Summary
The cost of living in Alaska is greater than the national average.
Property prices are slightly higher in Alaska than in the rest of the US, with the typical home value for 2021-22 standing at £385,000. Renting, however, is cheaper, with a one-bedroom apartment costing an average of $962 a month.
Alaska is the second most costly state for food, with the University of Alaska Fairbanks reporting the typical household of four in Anchorage will spend $183 on groceries a month.
Alaskans spend over the national average for healthcare, with inhabitants in certain locations paying 82 percent greater than the national median.
Alaska has one of the lowest tax loads in the US, boosted by the fact that does not charge state tax.
What is the total average cost of living in Alaska?
The cost of living in Alaska is greater than the national average. Let’s look at its two primary cities - including the state’s largest metropolis, Anchorage.
Fairbanks is 33 percent higher overall than the national average, while Anchorage is 28 percent higher overall. It's projected Alaska ranks as the fourth most expensive state or district — only after New York, Washington DC, and Hawaii.
It’s worth mentioning that the expense of living in Alaska can be compensated by the yearly Permanent Fund Dividend provided to Alaskan citizens.
How much are housing expenses in Alaska?
Homes tend to cost slightly more in Alaska than in the rest of the United States. Realtor.com stated that the typical property value for 2021-22 was $385,000 – 10 percent rise over that year. Some metropolitan locations were higher still.
The renting story is slightly different. Alaska is a little cheaper than the rest of the United States, with a one-bedroom apartment costing roughly $962 per month, according to Rentdata.org.
Here’s a comparison between property prices and apartment rentals in three main Alaskan communities.
How much do utilities cost in Alaska?
Alaska is not a state to move to for affordable utilities. The Anchorage Economic Development Corporation reported that gas and electricity rates were 33 percent higher than the national average.
In 2022, the average monthly power cost in the United States was roughly $240; in Anchorage, that amount was $270.28. This comprises power, gas, and water.
These expenditures may mount quickly, especially when you take in the severe Alaska winter. The temperature in Alaska may dip to as low as between 0°F and -30°F winter, so it’s crucial to remain warm. This, in turn, can effect your entire cost of living. Many Alaskan inhabitants have numerous fuel sources for their house — electricity, fuel oil, natural gas, and wood – which they rotate between, depending on pricing and conditions.
What are the typical grocery and food expenditures in Alaska?
Living in Alaska, you may expect to spend more on groceries and meals. Most products have to be transported in, so you would expect to pay more. The Missouri Economic Research and Information Center rate Alaska as the second most costly state for groceries in the United States.
Within the state, there exist pricing disparities. For example, the University of Alaska Fairbanks reported that in Anchorage, groceries for a family of four cost $211, which is $5 more than Fairbanks and $185 less than Bethel.
Read Also: Princess Alaska Land Only Tour: A Gateway to the Best of Alaska
How can I control my cost of living in Alaska?
Whether you’re relocating to Alaska or presently residing in the state and want to gain a better grasp on your finances, a financial adviser can help you better manage your money. From preparing for retirement to putting your investments in order, they will work with you to design a strategy based on your individual circumstances.
You may find the right financial adviser with Unbiased. By completing a few questions, our match flow will discover an SEC-regulated financial advisor precisely matched to your needs. Find your financial counselor here.
How much are transportation costs in Alaska?
Alaska is the biggest state in the country, with a limited public transport system and plenty of harsh weather. As a result, it places a specific focus on running your own car — particularly one that can deal with bad road conditions such as snow and ice.
Data from GasBuddy indicates that Alaska has the sixth-highest average price for petrol in the US, at $3.36 per gallon. On the plus side, Insure.com stated in 2019 that the average cost of vehicle insurance was $1,183 – much below the national average of $1,457.
In Alaska, many sites are just unreachable by road. Even Juneau, the capital, can only be accessible by plane or ferry. Traveling across Alaska has numerous problems, one of which is expense.
How much does healthcare cost in Alaska?
Alaskans spend over the national average for healthcare. In fact, the Health Care Cost Institute has found that costs in the Anchorage region are 82 percent more than the national norm.
When it comes to private firm employees, the scenario is similar. They contribute $99 more than the national average for single-coverage healthcare. One source of these high costs is the paucity of suppliers, which implies there’s a lack of competition.
If you’re planning to come to Alaska and work, it might pay to pursue a position where your company covers your health insurance - many Alaskan people save money this way.
