Buying a Home in Alaska: What You Need to Know
If you're considering buying a home in Alaska, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Alaska homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Alaska-specific data to give you accurate monthly payment estimates.
Alaska Property Taxes
Alaska has an effective property tax rate of 0.91%, ranking #21 out of 50 states (where #1 is the highest). On a median-priced home of $383,000, you'd pay approximately $3,485 per year in property taxes, or about $290/month.
Alaska's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Alaska Homeowners Insurance
The average annual homeowners insurance premium in Alaska is $1,035 for $300,000 in dwelling coverage, or about $86/month.
Alaska enjoys relatively low insurance costs compared to many other states. This is often due to lower risk of major natural disasters. However, rates vary by location, so get quotes for your specific property.
Alaska Closing Costs
Closing costs in Alaska average 0.54% of the home's purchase price. On a $383,000 home, that's approximately $2,068. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Alaska Housing Market
The median home price in Alaska is $383,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More Alaska Mortgage Tools
Use these additional calculators to plan your Alaska home purchase: