Cost of living in Homer 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 Homer 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 Homer is 125, with 100 being the average.
The cost of living index in Homer is 1.2x higher than the national average.
Homer ranks as the #10 cheapest in Alaska out of 22.
Homer ranks as the #5,043 cheapest out of 6,412 in the US.
The median home value in Homer is $309,500.
The median income in Homer is $63,854.
According to the most recent data on the cost of living, Homer has an overall cost of living index of 125, which is 1.2x higher than the national index of 100.
Compared to Alaska, Homer has a cost of living index that's 1.0x lower than Alaska's index of 125.
The standard of living in Homer ranks as #10 most affordable out of the 22 places we measured in Alaska. By definition, that implies Homer ranks as the #12 most expensive place in the Last Frontier.
For more reading on life in Homer, check out:
Six factors go into calculating the cost of living index in Homer. Here is how it fairs on each of the criteria:
The Services index in Homer is 115.
The Groceries index in Homer is 127.
The Health index in Homer is 147.
The Housing index in Homer is 134.
The Transportation index in Homer is 111.
The Utilities index in Homer is 129.
|Living Expense||Homer||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 Homer is $309,500.
The Median Rent in Homer is $1,136.
The Median Income in Homer is $63,854.
The Home Value To Income in Homer is 4.8x.
The Rent To Monthly Income in Homer is 0.21x.
|Median Home Value||$309,500||$282,800||$244,900|
|Home Value To Income||4.8x||3.5x||3.5x|
|Rent To Monthly Income||0.21x||0.19x||0.2x|