Home Affordability in Anchorage, AK
The median home price in Anchorage is $370,000 with a median household income of $80,863. Housing is moderately affordable relative to local incomes.
Median Home Price
$370,000
Median Income
$80,863
Price-to-Income Ratio
4.6x
Est. Affordable Home
$314,000
Property Tax Rate
1.23%
Annual Property Tax
$4,551
Sales Tax Rate
0.00%
Cost of Living Index
127
Buying a Home in Anchorage
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $80,863 in Anchorage can afford a monthly housing payment of approximately $1,887. This translates to a home price of roughly $314,000, which is below the median home price of $370,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Anchorage would be approximately $4,551 per year ($379/month) at the effective rate of 1.23%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $11,100 | $358,900 | Yes |
| 5% | $18,500 | $351,500 | Yes |
| 10% | $37,000 | $333,000 | Yes |
| 20% | $74,000 | $296,000 | No |
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