The most affordable place to live in Alaska would be King Cove. Next up on our list of mega-affordable places in Alaska is Seward, one of the prime jumping off points for trips to Alaska's Kenai Peninsula. Starting off our list of the most affordable places to live in Alaska is King Cove, a small city on the eastern coast of the Alaskan Peninsula. The unemployment rate sits at 38.0%.eval(ez_write_tag([[250,250],'homesnacks_com-leader-1','ezslot_1',112,'0','0'])); Population: 2,770 Cost of Living Healthcare costs make up a significant part of the cost of living.The ability to afford healthcare as well as the ability to access care are key indicators of how much you will … Percent of Population With Bachelor's Degree or Higher, Percent of Adults Drank Beer in Last 6 Months, Adults Volunteered for Charitable Organization, Of Households Used Organic Food in Last 6 Months, Of Population Went to Art Gallery Last Year, Of Population Attended Live Theater Last Year, Of Population Attended a Sporting Event Last Year, Tips for Getting to Know a New City Before You Move. He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move. You can then compare these metrics in each of the places in Alaska to figure out which is the least expensive. Income To Rent Ratio: 85.2x (2nd cheapest) Income To Rent Ratio: 50.5x (27th cheapest) Not to mention that Seward is the third most economical place to rent in Alaska, with a median cost of $924/month. Comparisons improve with every new data that you enter. So, want to know where the Alaska Permanent Fund will let you live like Exxonmobil's CEO on a fisherman's budget? Try a free demo of the cloud-based Relocation Assessor. Home Price To Income Ratio: 2.5x (6th most affordable) And if you're buying a home in Valdez, know that you're spending the third least percentage of your income on housing anywhere in Alaska. And that's where HomeSnacks comes in, folks. We aim to deliver bite-sized pieces of infotainment about where you live. Prices of restaurants, food, transportation, utilities and housing are included. Income To Rent Ratio: 65.7x (11th cheapest) As of the 2010 census, the population of the city is 5,937.eval(ez_write_tag([[336,280],'homesnacks_com-large-mobile-banner-1','ezslot_0',116,'0','0'])); The median household income in Palmer comes in at $60,350 and the median home value is $204,300 for 2020. And if you don't find your favorite there, head to the bottom. Do you live in Ketchikan, AK? We turn now to Chevak, a city that would rank much higher on this list if we didn't take the cost of rent into consideration. Home Price To Income Ratio: 3.7x (20th most affordable) Homes in Chevak go for a measly $66,200, the second cheapest in Alaska. Downtown Ketchikan is a National Historic District. Income To Rent Ratio: 57.3x (23rd cheapest) It's not rocket science, folks. The two most important things to think about when it comes to being able to afford if you can live comes down to: You need to understand your costs in the context of how much money you make. The state's best offerings are free And that’s not all. This number does not include the jobless who aren't looking for work. Maybe that's why we named it one of the best places to live in Alaska. Ketchikan ( KETCH-ih-kan; Tlingit: Kichx̱áan) is a city in and the borough seat of the Ketchikan Gateway Borough of Alaska. To generate detailed cost of living reports suitable for creating cost comparisons for relocating employees customized to spending patterns, please consult ERI's Relocation Assessor. Population: 6,978 Home Price To Income Ratio: 2.0x (3rd most affordable) You can download the data here. Income To Rent Ratio: 59.7x (20th cheapest) The standard of living in Ketchikan ranks as #5005 most affordable out of the 6522 places we measured in Alaska. And, of course, the city comes alive when Christmas is close. The cost of living index is set to 100 for the average place in America. Did we mention the Alaska kick back? When you save money on your cost of living in Alaska, you're usually in a better place to invest in your community. To generate detailed cost of living reports suitable for creating cost comparisons for relocating employees customized to spending patterns, please consult ERI's Relocation Assessor. The Greater Ketchikan Chamber of Commerce believes that progress is best made through unity. More On North Pole: Real Estate | Crime Rate. We took a look at the US Census data and cost of living data for The Last Frontier and created a list of the cheapest places to live in Alaska for 2020. Population: 3,288 Compare the Cost of Living in Ketchikan, Alaska against another US Cities and States. While Seward does have the priciest homes on this list, at a median cost of $235,000, a median income of $76,410 keeps the city competitive in terms of relative cost. The cost of living score is calculated based on accumulating the cost of food, transportation, health services, rent, utilities, taxes, and miscellaneous. The unemployment rate sits at 5.8%. Through proprietary research studies, engaging articles and original photography and video, we examine topics related to community amenities, education, sustainability, transportation, housing and the economy. It is the state's southeasternmost major settlement. Palmer is a city in and the borough seat of the Matanuska-Susitna Borough in the U.S. state of Alaska. Located on Popof Island off the coast of the Alaskan Peninsula, Sand Point ranks as the third least expensive place to call home in Alaska. The median income in Ketchikan, AK is $56,338 and the median home value is $281,944. So, want to know where your income will go the furthest in Alaska? The unemployment rate sits at 16.3%. What is the cost of living in Ketchikan, AK. Rank Last Year: 8 (Up 3) What about cost of living in Ketchikan, AK? We use data, analytics, and a sense of humor to determine quality of life for places across the nation. Probably why Alaska's statewide median income is close to $73,000. The median household income in Chevak comes in at $38,250 and the median home value is $66,200 for 2020. Homes in Wrangell go for around $212,600 and rent for $809/month. Would you like to live and work in Ketchikan? They are: We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc). King Cove is the place where you'll find the third cheapest homes for sale in Alaska, with a median price of $116,700. This is our sixth time ranking the. Copyright © 2010-2020 Livability - Journal Communications, Inc. Our annual small towns rankings expands to offer 100 of the best small towns in the U.S. > © 2015-2020 Chasing Chains, LLC. What's more, residents of Chevak spend the second smallest percentage of their income on homes statewide.