CALCMONEY // HOME AFFORDABILITY // AK // FAIRBANKS
How much house can you afford in Fairbanks? Based on local median home prices, current AK mortgage rates, and Fairbanks property tax data.
$285,000
$1,913/mo
$81,985/yr
$241,003
Monthly housing costs of $1,913 represent 31.9% of Fairbanks's median gross monthly income ($6,000/mo). At 31.9%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $285,000 |
| Down Payment (20%) | $57,000 |
| Loan Amount | $228,000 |
| Monthly PI Payment | $1,509 |
| Monthly Property Tax | $285 |
| Monthly Insurance Est. | $119 |
| Total Monthly PITI | $1,913 |
| Housing Cost % of Income | 31.9% |
| Required Income (28% rule) | $81,985/yr |
| Max Affordable Home | $241,003 |
$9,975
$2,419/mo
Fairbanks Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $285,000 | Fairbanks city median |
| Down Payment (20%) | $57,000 | Conventional loan |
| Monthly PITI | $1,913 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $81,985 | Annual gross |
| Max Affordable Home | $241,003 | Based on median income |
| FHA Down (3.5%) | $9,975 | Minimum FHA |
| Housing Cost % of Income | 31.9% | Median income: $72,000/yr |
| Property Tax Rate | 1.2% | $3,420/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Fairbanks is $285,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $228,000, generating a monthly P&I payment of $1,509. Adding property taxes ($285/mo) and homeowners insurance ($119/mo) brings total monthly PITI to $1,913.
Fairbanks's property tax rate of 1.2% is near the national average, adding a standard increment to monthly housing costs. On the Fairbanks median home, that is $285/month, or $3,420 per year.
Alaska has no state income tax, improving effective take-home pay for Fairbanks residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Fairbanks's median income of $72,000/year can afford up to $1,680/month in total housing costs. Based on Fairbanks's mortgage rate of 6.95% and property tax rate of 1.2%, that translates to a maximum affordable home price of approximately $241,003 with 20% down on a 30-year loan.
To afford the median Fairbanks home priced at $285,000, you need an annual gross income of approximately $81,985. Total monthly housing costs (principal and interest of $1,509, property taxes of $285, and insurance of $119) come to $1,913/month, which equals 28% of the required income.
At the median home price of $285,000 and median household income of $72,000, the total monthly housing cost of $1,913 represents 31.9% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Fairbanks home of $285,000 is $57,000. An FHA loan requires just 3.5% down — $9,975 — but adds mortgage insurance of roughly $195/month, bringing total FHA payments to $2,419/month.