Mercado Wolski
Summary
The cost of living in Alaska is greater than the national average.
Property prices are slightly higher in Alaska than in the rest of the US, with the typical home value for 2021-22 standing at £385,000. Renting, however, is cheaper, with a one-bedroom apartment costing an average of $962 a month.
Alaska is the second most costly state for food, with the University of Alaska Fairbanks reporting the typical household of four in Anchorage will spend $183 on groceries a month.
Alaskans spend over the national average for healthcare, with inhabitants in certain locations paying 82 percent greater than the national median.
Alaska has one of the lowest tax loads in the US, boosted by the fact that does not charge state tax.
What is the total average cost of living in Alaska?
The cost of living in Alaska is greater than the national average. Let’s look at its two primary cities - including the state’s largest metropolis, Anchorage.
Fairbanks is 33 percent higher overall than the national average, while Anchorage is 28 percent higher overall. It's projected Alaska ranks as the fourth most expensive state or district — only after New York, Washington DC, and Hawaii.
It’s worth mentioning that the expense of living in Alaska can be compensated by the yearly Permanent Fund Dividend provided to Alaskan citizens.
How much are housing expenses in Alaska?
Homes tend to cost slightly more in Alaska than in the rest of the United States. Realtor.com stated that the typical property value for 2021-22 was $385,000 – 10 percent rise over that year. Some metropolitan locations were higher still.
The renting story is slightly different. Alaska is a little cheaper than the rest of the United States, with a one-bedroom apartment costing roughly $962 per month, according to Rentdata.org.
Here’s a comparison between property prices and apartment rentals in three main Alaskan communities.
How much do utilities cost in Alaska?
Alaska is not a state to move to for affordable utilities. The Anchorage Economic Development Corporation reported that gas and electricity rates were 33 percent higher than the national average.
In 2022, the average monthly power cost in the United States was roughly $240; in Anchorage, that amount was $270.28. This comprises power, gas, and water.
These expenditures may mount quickly, especially when you take in the severe Alaska winter. The temperature in Alaska may dip to as low as between 0°F and -30°F winter, so it’s crucial to remain warm. This, in turn, can effect your entire cost of living. Many Alaskan inhabitants have numerous fuel sources for their house — electricity, fuel oil, natural gas, and wood – which they rotate between, depending on pricing and conditions.
What are the typical grocery and food expenditures in Alaska?
Living in Alaska, you may expect to spend more on groceries and meals. Most products have to be transported in, so you would expect to pay more. The Missouri Economic Research and Information Center rate Alaska as the second most costly state for groceries in the United States.
Within the state, there exist pricing disparities. For example, the University of Alaska Fairbanks reported that in Anchorage, groceries for a family of four cost $211, which is $5 more than Fairbanks and $185 less than Bethel.
Read Also: Princess Alaska Land Only Tour: A Gateway to the Best of Alaska
How can I control my cost of living in Alaska?
Whether you’re relocating to Alaska or presently residing in the state and want to gain a better grasp on your finances, a financial adviser can help you better manage your money. From preparing for retirement to putting your investments in order, they will work with you to design a strategy based on your individual circumstances.
You may find the right financial adviser with Unbiased. By completing a few questions, our match flow will discover an SEC-regulated financial advisor precisely matched to your needs. Find your financial counselor here.
How much are transportation costs in Alaska?
Alaska is the biggest state in the country, with a limited public transport system and plenty of harsh weather. As a result, it places a specific focus on running your own car — particularly one that can deal with bad road conditions such as snow and ice.
Data from GasBuddy indicates that Alaska has the sixth-highest average price for petrol in the US, at $3.36 per gallon. On the plus side, Insure.com stated in 2019 that the average cost of vehicle insurance was $1,183 – much below the national average of $1,457.
In Alaska, many sites are just unreachable by road. Even Juneau, the capital, can only be accessible by plane or ferry. Traveling across Alaska has numerous problems, one of which is expense.
How much does healthcare cost in Alaska?
Alaskans spend over the national average for healthcare. In fact, the Health Care Cost Institute has found that costs in the Anchorage region are 82 percent more than the national norm.
When it comes to private firm employees, the scenario is similar. They contribute $99 more than the national average for single-coverage healthcare. One source of these high costs is the paucity of suppliers, which implies there’s a lack of competition.
If you’re planning to come to Alaska and work, it might pay to pursue a position where your company covers your health insurance - many Alaskan people save money this way.