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Boroughs with the lowest home prices in Alaska
The real estate market is booming right now thanks to low interest rates, a flood of millennial buyers, and shrinking inventory. The median cost of a home has increased 20% year over year, hitting $347,500, according to a report released in April 2020 by real estate listing website Redfin. These high asking costs—while good for sellers—are pricing many buyers out of the market entirely.
But all things are not equal when it comes to real estate in the United States.
Credible used 2021 data calculated by the National Association of REALTORS to compile a list of boroughs with the lowest median home values and monthly mortgage payments in Alaska. Boroughs were ranked by the monthly mortgage payment for a typical home in 2020, from lowest to highest. Ties were broken by median home values in 2020.
The National Association of REALTORS calculated the fourth quarter 2020 median home values by applying the Federal Housing Finance Agency's House Price Index growth to 2019 housing and population data from the American Community Survey and determining an estimate of 2020 median home values for all boroughs where data is available. The monthly mortgage payments for fourth quarter 2019 and fourth quarter 2020 were calculated for a 30-year fixed-rate mortgage with a 10% down payment.
Keep reading to discover which borough in Alaska has the lowest home prices.
#23. Sitka City and Borough
- Monthly mortgage payment in 2019: $1,561
- Median home value in 2020: $370,800
- Ranked #2,980 out of 3,120 counties nationwide
#22. Juneau City and Borough
- Monthly mortgage payment in 2019: $1,537
- Median home value in 2020: $357,700
- Ranked #2,960 out of 3,120 counties nationwide
#21. Anchorage Municipality
- Monthly mortgage payment in 2019: $1,385
- Median home value in 2020: $328,700
- Ranked #2,918 out of 3,120 counties nationwide
#20. Ketchikan Gateway Borough
- Monthly mortgage payment in 2019: $1,217
- Median home value in 2020: $299,800
- Ranked #2,852 out of 3,120 counties nationwide
#19. Kodiak Island Borough
- Monthly mortgage payment in 2019: $1,229
- Median home value in 2020: $291,700
- Ranked #2,833 out of 3,120 counties nationwide
#18. Aleutians West Census Area
- Monthly mortgage payment in 2019: $1,108
- Median home value in 2020: $288,700
- Ranked #2,821 out of 3,120 counties nationwide
#17. Fairbanks North Star Borough
- Monthly mortgage payment in 2019: $1,114
- Median home value in 2020: $274,400
- Ranked #2,775 out of 3,120 counties nationwide
#16. Matanuska-Susitna Borough
- Monthly mortgage payment in 2019: $1,085
- Median home value in 2020: $273,600
- Ranked #2,772 out of 3,120 counties nationwide
#15. Haines Borough
- Monthly mortgage payment in 2019: $1,153
- Median home value in 2020: $262,600
- Ranked #2,738 out of 3,120 counties nationwide
#14. Kenai Peninsula Borough
- Monthly mortgage payment in 2019: $1,071
- Median home value in 2020: $250,400
- Ranked #2,692 out of 3,120 counties nationwide
#13. Denali Borough
- Monthly mortgage payment in 2019: $909
- Median home value in 2020: $230,600
- Ranked #2,587 out of 3,120 counties nationwide
#12. Valdez-Cordova Census Area
- Monthly mortgage payment in 2019: $1,027
- Median home value in 2020: $229,800
- Ranked #2,580 out of 3,120 counties nationwide
#11. Yakutat City and Borough
- Monthly mortgage payment in 2019: $756
- Median home value in 2020: $209,200
- Ranked #2,457 out of 3,120 counties nationwide
#10. Bristol Bay Borough
- Monthly mortgage payment in 2019: $802
- Median home value in 2020: $195,200
- Ranked #2,351 out of 3,120 counties nationwide
#9. Dillingham Census Area
- Monthly mortgage payment in 2019: $818
- Median home value in 2020: $189,700
- Ranked #2,308 out of 3,120 counties nationwide
#8. Southeast Fairbanks Census Area
- Monthly mortgage payment in 2019: $822
- Median home value in 2020: $176,700
- Ranked #2,158 out of 3,120 counties nationwide
#7. Nome Census Area
- Monthly mortgage payment in 2019: $668
- Median home value in 2020: $159,900
- Ranked #1,912 out of 3,120 counties nationwide
#6. North Slope Borough
- Monthly mortgage payment in 2019: $639
- Median home value in 2020: $157,700
- Ranked #1,882 out of 3,120 counties nationwide
#5. Northwest Arctic Borough
- Monthly mortgage payment in 2019: $587
- Median home value in 2020: $146,200
- Ranked #1,708 out of 3,120 counties nationwide
#4. Aleutians East Borough
- Monthly mortgage payment in 2019: $550
- Median home value in 2020: $124,000
- Ranked #1,312 out of 3,120 counties nationwide
#3. Lake and Peninsula Borough
- Monthly mortgage payment in 2019: $537
- Median home value in 2020: $118,800
- Ranked #1,163 out of 3,120 counties nationwide
#2. Bethel Census Area
- Monthly mortgage payment in 2019: $492
- Median home value in 2020: $86,400
- Ranked #364 out of 3,120 counties nationwide
#1. Yukon-Koyukuk Census Area
- Monthly mortgage payment in 2019: $347
- Median home value in 2020: $79,100
- Ranked #204 out of 3,120 counties nationwide