Fairbanks, AK

Average · 96

Alaska · Population 32,242 · Updated March 2026

$1,470
Median Rent / Month
$72,077
Median Income
$255,700
Median Home Value
$1,508
Owner Costs / Month

Affordability

How far your income goes in Fairbanks

24.5%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Alaska

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
0%
Sales Tax
1.04%
Property Tax Rate

Estimated Annual Costs

$17,640
Annual Rent
$0
State Income Tax
$2,659
Property Tax (est.)

Cost of Living Overview

Fairbanks has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 96 (where 100 equals the national median), Fairbanks residents can expect to pay median rent of $1,470/month while earning a median household income of $72,077/year.

The median home value in Fairbanks, AK is $255,700, with typical monthly owner costs around $1,508 including mortgage, insurance, and taxes. The median rent-to-income ratio of 24.5% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Alaska has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 0% sales tax rate and 1.04% effective property tax rate, the overall tax environment helps keep costs manageable in Fairbanks.

Frequently Asked Questions

Common questions about living costs in Fairbanks

What is the cost of living in Fairbanks, AK?
The cost of living index in Fairbanks, AK is 96 (US average = 100). Median monthly rent is $1,470, median household income is $72,077/year, and the median home value is $255,700.
Is Fairbanks, AK affordable?
Yes, Fairbanks is more affordable than the national average with a cost index of 96. The rent-to-income ratio is 24.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Fairbanks, AK?
The median gross rent in Fairbanks, AK is $1,470 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $17,640.
What is the median household income in Fairbanks?
The median household income in Fairbanks, AK is $72,077 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Alaska?
Alaska has a top income tax rate of 0%, a sales tax of 0%, and an effective property tax rate of 1.04%. Notably, there is no state income tax.