Cost of Living in Fairbanks North Star Borough, Alaska
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Fairbanks North Star Borough Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Fairbanks North Star Borough ranks #2,894 of 3,144 counties for affordability (bottom 8%)
Data Story
About Cost of Living in Fairbanks North Star Borough, Alaska
Fairbanks renters shoulder above-average burden
At 20.2%, Fairbanks' rent-to-income ratio exceeds the national comfort zone, meaning renters here dedicate a larger chunk of their $84,722 median income to housing than most Americans. The median monthly rent of $1,424 is substantially higher than the national norm, reflecting Alaska's remote-region pricing.
Fairbanks ranks among pricier Alaska counties
With a 20.2% rent-to-income ratio, Fairbanks North Star Borough sits above Alaska's 18.6% state average, making it one of the state's pricier housing markets. Only Kodiak Island's exceptional 23.9% ratio exceeds it, underscoring Fairbanks' position as a high-cost interior hub.
Interior Alaska's most expensive option
Fairbanks' $1,424 rent rivals or exceeds most other Alaskan counties, beaten only by Kodiak Island at $1,669 and Juneau at $1,462. Compared to neighboring Dillingham ($1,085) or Haines ($914), Fairbanks renters pay significantly more for comparable regional living.
Renters spend 20.2%, owners pay steep $1,530
Fairbanks renters dedicate a fifth of their $84,722 income to the median $1,424 rent, while homeowners face an even steeper burden at $1,530 monthly. This creates a purchasing paradox: despite higher incomes than the national average, Fairbanks residents pay more for both renting and owning.
Fairbanks offers income but demands housing cost
Relocate to Fairbanks if higher salaries justify elevated housing costs; the $84,722 median income is among Alaska's strongest, but plan for a 20.2% rent burden. Compare against Dillingham (17.5% burden, lower income) to determine whether Fairbanks' wage premium offsets its housing premium.
Cost of Living Advisory: Fairbanks North Star Borough
Affordability Verdict
For renters in Fairbanks North Star Borough, the market is affordable. Expect to pay around $1,424/month in gross rent, with 29.0% of renter households considered cost-burdened.
Rent vs. Own
The median rent in Fairbanks North Star Borough is $1,424/month, while owner costs run $1,530/month. Renting saves approximately $106/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $56,960/year. For owner costs at the 28% rule, the required income is roughly $65,571/year. With a median household income of $84,722, most households can comfortably afford rent here. Notably, 29.0% of renter households in Fairbanks North Star Borough are cost-burdened, spending more than 30% of income on housing.
Regional Context
Within Alaska, Fairbanks North Star Borough is more affordable than Sitka City and Borough by roughly 5% ($1,424/mo vs $1,350/mo).
Affordability Calculator
See how your income compares to housing costs in Fairbanks North Star Borough
Rent Burden
20.2%
of gross income
Max Housing (28% Rule)
$1,977
per month
Owner Cost Burden
21.7%
of gross income
The median home in Fairbanks North Star Borough may be a stretch
Median home value is $282,500. Estimated monthly cost: $2,255 vs. your max of $1,977.
Rent Affordability Guide
Income Needed Calculator
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
What is the cost of living in Fairbanks North Star Borough, Alaska?
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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