Living in Alaska costs a lot of money. People here make and spend more than in most lower US states because it is so far away and has such extreme weather. Then where does Alaska’s rich live?
In Alaska, there are more than 20,000 homes owned by millionaires. A lot of these homes are in Juneau, Unalaska, Sitka, Cordova, Kodiak, Anchorage, Skagway, Fairbanks, and Sterling. It costs more to live in most cities than the rest of the country, and the typical household income is over $70,000.
But not every city on this list is pricey. In some, like Sitka and Kodiak, the cost of living is even lower than the state average. We’ll talk about Alaska’s wealthiest towns here.
Richest Cities in Alaska
Alaska is generally an expensive place to live, but there are some cities and towns where there are more wealthy families. The cost of living and the family income are the best ways to figure this out. Alaska’s wealthy live in the following places:
About 5,000 people live on Unalaska Island, which is the main city in the Aleutian Islands. The port of Dutch Harbor is there. This is one of the most important fishing spots in the US. It costs 60.3% more to live here than in the rest of the US, making it one of the most expensive places to live in the country. The average home in the city costs $490,000, and the average family makes $90,938 a year.
Even in 2020, the average household income in Sitka was over $81,708. This made it one of the wealthiest towns in Alaska. People know the city for its fishing ports. It has a country feel to it, even though there are almost 9000 people living here. It costs 23.5% more to live here than in the rest of the country, but only 2% more than in the state.
In 2020, the typical household income in Cordova was $91,442, which was one of the highest in the state. A little more than 2,000 people live in the city, which has a sparse neighborhood feel to it. It costs more to live here than in most towns in the state. There are a lot of young workers living in the city.
Is Housing in Alaska Expensive?
Many people choose to live in Alaska because they want to see the northern lights or be in the mountains, but it doesn’t come cheap. The good news is that living in Alaska is usually a little less expensive than in some mainland cities. 40% of the people in the state live in Anchorage. From 2021 to 2022, rent prices there went up by 17%.
A one-bedroom apartment in Anchorage costs an average of $1,187 a month to rent, while a two-bedroom apartment costs an average of $1,557 a month. The cost of rent has gone up by 17.1%, which has hurt people all over the state. Rents have gone up in other big towns in Alaska as well. The average monthly rent in Juneau is now $1,295 and the average monthly rent in Fairbanks is now $1,100.
The average price of a home in the U.S. is around $330,000, and that price is likely to keep going up as the housing market continues to grow. From 2020 to 2022, home prices rose by over 30%.
Is Alaska Richer than Other States?
Anywhere in the 50 states, you can find a cheap place to live. Even though Alaska is one of the richest states, it still has options for families at all price ranges. From small towns with lots of people to bigger cities, Alaska is the 10th largest state in the whole country. Every year, Alaska’s economy grows by 1.75 percent on average, and the average family income is $75,463.