Fairbanks, AK

Living costs in Fairbanks land close to the national average, with a Cost Index of 100 (where 100 = the US baseline). Housing is the largest variable: the median home value here is $255,700, and typical monthly rents run around $1,470. Groceries and utilities are slightly above what you would find in most US cities.

Start with housing. Typical monthly rent is $1,470, while local median household income is $72,077. That implies a rent-burden proxy of about 24% before utilities and other costs. For a specific job offer, filing status, or take-home pay scenario, use salary.city.

Alaska is one of the few states with no state income tax, which can save residents thousands of dollars per year. The effective property tax rate is 1.04%. On a home worth $255,700, that translates to roughly $2,659 per year in property taxes. Sales tax (state + local) averages around 1.82% on everyday purchases.

The typical monthly rent in Fairbanks is around $1,470. That's close to the $1,348 national median. For comparison, the median home value here is $255,700, so buyers should also factor in mortgage payments, property taxes, and insurance.

The median home in Fairbanks is valued at $255,700. With 20% down and a 6.5% mortgage rate, you'd be looking at roughly $1,293/month for principal and interest alone — before property taxes and insurance. About 40% of residents here own their homes.

Grocery prices in Fairbanks are noticeably pricier compared to the rest of the US (index: 107, where 100 is the national average). Utility bills (electricity, gas, water) are on the high side (index: 120). Both add meaningful weight to your monthly budget here.

Fairbanks is a smaller city with a population of about 32,242. The median age of residents is 28.6, skewing younger — often a sign of a college town or fast-growing area. The local poverty rate is 9.6%, near the national average of 12.4%.