| Index | Fairbanks | Alaska | National |
| Cost of living | 117 | 122 | 100 |
| Groceries | 118 | 119 | 100 |
| Health care | 108 | 110 | 100 |
| Housing | 123 | 137 | 100 |
| Transportation | 112 | 113 | 100 |
| Utilities | 123 | 124 | 100 |
| Lifestyle & Entertainment | 115 | 117 | 100 |
| Household Items | 108 | 110 | 100 |
| Education & Childcare | 114 | 114 | 100 |
The cost of living in Fairbanks affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Fairbanks is 117, which is 17% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
Housing costs significantly influence the Fairbanks cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 23%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in Fairbanks, the news isn't any better as grocery prices are 18.4% higher than the national average.
The most insightful perspective on a city comes from its residents. We recently surveyed 16 locals to gauge their perception of the cost of living in Fairbanks. The feedback revealed that 25% of respondents found the cost of living to be reasonable, with prices on the decline, while 75% regarded it as notably expensive with prices that continue to rise.
Is Fairbanks affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Fairbanks, the median home price is 16.9% higher than the national average and monthly rent prices are 37.2% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Fairbanks boasting a median household income of $94,817, 16.6% higher than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Fairbanks, healthcare costs are 7.7% higher than the national average.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Fairbanks, the groceries index registers 18.4% higher than the national average.
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Fairbanks, the utilities index stands at 22.5% higher than the national average.
The cost of living estimates displayed for Fairbanks are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $139,097 | $11,591 | $3,245 | $4,173 |
| Renters | $82,891 | $6,908 | $1,934 | $2,487 |
| State | General Sales Tax | With Max Surtax |
| Alaska | 0% | 7% |
| State | Income Tax (Low) | Income Tax (High) |
| Alaska | 0% | 0% |
| City | Population | Cost of Living Index | National Avg. |
| Fox, AK | 194 | 114 | 14.1% |
| South Van Horn, AK | 404 | 83 | 17.1% |
| Moose Creek, AK | 591 | 109 | 9.2% |
| Goldstream, AK | 3,419 | 114 | 13.7% |
| North Pole, AK | 3,077 | 116 | 15.7% |
| Fairbanks, AK | 32,177 | 117 | 16.7% |
| City | Population | Cost of Living Index | National Avg. |
| Lakeside, FL | 32,167 | 104 | 3.8% |
| El Paso de Robles (Paso Robles), CA | 32,188 | 150 | 49.6% |
| Miami Lakes, FL | 32,218 | 136 | 36.0% |
| Orillia, ON | 32,222 | n/a | |
| Naugatuck, CT | 32,241 | 108 | 7.7% |
| Fairbanks, AK | 32,177 | 117 | 16.7% |
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