The Takeaway
Ready to start your long-term Alaskan adventure? Before moving to Alaska, think long and hard about your budget, the climate, and what amenities you want easy access to. Some of Alaska’s most beautiful places are the hardest to reach, with the most extreme temperatures. Larger cities offer more shopping and cultural events, but may not have the same remote Alaskan feel.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help. SoFi Mortgages: simple, smart, and so affordable.
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FAQ
How much money do you need to live comfortably in Alaska?
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The general rule of thumb is to make roughly three times your rent or mortgage. Given that the median monthly home ownership cost in Alaska is $1,986 ($23,832 a year), you’d need at least $71,496 a year to get by. For some, simply getting by may not mean living comfortably — and this also varies by location. Anchorage, for instance, has a higher median monthly home ownership cost ($2,201).
Is Alaska affordable to live in?
Alaska is a breathtaking state full of adventure, but it is not generally considered affordable to live in. In fact, it has the fifth-highest cost of living of all 50 U.S. states.
How much does it cost to live in Alaska per year?
SoFi has calculated an average annual cost of living in Alaska of $54,331. You may need more than that to live comfortably — or even just to get by in some areas that have higher costs.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. SOHL0823036
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