Cost of Living in Fairbanks, AK (2024)

FAQs

How much do you need to make to live in Fairbanks, Alaska? ›

Fairbanks's housing expenses are 1% higher than the national average and the utility prices are 115% higher than the national average. Transportation expenses like bus fares and gas prices are 10% higher than the national average. Fairbanks has grocery prices that are 25% higher than the national average.

Average Cost of Living in Alaska: $54,331 per year

(Hawaii had the highest cost of living in the whole country.) To put a number on it, the average total personal consumption cost in Alaska is $54,331 per year, according to 2021 data from the Bureau of Economic Analysis .

Utilities (Monthly)

Both owning and renting come with utility expenses. These costs include basic services such as energy and telecommunications. In Fairbanks, energy bills cost around $567.06 per month.

Oil and mining revenues go into the state-run fund, which distributes an annual sum (usually between $1,000 and $1,500) to all Alaska residents. It's a smaller check than the others on this list, but you'll continue to receive it for as long as you live in the state.

Oklahoma. Tulsa Remote is a program designed to help remote workers interested in moving to Oklahoma. It offers $10,000 to anyone who meets the five eligibility criteria below. Once you've applied, select applicants will be interviewed by Tulsa staff in order to learn more about your background and interest in the city ...

The Alaska housing market isn't that competitive. The median home sales price in July 2024 has decreased in the past 3 months to $388,500. That's up 2.3% and $8,600 higher than July 2023 of last year. That is higher than the national median home sales price of $427,962.

With a terrain and lifestyle unlike anywhere in the continental U.S., making the investment in moving to Alaska might just pay for itself in the long run. Do you get paid to live in Alaska, though? In short, yes. Alaska's incentive program dates back to 1976, and it's called the Permanent Fund Dividend.

Known as the "Golden Heart City," Fairbanks Alaska boasts diverse culture, rich history, a thriving population and economy, and plenty to explore! In the summer, go adventure in the land of the midnight sun. In the winter, take in breathtaking views of the aurora dancing in the night sky.

How much is gas in Fairbanks Alaska? ›

Restaurant and grocery prices in Alaska

The Bureau of Economic Analysis estimates the average annual food cost per person to be $4,120, which means about $343 per month. Remember that goods tend to carry high prices in Alaska due to shipping expenses from outside locations.

How much do you get paid to live in Alaska, though? In the past, citizens have qualified for up to $1,600 for simply living in Alaska, and in 2023 the amount was $1,312. All you have to do to receive this grant is to remain in the state for an entire calendar year! Added bonus?

The cost of living in Anchorage, AK is 1.0% higher than in Fairbanks, AK.

Fairbanks is one of the most affordable places to live in Alaska with an average home rent ranging from $700 – $3,500. It also offers cheaper housing costs which is 17.1% lower than the national average.