A wise sage once said:
“She works hard for the money…”
And these places in Alaska definitely treat her right.
You see, these are the cities and places in Alaska where the cost of living is the lowest; where your salary goes the furthest. And when if you have the luxury of choosing where to live in the Last Frontier, then the cost of living should play a role in the decision.
So we did the hard for you and crunched the numbers to find the cities that have lower food, energy, and housing costs. After the dust settled on our analysis of the 28 largest places in Alaska, we were left with this set of the best value for your money.
So where is the cheapest place to live in Alaska? That would be King Cove.
Here are the 10 cheapest places to live in Alaska for 2019:
- King Cove (Homes For Sale)
- Hooper Bay (Photos | Homes For Sale)
- Seward (Photos | Homes For Sale)
- Chevak (Homes For Sale)
- Barrow (Photos | Homes For Sale)
- Sand Point (Homes For Sale)
- Wrangell (Photos | Homes For Sale)
- Soldotna (Photos | Homes For Sale)
- Houston (Homes For Sale)
- Valdez (Photos | Homes For Sale)
So listen up Unalaska (the most expensive place in Alaska) as we explain how we created this ranking. You could learn some things from the rest of the state.
And if you already knew these places were cheap, check out some more reading about Alaska and the cheapest places in the country:
How We Determined The Most Affordable Places To Live In The Last Frontier For 2019
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it’s actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2013-2017 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Alaska to figure out which is the least expensive.
What you are left with is a “Cost of Living Index” by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 28 places in Alaska that have more than 1,000 people.
The place with the lowest cost of living in Alaska according to the data is King Cove.
The 10 Cheapest Places To Live In Alaska For 2019
The median income in King Cove comes in at $66,923 and the median home value is $119,000 for 2019.
The median income in Hooper Bay comes in at $30,972 and the median home value is $75,500 for 2019.
The median income in Seward comes in at $74,397 and the median home value is $228,900 for 2019.
The median income in Chevak comes in at $40,855 and the median home value is $82,200 for 2019.
The median income in Barrow comes in at $82,964 and the median home value is $181,200 for 2019.
The median income in Sand Point comes in at $67,917 and the median home value is $132,500 for 2019.
The median income in Wrangell comes in at $56,094 and the median home value is $194,000 for 2019.
The median income in Soldotna comes in at $68,662 and the median home value is $219,500 for 2019.
The median income in Houston comes in at $52,888 and the median home value is $169,700 for 2019.
The median income in Valdez comes in at $94,003 and the median home value is $201,600 for 2019.
There You Have It Mr. Or Mrs. Alaska Cheapskate
If you’re looking at the cost of living numbers in Alaska, this is an accurate list of the most affordable places to live in alaska for 2019.
Here’s a look at the most expensive cities in Alaska according to the data:
For more Alaska reading, check out:
- 10 Best Places To Raise A Family In Alaska
- These Are The 10 Best Counties To Live In Alaska
- These Are The 10 Best Places To Retire In Alaska For 2018
Detailed List Of The Cheapest Places To Live In Alaska