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Fairbanks, AK Cost Of Living

The latest cost of living statistics for Fairbanks. Includes statistics on rent, mortgages, healthcare, and other costs for Fairbanks compared to the state and national averages.

Chris Kolmar
Written by
HomeSnacks
Last updated
2026-06-20

Cost of living in Fairbanks, Alaska

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:

117 Cost of living index 1.2x higher vs US
#2 Cheapest in Alaska (of 22)
#4,144 Cheapest in the U.S. (of 6,489)
$296,928 Median home value
$1,496 Median rent
$73,534 Median income
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What is the cost of living in Fairbanks, AK?

According to the most recent data on the cost of living, Fairbanks has an overall cost of living index of 117, which is 1.2x higher than the national index of 100.

Compared to Alaska, Fairbanks has a cost of living index that's 1.0x lower than Alaska's index of 122.

The standard of living in Fairbanks ranks as #2 most affordable out of the 22 places we measured in Alaska. By definition, that implies Fairbanks ranks as the #20 most expensive place in the Last Frontier.

For more reading on life in Fairbanks, check out:

Fairbanks Cost Of Living Vs. Alaska

Six factors go into calculating the cost of living index in Fairbanks. Here is how it fares on each of the criteria:

  • The Services index in Fairbanks is 118.

  • The Groceries index in Fairbanks is 108.

  • The Health index in Fairbanks is 121.

  • The Housing index in Fairbanks is 114.

  • The Transportation index in Fairbanks is 122.

  • The Utilities index in Fairbanks is 113.

Living Expense Fairbanks Alaska National Average
Overall 117 122 100
Services 118 117 100
Groceries 108 112 100
Health 121 137 100
Housing 114 113 100
Transportation 122 125 100
Utilities 113 116 100

Fairbanks Cost Of Living Compared To Alaska Averages

Services
Fairbanks 118
Alaska avg 117
Groceries
Fairbanks 108
Alaska avg 112
Health
Fairbanks 121
Alaska avg 137
Housing
Fairbanks 114
Alaska avg 113
Transportation
Fairbanks 122
Alaska avg 125
Utilities
Fairbanks 113
Alaska avg 116

Index where 100 = national average. Source: cost-of-living index 2026.

For more reading on cost of living around Alaska, check out:

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Source: Cost-of-living index 2026, normalized to US average = 100

Fairbanks, AK Housing Cost Breakdown

$296,928Median Home Value
$1,496Median Rent
$73,534Median Income

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 2020-2024. The key points are:

  • The Median Home Value in Fairbanks is $296,928.

  • The Median Rent in Fairbanks is $1,496.

  • The Median Income in Fairbanks is $73,534.

  • The Home Value To Income in Fairbanks is 4.0x.

  • The Rent To Monthly Income in Fairbanks is 0.24x.

Statistic Fairbanks Alaska United States
Median Home Value $296,928 $387,635 $332,700
Median Rent $1,496 $1,419 $1,413
Median Income $73,534 $92,788 $80,734
Home Value To Income 4.0x 4.2x 4.1x
Rent To Monthly Income 0.24x 0.18x 0.21x

Fairbanks, AK Costs By Category

Detailed Fairbanks Services costs vs. Alaska
Item Fairbanks Alaska
Shampoo $1.35 $1.28
Movie $16.17 $12.13
Bowling $17.55 $18
Haircut $32.06 $24.26
Beauty Salon $51.33 $45.56
Detailed Fairbanks Groceries costs vs. Alaska
Item Fairbanks Alaska
Ground Beef $6.57 $5.84
Fried Chicken $2.02 $1.57
Milk $5.16 $4.67
Potatoes $5.98 $4.93
Pizza $13.49 $12.09
Beer $13.88 $10.41
Toothpaste $3.77 $3.7
Detailed Fairbanks Health costs vs. Alaska
Item Fairbanks Alaska
Optometrist $274.44 $125.68
Doctor $243.27 $135.78
Dentist $169.02 $113.29
Detailed Fairbanks Transportation costs vs. Alaska
Item Fairbanks Alaska
Gasoline $3.8 $3.46
Tire Balancing $64.35 $59.92
Detailed Fairbanks Utilities costs vs. Alaska
Item Fairbanks Alaska
All Electricity $579.35 $193.99
Phone $187.48 $192.25

Fairbanks SnackAbility

6Overall SnackAbility
Jobs 6/10
Housing 8.5/10
Affordability 5/10
Diversity 9.5/10
Safety 3/10
Amenities 8/10
Education 8/10
Commute 10/10

Cost Of Living In Cities Around Fairbanks

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 122, 1.0x Fairbanks.

  • College, AK has a cost of living index of 123, 1.1x Fairbanks.

  • Steele Creek, AK has a cost of living index of 118, 1.0x Fairbanks.

City Population Cost Of Living Vs. Fairbanks
Badger, AK 18,677 122 1.0x
College, AK 11,924 123 1.1x
Steele Creek, AK 5,928 118 1.0x
Chena Ridge, AK 5,881 122 1.0x
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