Fairbanks, AK Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

Cost Of Living In Fairbanks, AK Summary

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.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
132
Fairbanks's Overall Cost Of Living
1.3x
Higher Than The National Average

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 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:

16 out of 22
In Alaska
5,326 out of 6,412
In America

Fairbanks Cost Of Living Vs. Alaska

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
Overall 132 125 100
Services 118 119 100
Groceries 120 129 100
Health 156 152 100
Housing 117 119 100
Transportation 121 119 100
Utilities 218 147 100
For more reading on cost of living around Alaska, check out:
Fairbanks Cost of Living Vs. AK

Fairbanks, AK Housing Cost Breakdown

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.

Statistic Fairbanks Alaska United States
Median Home Value $223,600 $282,800 $244,900
Median Rent $1,381 $1,279 $1,163
Median Income $66,572 $80,287 $69,021
Home Value To Income 3.4x 3.5x 3.5x
Rent To Monthly Income 0.25x 0.19x 0.2x
Search Homes For Sale In Fairbanks, AK
$223,600
Median Home Value
$1,381
Median Rent
$66,572
Median Income

Fairbanks, AK Costs By Category

Detailed Fairbanks Services Costs Vs. Alaska

Item Fairbanks Alaska
Shampoo $1.06 $1.06
Movie $13.45 $10.68
Bowling $15.03 $14.67
Haircut $17.43 $18.62
Beauty Salon $48.7 $39.05

Detailed Fairbanks Groceries Costs Vs. Alaska

Item Fairbanks Alaska
Ground Beef $5.31 $4.22
Fried Chicken $1.56 $1.39
Milk $2.57 $2.05
Potatoes $3.83 $3.29
Pizza $11.99 $10.62
Beer $9.95 $9.38
Toothpaste $2.55 $2.34

Detailed Fairbanks Health Costs Vs. Alaska

Item Fairbanks Alaska
Optometrist $250.97 $108.57
Doctor $211.78 $116.17
Dentist $153.1 $99.13

Detailed Fairbanks Transportation Costs Vs. Alaska

Item Fairbanks Alaska
Gasoline $2.86 $2.22
Tire Balancing $49.08 $50.07

Detailed Fairbanks Utilities Costs Vs. Alaska

Item Fairbanks Alaska
All Electricity $516.42 $167.67
Phone $181.24 $175.64

Fairbanks SnackAbility

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

City Population Cost Of Living Vs. Fairbanks
Badger, AK 19,226 133 1.0x
College, AK 11,797 133 1.0x
Steele Creek, AK 7,399 135 1.0x
Chena Ridge, AK 5,643 134 1.0x

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