When relocating to a new home in a distant area like Anchorage, Alaska, it makes sense to thoroughly review the market so that you know what to expect. The location of your home may affect your budget, your income potential, your loan options, your exposure to crime and much more. Anchorage is the most populated city in Alaska. In fact, it is home to approximately 40 percent of the state’s residents, so it is understandably far more densely populated than the rest of the state. Anchorage has a wonderful culture, great job opportunities and a friendly spirit. By learning more about what life is like in this city, you can be better prepared for your upcoming relocation.
Anchorage Mortgage Loan Options
While Anchorage is perhaps one of the more remote cities in the United States, there are nonetheless numerous competitive loan options available for its local residents to enjoy. As you might expect, you can find great rates and terms on both FHA and VA loans. In addition, jumbo loans and conventional loans with fixed and adjustable rates and with various loan terms are also available. This incredible range of residential loan options makes it easy for you to find the right loan program for your needs when buying a new home in Anchorage.
The Price of Anchorage Homes
Anchorage real estate unfortunately is priced slightly higher than the national average. The typical United States home has a sales price of approximately $270,000. However, the U.S. Census Bureau indicates that the median home price in Anchorage is approximately $290,000. If you choose to rent a home instead of buying one, keep in mind that the average rental rate for housing in this city is $1,197. While Anchorage housing costs may be on the higher side, rest assured that there are positive aspects to life in Anchorage as well.
Median Income in Anchorage
You will be pleased to learn that Anchorage has an overall great economy with a low unemployment rate and several major employers offering jobs to local residents. The median income in this city is $36,920, and less than nine percent of residents live below the poverty line. The average household income in Anchorage is approximately $78,236. You can easily research average income levels for those who work in your field or position in Anchorage to get a better idea about what your income may be like when you move.
Anchorage residents can choose to send their kids to public or private schools. There is one primary public school district in the city, Anchorage Independent School District. The city only has 300,000 residents, and approximately 50,000 of those residents are young students at AISD schools. The district has a respectable graduation rate of more than 70 percent. There are more than 90 schools in the district currently, and private schools add to your educational options in Anchorage.
Crime Rates in Anchorage
Because Anchorage is an urban area that is densely populated compared to the rest of the state, it makes sense that the city has a higher crime rate than the rest of the state. It also has a higher crime rate in all categories ranked than the national average crime rate. This includes rapes, homicides, robberies, assaults, property crimes and more. There are some areas of the city that are considered to be safer than others, and these include Prudhoe Bay at Alpine, Hillside Drive at Abbott Road, Tuomi at Artesian Village and several others. Your real estate agent can tell you more about the crime rate in areas that you are interested in relocating to when you are exploring the market and searching for a new home.
Life in beautiful Anchorage can be amazing on many levels for you and your loved one, but no place is perfect. Now that you know more about the pros and cons associated with living in Anchorage, Alaska, you can feel more confident about your upcoming relocation plans. It is always wise to ask a real estate agent for specific information about schools, housing options and crime rates in specific neighborhoods where you want to relocate.