Cost of living index

Fairbanks, AK

103.2 / 100

Living in Fairbanks, AK is 3.2% more expensive than the US average — the #45 of 387 highest nationally.

Median rent: $1,424/mo

Median home value: $282,500

Figures — including the cost index, median rent, and median home value — cover the wider Fairbanks, AK metropolitan area, not individual neighbourhoods or city boundaries.

Seasonal weather

Winter

14° / 0°F

(-10° / -18°C)

1.7 in precip

Spring

41° / 24°F

(5° / -4°C)

2 in precip

Summer

66° / 49°F

(19° / 9°C)

7.9 in precip

Fall

34° / 22°F

(1° / -6°C)

3.3 in precip

30-year climate normals (1991–2020) from FAIRBANKS 11 NE, via NOAA.

What it costs to live in Fairbanks, AK

The Fairbanks, AK metro area has an overall price level of 103.2 compared with the national average of 100, meaning everyday costs run about 3.2% higher than a typical US metro. Housing tells the sharper story: at 92.6 it is 7.4% below the national average. Housing rents are often one of the largest sources of difference between metro areas, so this figure can have a significant impact when comparing locations.

Cost breakdown

Overall#45 of 387

103.2

Goods#9 of 387

107.3

Housing rents#128 of 387

92.6

Utilities#58 of 387

119.8

Other services#12 of 387

103.3

Fairbanks, AK is moved up the most by utilities, at 119.8 vs a US average of 100, while the closest to average is other services.

How Fairbanks, AK compares

Other metros in Alaska

Anchorage, AK105.4

Browse Alaska →See the cheapest and most expensive US metros →

Data source

Figures on this page come from the US Bureau of Economic Analysis (BEA) Regional Price Parities dataset, 2024 — the most recent year published. An index of 100 marks the national average; a metro above 100 has higher prices than a typical US metro, below 100 lower. Median rent and median home value are from the US Census Bureau’s American Community Survey (ACS) 2023 5-year estimates, and seasonal weather is from NOAA’s 1991–2020 climate normals. These are regional figures only, not a complete personal budget — they don’t account for individual spending habits, taxes, or household circumstances. See the full methodology for how the index and salary-equivalent estimates are calculated.

Compare My City is an independent project and is not operated by, endorsed by, or affiliated with the Bureau of Economic Analysis, the Census Bureau, or NOAA.

Common questions

Is Fairbanks, AK an expensive place to live?

Fairbanks, AK has an overall cost-of-living index of 103.2, where 100 is the US average. That makes it about 3.2% more expensive than the country as a whole.

Is housing expensive in Fairbanks, AK?

Housing rents in Fairbanks, AK score 92.6 against a US average of 100 — roughly 7.4% below average. Housing rents are often the main driver of differences in overall price levels between metro areas.

How does Fairbanks, AK compare to the US average cost of living?

Overall prices in Fairbanks, AK sit at 103.2 versus 100 for the US average, with housing at 92.6. Figures come from the US Bureau of Economic Analysis for 2024.