Income needed to buy a house in Alaska
A median-priced home in Alaska costs $376,500. With 20% down you'd need about $104,341 a year, $8,676 more than the state's median household income of $95,665. Alaska ranks #31 of 51 for the lowest income needed.
Income needed: $104,341 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 6.95% (Freddie Mac, week of 2026-09-17).
You'd need a household income of about $104,341 a year to buy a $376,500 home in Alaska with $75,300 down.
Based on lenders' 28/36 rule: housing costs under 28% of gross income, all debt under 36%.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $1,994 |
| Property tax | $331 |
| Homeowners insurance | $110 |
| Total | $2,435 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $18,825 | $2,957 | $126,749 |
| 10% | $37,650 | $2,825 | $121,073 |
| 20% | $75,300 | $2,435 | $104,341 |
Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in Alaska: what's different
- Transfer tax
- None
- On the median home
- $0
- Homestead break
- 65+ and disabled veterans
- First-time buyer help
- Alaska Housing Finance Corporation
- Transfer and recording taxes. Alaska has no real estate transfer tax and no mortgage tax. You pay only the state Recorder's Office fees to record the deed.
- Property tax breaks for your home. There's no exemption for every homeowner. State law exempts the first $150,000 of assessed value on the home of an owner 65 or older or a veteran with a service-connected disability of 50% or more, and each borough or city decides whether to offer an optional residential exemption of up to $50,000.
- First-time buyer help. The Alaska Housing Finance Corporation offers First Home through participating lenders (first-time homebuyer loans). Check its site for income and price limits.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in Alaska's largest metro area
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| Anchorage, AK | $114,920 | $410,900 | $102,698 |
The median home in the Anchorage area is worth $410,900, 9% more than the statewide median, and takes about $114,920 a year to buy with 20% down.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. Income needed: 20% down at 6.95%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in Alaska about average among states
- Home prices: the median value of $376,500 is 4% above the U.S. median of $360,600.
- Property tax: about 1.06% of value a year ($331 a month on the median home).
- Insurance: owners with a mortgage paid a median $1,314 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $206 a month on this loan.
19 states need at least 20% less income to buy their median home. States with a similar income requirement:
Frequently asked questions
How much do you need to make to buy a house in Alaska?
About $104,341 a year for the median home of $376,500 with 20% down at 6.95%. With 10% down it's about $121,073.
What is the property tax rate in Alaska?
The median Alaska homeowner pays $3,976 a year, about 1.06% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in Alaska?
Median rent is $1,444 a month, while owning the median home costs about $2,435 a month with 20% down, before maintenance. Renting affordably takes about $57,760 a year under the 30% rule.