8 Most Affordable Places to Live in Alaska in 2024

“The Last Frontier,” Alaska, is defined by its unparalleled natural beauty. From the Denali National Park, and colorful Northern Lights, to Glacier Bay National Park and outdoor activities like fishing, hiking, and wildlife viewing create a one-of-a-kind state. If you’ve been considering moving to Alaska or are hoping to buy your first home there, you also probably have a budget you’d like to stay under as you look for a place to live. As of July, the median home sale price in Alaska is $387,900. 

If that price is out of your budget, don’t worry. We’ve got options to help you find a home. Redfin has collected a list of the 8 most affordable places to live in Alaska. And they all have a median home sale price under $387,900. From Badger to Fairbanks, read on to see what cities you may want to consider moving to.

#1: Fairbanks

Median home price: $278,500
Average sale price per square foot: $206
Average rent for a 1-bedroom apartment: $1,350
Median household income: $66,572
Fairbanks, AK homes for sale
Fairbanks, AK apartments for rent

The first city on our list of most affordable places to live in Alaska is Fairbanks. Fairbanks has about 31,500 residents and is the second-largest city in Alaska. The median home sale price is $278,500 which is about $110K less than the median home sale price in the state. If you find yourself moving to the most affordable place in Alaska, explore downtown Fairbanks where you’ll find restaurants and museums like Fairbanks Ice Museum, check out Wedgewood Wildlife Sanctuary, and spend the day at Pioneer Park. 

#2: Kenai

Median home price: $340,000
Average sale price per square foot: $240
Nearest major metro: Anchorage (160 miles)
Kenai, AK homes for sale
Kenai, AK apartments for rent

A little more expensive than Fairbanks is the city of Kenai, located on the Kenai Peninsula just south of Nikiski. About 7,800 people live in Kenai, where there are plenty of unique activities to do. Be sure to take in the scenery at Kenai Beach, hike Meek’s Trail, explore the quaint downtown, or take a trip to the nearby Kenai Fjords National Park.

#3: Badger

Median home price: $350,000
Average sale price per square foot: $215
Median household income: $87,169
Nearest major metro: Fairbanks (11 miles)
Badger, AK homes for sale
Badger, AK apartments for rent

Home to about 19,200 residents is the town of Badger, the next affordable place to live in Alaska. It’s about 11 miles southeast of Fairbanks, making it a convenient location. The median home sale price is about 37K less than the state’s average, so you’ll save substantially. Badger is a charming city, with a lot to offer its residents. 

#4: Juneau

Median home price: $370,000
Average sale price per square foot: $284
Median household income: $95,711
Juneau, AK homes for sale
Juneau, AK apartments for rent

The fourth city on our list is Juneau, one of Alaska’s well-known cities. There are about 31,500 residents in Juneau, which is located on the Alaska Panhandle, along the Gastineau Channel. You can find a lot of museums and attractions in Juneau such as the Alaska State Museum, the Last Chance Mining Museum, and the Mount Roberts Tramway. You can also explore the beautiful nature, like the Mendenhall Glacier, Mendenhall Wetlands State Game Refuge, and the Eaglecrest Ski Area.

#5: Tanaina

Median home price: $375,000
Average sale price per square foot: $269
Median household income: $86,418
Nearest major metro: Anchorage (47 miles)
Tanaina, AK homes for sale
Tanaina, AK apartments for rent

Taking the next spot is Tanaina, home to about 9,600 residents. Tanaina is located just north of Wasilla and is about 47 miles north of Anchorage. It’s a great city if you’re looking to be close to nature and attractions. For example, Tanaina is close to Independence Mine State Historical Park, Museum of Alaska Transportation, and Reed Lakes Trailhead, a picturesque hiking area.

#6: Meadow Lakes

Median home price: $375,000
Average sale price per square foot: $249
Median household income: $80,492
Nearest major metro: Anchorage (50 miles)
Meadow Lakes, AK homes for sale
Meadow Lakes, AK apartments for rent

Sixth is Meadow Lakes, another affordable place that is located just west of Tanaina and Wasilla. This town has about 8,700 residents and a median home sale price of $275,000. Meadow Lakes is home to several lakes, making it a picturesque area to call home. It’s also close to Big Lake South State Recreation Site, a popular state park. 

dhughes9 via Getty Images

#7: Kalifornsky

Median home price: $375,000
Average sale price per square foot: $250
Median household income: $90,703
Nearest major metro: Anchorage (152 miles)
Kalifornsky, AK homes for sale
Kalifornsky, AK apartments for rent

Situated on the Kenai Peninsula is Kalifornsky, home to about 8,300 people. This town is located along the Cook Inlet, meaning you’ll find plenty of water views. Kalifornsky is near other small towns like Nikiski and Kenai, so you can easily explore the East Foreland Lighthouse Reserve and the Kenai National Wildlife Refuge. 

#8: Knik-Fairview

Median home price: $384,500
Average sale price per square foot: $244
Median household income: $94,047
Nearest major metro: Anchorage (51 miles)
Knik-Fairview, AK homes for sale
Knik-Fairview, AK apartments for rent

Claiming the final spot on our list of affordable places to live in Alaska is Knik-Fairview. Located along the Knik Arm, there are beautiful views throughout the area. Knik-Fairview has about 18,600 residents and plenty to explore. You can check out the Knik Museum and Mushers Hall of Fame, explore the Palmer Hay Flats State Game Refuge, and spend the day at Settlers Bay Coastal Park.

Methodology: All cities must have over 7,000 residents per the US Census and have a median home sale price under the average median home sale price in Alaska. Median home sale price and median sale price per square foot from the Redfin Data Center during July 2024. Average rental data from Rent.com August 2023. Population and median household income data sourced from the United States Census Bureau.

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