Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.
I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.
And while every neighbhorhood in Anchorage might be more expensive than living in rural Alaska, there are certain neighborhoods that are definitely cheaper.
So what exactly are those Anchorage neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in Anchorage are the cheapest.
What’s the cheapest neighborhood to live in Anchorage for 2020? According to the most recent census data, Turnagain Arm looks to be the cheaptest Anchorage neighborhood to live in.
At this point we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in Anchorage. You could be sacrificing location or crime rates in return for more space and cheaper groceries.
Read on to see how we determined the places around Anchorage that deserve a little bragging rights or maybe you’re interested in the worst neighborhoods in Anchorage.
Once you’re done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
For more Alaska reading, check out:
- Best Places To Live In Alaska
- Best Counties To Live In Alaska
- Cheapest Cities To Live In America
- Cheapest States To Live In America
How We Determined The Cheapest Anchorage Hoods In 2020
In order to rank the cheapest places to live in Anchorage, we had to determine what criteria defines “cheap”.
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 33 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the “Cheapest City Neighborhood In Anchorage.” We’re lookin’ at you, Turnagain Arm.
Read on below to learn more about what it’s like to live in the cheapest places Anchorage. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
The 10 Cheapest Neighborhoods To Live In Anchorage For 2020
The median income in Turnagain Arm comes in at $102,270 and the median home value is $202,967 for 2020.
The median income in Government Hill comes in at $64,040 and the median home value is $118,533 for 2020.
The median income in Midtown comes in at $52,431 and the median home value is $106,717 for 2020.
The median income in Girdwood comes in at $110,579 and the median home value is $278,000 for 2020.
The median income in Birchwood comes in at $130,254 and the median home value is $323,100 for 2020.
The median income in North Star comes in at $68,038 and the median home value is $189,225 for 2020.
The median income in Northeast comes in at $70,687 and the median home value is $200,405 for 2020.
The median income in Mountain View comes in at $43,297 and the median home value is $101,400 for 2020.
The median income in Huffman-O’malley comes in at $146,064 and the median home value is $408,729 for 2020.
The median income in Russian Jack Park comes in at $60,693 and the median home value is $176,725 for 2020.
Summing Up The Cheapest Places In Anchorage
If you’re measuring the neighborhoods in Anchorage where prices are low and it’s cheap to live, this is an accurate list.
As we mentioned earlier, the neighborhoods in Anchorage aren’t all cheap. Hillside East takes the title of the most expensive neighborhood to live in Anchorage.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more Alaska reading, check out:
- Cheapest Places To Live In Alaska
- Best Places To Raise A Family In Alaska
- Best Places To Retire In Alaska
- Richest Cities In Alaska
- Safest Places In Alaska
- Worst Places To Live In Alaska
Detailed List Of The Cheapest Neighborhoods To Live In Anchorage For 2020
|Rank||Neighborhood||Cost Of Living Index|
|10||Russian Jack Park||114|
|31||Eagle River Valley||145|