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Everyone wants a home that mixes affordability with comfort and Alaska does this very well. Families love the Last Frontier's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Alaska that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Alaska for 2022.
So where is the most expensive place to live in Alaska? That would be Homer.
the 2016-2020 American Community Survey for the 25 places in Alaska with more than 1,000 people.
What's the most expensive place to live in Alaska? Well, HomeSnacks crunched the numbers and discovered that Homer is the most expensive place to live in Alaska.
So hopefully King Cove (the cheapest place to live in Alaska) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Alaska and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Alaska For 2022
The median income in Homer comes in at $61,332 and the median home value is $293,700 for 2022.
The median income in Unalaska comes in at $90,938 and the median home value is $403,200 for 2022.
The median income in Ketchikan comes in at $65,809 and the median home value is $257,600 for 2022.
The median income in Sitka comes in at $81,708 and the median home value is $365,800 for 2022.
The median income in Kodiak comes in at $69,259 and the median home value is $260,800 for 2022.
The median income in Cordova comes in at $91,442 and the median home value is $341,100 for 2022.
The median income in Juneau comes in at $88,077 and the median home value is $355,100 for 2022.
The median income in Wasilla comes in at $62,667 and the median home value is $258,100 for 2022.
The median income in Anchorage comes in at $84,813 and the median home value is $320,100 for 2022.
The median income in Bethel comes in at $86,624 and the median home value is $287,600 for 2022.
Methodology: How We Determined The Most Expensive Places To Live In The Last Frontier For 2022
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2016-2020 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Alaska to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 25 places in Alaska that have more than 1,000 people.
The place with the highest cost of living in Alaska according to the data is Homer. You can download the data here.
Summary: Taking A Chunk Out Of Your Paycheck In Alaska For 2022
Well there you have it, the places in Alaska that have the highest cost of living, with Homer ranking as the most expensive city in the Last Frontier.
Here's a look at the most affordable cities in Alaska according to the data:
- King Cove
- Sand Point
For more Alaska reading, check out:
- Best Places To Live In Alaska
- Cheapest Places To Live In Alaska
- Most Dangerous Cities In Alaska
- Best Places To Raise A Family In Alaska
- Safest Places In Alaska
- Worst Places To Live In Alaska
Detailed List Of The Most Expensive Cities In Alaska