Cost Of Living in Farmers Loop, AK

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F

38%

Overall NAT. AVG.

20%

Goods & Services NAT. AVG.

44%

Housing NAT. AVG.

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Farmers Loop	Alaska	National
Cost of living	138	129	100
Goods & Services	120	120	100
Groceries	124	124	100
Health care	153	148	100
Housing	144	135	100
Transportation	109	115	100
Utilities	222	158	100

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Cost Of Living Quick Facts

The cost of living in Farmers Loop is 7% higher than the Alaska average
The cost of living in Farmers Loop is 38% higher than the national average
Farmers Loop housing is 44% higher than the national average
Alaska general sales tax is 100% lower than the national average
Alaska state income tax is 100% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$89,318	$7,443	$2,084	$2,680
Renters	$65,294	$5,441	$1,523	$1,959

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Farmers Loop, AK, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Farmers Loop homeowners, is $89,318. This would allow for a maximum of $2,084 per month to be spent on housing costs. For renters, the median monthly income is $65,294 which would result in a maximum of $1,523 to be spent on rental costs.

Alaska Sales Tax

State	General Sales Tax	With Max Surtax
Alaska	0%	7%

Alaska Income Tax

State	Income Tax (Low)	Income Tax (High)
Alaska	0%	0%

Goods & Services

Item	Farmers Loop	National avg.	Difference
Haircut	$32.06	$24.26	32.2%
Beauty Salon	$51.33	$45.56	12.6%
Toothpaste	$3.77	$3.70	1.7%
Shampoo	$1.35	$1.28	5.7%
Movie	$16.17	$12.13	33.2%
Bowling	$17.55	$18.00	2.5%

Groceries

Item	Farmers Loop	National avg.	Difference
Ground Beef	$6.57	$5.84	12.5%
Fried Chicken	$2.02	$1.57	28.4%
Milk	$5.16	$4.67	10.4%
Potatoes	$5.98	$4.93	21.2%
Pizza	$13.49	$12.09	11.6%
Beer	$13.88	$10.41	33.3%

Health Care

Item	Farmers Loop	National avg.	Difference
Optometrist	$274.44	$125.68	118.4%
Doctor	$243.27	$135.78	79.2%
Dentist	$169.02	$113.29	49.2%
Ibuprofen	$12.61	$10.65	18.4%
Lipitor	$536.87	$468.60	14.6%

Housing

Item	Farmers Loop	National avg.	Difference
Home Price	$287,300.00	$184,700.00	55.5%
Avg. Mortgage Payment	$2,423.46	$2,346.69	3.3%
Apartment Rent	$1,124.00	$949.00	18.4%

Transportation

Item	Farmers Loop	National avg.	Difference
Gasoline	$3.80	$3.46	9.8%
Tire Balancing	$64.35	$59.92	7.4%

Utilities

Item	Farmers Loop	National avg.	Difference
All Electricity	$579.35	$193.99	198.6%
Phone	$187.48	$192.25	2.5%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Fox, AK	187	136	35.7%
South Van Horn, AK	396	98	2.0%
Goldstream, AK	3,315	128	28.5%
Ester, AK	2,174	130	30.0%
North Pole, AK	2,969	131	31.0%
Farmers Loop, AK	5,089	138	38.3%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Las Flores, CA	5,089	195	95.1%
Cortez, FL	5,088	120	19.6%
Krum, TX	5,088	112	12.3%
South Pasadena, FL	5,090	99	1.0%
Perry, UT	5,090	110	10.2%
Farmers Loop, AK	5,089	138	38.3%