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Alaska
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How Much Will Your Mortgage Be in Alaska?
Alaska is the largest state by area and the third least-populous state in the U.S. Known as “The Last Frontier,” Alaska’s housing market is on par with the national average for affordability. Approximately half of the population dwells in the greater metropolitan area of Anchorage, near the Gulf of Alaska. Despite this, property prices have risen over the years but not at the same rate as other U.S. States. Also, see Alaska FHA Loan for more details and requirements for a home in the state. If you are looking to move to Alaska, see the First-time Homebuyer Guide for Alaska.
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Stats to Know
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Source of Info PropertyPath
Factors That Can Affect Your Alaska Mortgage Calculations
Alaska Job Stats to Consider
Alaska’s economy is dominated by the oil and gas industry and are their main export product. Seafood such as salmon, cod, and crab are another major export from the state.
Despite its lack of population, Alaska is a wealthy state. The median household income according to the Census ACS 1-year survey in 2018 was $74,436. This was significantly higher than the national average of $61,937. While household income is higher the unemployment rate is also higher. In January 2020, the Department of Numbers recorded the rate at 6%. This almost double the national average of 3.6%.
Alaska does not have income tax. Furthermore, full-time residents even receive an annual dividend check from the state’s “permanent fund.” There is no statewide sales tax either. However, local cities and boroughs may charge their own sales tax at a maximum rate of 9.5%.