CALCMONEY // HOME AFFORDABILITY // AK // ANCHORAGE
How much house can you afford in Anchorage? Based on local median home prices, current AK mortgage rates, and Anchorage property tax data.
$415,000
$2,754/mo
$118,048/yr
$282,602
Monthly housing costs of $2,754 represent 37.6% of Anchorage's median gross monthly income ($7,333/mo). At 37.6%, median-income buyers in Anchorage are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $415,000 |
| Down Payment (20%) | $83,000 |
| Loan Amount | $332,000 |
| Monthly PI Payment | $2,198 |
| Monthly Property Tax | $384 |
| Monthly Insurance Est. | $173 |
| Total Monthly PITI | $2,754 |
| Housing Cost % of Income | 37.6% |
| Required Income (28% rule) | $118,048/yr |
| Max Affordable Home | $282,602 |
$14,525
$3,491/mo
Anchorage Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $415,000 | Anchorage city median |
| Down Payment (20%) | $83,000 | Conventional loan |
| Monthly PITI | $2,754 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $118,048 | Annual gross |
| Max Affordable Home | $282,602 | Based on median income |
| FHA Down (3.5%) | $14,525 | Minimum FHA |
| Housing Cost % of Income | 37.6% | Median income: $88,000/yr |
| Property Tax Rate | 1.11% | $4,607/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Anchorage is $415,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $332,000, generating a monthly P&I payment of $2,198. Adding property taxes ($384/mo) and homeowners insurance ($173/mo) brings total monthly PITI to $2,754.
Anchorage's property tax rate of 1.11% is near the national average, adding a standard increment to monthly housing costs. On the Anchorage median home, that is $384/month, or $4,607 per year.
Alaska has no state income tax, improving effective take-home pay for Anchorage residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Anchorage's median income of $88,000/year can afford up to $2,053/month in total housing costs. Based on Anchorage's mortgage rate of 6.95% and property tax rate of 1.11%, that translates to a maximum affordable home price of approximately $282,602 with 20% down on a 30-year loan.
To afford the median Anchorage home priced at $415,000, you need an annual gross income of approximately $118,048. Total monthly housing costs (principal and interest of $2,198, property taxes of $384, and insurance of $173) come to $2,754/month, which equals 28% of the required income.
At the median home price of $415,000 and median household income of $88,000, the total monthly housing cost of $2,754 represents 37.6% of gross monthly income. This is well above the standard 28% threshold, making Anchorage a challenging market for buyers at median income.
A conventional 20% down payment on the median Anchorage home of $415,000 is $83,000. An FHA loan requires just 3.5% down — $14,525 — but adds mortgage insurance of roughly $284/month, bringing total FHA payments to $3,491/month.