Cost of Living in Fairbanks, AK
Population 32,242 · Alaska · Data vintage 2023
(100 = US avg)
Fairbanks's economy is tied closely to the extraction industries that dominate much of Alaska. Median household incomes of $72,077 run at or above national figures despite the small population — a direct signal of the wage premium that mining, oil, and gas employers pay. Home values of $256,000 keep the overall cost equation favorable.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Fairbanks
The median home value in Fairbanks is $255,700 — 16% below the national median of $305,000. Median rent runs $1,470/month, 12% higher than the national median of $1,314/month. The median household income of $72,077/year is 3% lower than the US median of $74,580. The local unemployment rate is 5.8%, above the national average of 4.8%. Alaska charges no state income tax, a meaningful advantage for take-home pay. Overall, Fairbanks has a cost of living index of 95 versus the US average of 100, meaning it is 5% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Fairbanks, AK?
Fairbanks has a cost index of 95 (100 = national average). It is 5% below the national average.
What is average rent in Fairbanks, AK?
The median gross rent in Fairbanks is $1,470 per month based on 2023 Census data.
What is the average home price in Fairbanks?
The median home value in Fairbanks is $255,700 according to Zillow and Census data.
What is the median income in Fairbanks?
The median household income in Fairbanks is $72,077 per year (2023 ACS 5-year estimates).
What is the sales tax in Fairbanks, AK?
The combined state and local sales tax rate in Fairbanks is 1.8%. Alaska has no state income tax.
Is Fairbanks, AK affordable?
Fairbanks is near the national average in terms of cost of living, with an index of 95 (100 = US average).
Fairbanks at a Glance
- Population
- 32,242
- Median Income
- $72,077
- Home Value
- $255,700
- Median Rent
- $1,470/mo
- Unemployment
- 5.8%
- Sales Tax
- 1.8%
Nearby Cities
Explore county-level cost of living data
Alaska Rankings
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