Suburbs offer value
You’ve likely heard the Last Frontier is the land of opportunity. If you’re willing to live outside of the major cities, that saying goes for Alaska’s housing market as well. Whether you are looking to build, rent, or buy, there’s plenty of opportunity to find your dream home in Alaska.
What to expect for your money
So, what types of homes are in Alaska? You name it! Rustic cabins, trendy condos, million-dollar masterpieces — there’s plenty of inventory. If you're willing to commute outside of Anchorage, $300,000 will likely buy a 3,000-square-foot home on an acre or more of land offering plenty of solitude. If you’re looking for a place in the million-dollar range, you’re on track to find your dream home including plenty of acreage, incredible views and more than ample square footage. The same price in other metropolitan cities would barely get you a 2,000-square-foot, three-bedroom home — and without any land!
If you live outside the city, let’s talk about an Alaska commute. Commuter cities are 20 to 30 miles outside of Anchorage and you don’t have to sit on a freeway for long periods of time. Plus, you’re likely to see a moose, possibly a bear or even the Northern Lights on your way home from work.
It’s important to note the housing and rental market in Alaska’s major cities is more expensive than outlying areas, but it’s still affordable. In Anchorage, expect to pay around $265,000 for a 2,000-square-foot, three-bedroom home or $185,000 for a 1,500-square-foot condo. Renting a three- to four-bedroom home runs from $1,800 to $2,400 per month, while a three-bedroom condo rents for about $1,350. Again, $2,500 won’t get you too far in other cities, but in Alaska it’s enough for a substantial home with land and beautiful views.
Steady economy maintains stable housing market
In these turbulent financial times, it’s good to know that the rest of the country doesn’t impact Alaska’s economy. In fact, it’s often counter-cyclical, due to the strong energy economy here. So come north and look forward to a stable housing market, ample opportunity and a strong economy.