How Much House Can I Afford on a 90k Income in Alaska?
With a 90k income, homeownership in Alaska might be more challenging, especially in Anchorage. Financial advisors recommend spending about 3 to 4 times your annual income on a home, setting your budget between $270,000 and $360,000.
However, the median home price in Anchorage is approximately $410,000, which exceeds your maximum affordability range. This suggests that the major market may be less accessible at your current income level.
That said, more affordable options may be found in other areas such as Fairbanks and Juneau, where prices average around $330,000. Alaska has a property tax rate of 1.1%, or roughly $4,510 per year on an average home. Considering a cost of living significantly above the national average, you might need to explore alternative locations or financing strategies to meet your homeownership goals.