Cost of living in Fairbanks research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Fairbanks is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Alaska, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Fairbanks is 132, with 100 being the average.
The cost of living index in Fairbanks is 1.3x higher than the national average.
Fairbanks ranks as the #16 cheapest in Alaska out of 22.
Fairbanks ranks as the #5,326 cheapest out of 6,412 in the US.
The median home value in Fairbanks is $223,600.
The median income in Fairbanks is $66,572.
According to the most recent data on the cost of living, Fairbanks has an overall cost of living index of 132, which is 1.3x higher than the national index of 100.
Compared to Alaska, Fairbanks has a cost of living index that's 1.1x higher than Alaska's index of 125.
The standard of living in Fairbanks ranks as #16 most affordable out of the 22 places we measured in Alaska. By definition, that implies Fairbanks ranks as the #6 most expensive place in the Last Frontier.
For more reading on life in Fairbanks, check out:
Six factors go into calculating the cost of living index in Fairbanks. Here is how it fairs on each of the criteria:
The Services index in Fairbanks is 118.
The Groceries index in Fairbanks is 120.
The Health index in Fairbanks is 156.
The Housing index in Fairbanks is 117.
The Transportation index in Fairbanks is 121.
The Utilities index in Fairbanks is 218.
|Living Expense||Fairbanks||Alaska||National Average|
Housing swings affordability the most between places in Alaska, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Fairbanks is $223,600.
The Median Rent in Fairbanks is $1,381.
The Median Income in Fairbanks is $66,572.
The Home Value To Income in Fairbanks is 3.4x.
The Rent To Monthly Income in Fairbanks is 0.25x.
|Median Home Value||$223,600||$282,800||$244,900|
|Home Value To Income||3.4x||3.5x||3.5x|
|Rent To Monthly Income||0.25x||0.19x||0.2x|
The cost of living varies in the cities and towns around Fairbanks. Here's a quick look at the cost of living in the most populous nearby places:
Badger, AK has a cost of living index of 133, 1.0x Fairbanks.
College, AK has a cost of living index of 133, 1.0x Fairbanks.
Steele Creek, AK has a cost of living index of 135, 1.0x Fairbanks.