4.3 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wrangell, Alaska.
What is the median home price in Wrangell, Alaska?
The median home price in Wrangell, Alaska is $181,252, lower than the Alaska average of $303,164.
What is the average home price in Wrangell, 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 Wrangell, Alaska?
The median gross rent in Wrangell, Alaska is $1,047 per month, lower than the Alaska average of $1,387.
What was the median gross rent in Wrangell in 2020?
In 2020, the median gross rent in Wrangell, Alaska was $867 per month.
What is the price-to-rent ratio in Wrangell, Alaska?
The price-to-rent ratio in Wrangell, 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 Wrangell.
Are home prices or rent rising faster in Wrangell, Alaska?
Both home prices and rent are rising in Wrangell, up about 3.4% and 4.7% a year respectively. Rent is changing faster.
What is the homeownership rate in Wrangell, Alaska?
39.7% of households in Wrangell, Alaska own their home, lower than the Alaska average of 54.5%.
What is the vacancy rate in Wrangell, Alaska?
The housing vacancy rate in Wrangell, Alaska is 29.8%, higher than the Alaska average of 18.2%.