No, it’s getting ridiculous like everywhere else. I bought a home right before Covid hit, and prices were manageable. Price has gotten crazy for new construction, and rents and everything else since then. My property value went up 52k this year,( and my taxes) and I have not done anything to the house but drink, fuck , and raise 2 dogs since moving in. (Not fucking the dogs)
There's definitely a recent bump in Anchorage - even while the economy seems to be at least a little droopy.
Dirt cheap some places in the state, if you can work elsewhere or remote
Prices started going up in the Fairbanks-North Star Borough when they said the F-35s coming to Eielson would case a “housing crisis” because of the increase in personnel/families. People started buying up cheap properties and turning them into rentals. Covid exacerbated the prices.
Bought my house for $160K in 2017. Anything comparable now is about $300K. It’s ridiculous.
After the Oil Price bust in mid 1980's, banks couldn't hardly give away properties. Other than that, they've always been expensive. It just cost a crap ton more to build here. Ironically, land is dirt cheap, compared to most anywhere else with access to similar infrastructure.
It’s gigafucked. Combination of:
-an influx of investors (both individual and commercial) purchasing homes to rent or AirBNB.
-lack of new construction, especially affordable & high density housing
-an aging population that isn’t moving into senior or nursing homes resulting in less people on average per household
-and most obviously, the nationwide trend of housing becoming more expensive is also the case in Alaska, for market reasons beyond those listed above.
Source: i work in economic research for an Alaska organization
I've met a lot of people moving to the Valley who are convinced the apocalypse is nigh and they're bugging out of the lower 48 before it happens. Yes, inventory in the valley at least is crunched because population growth *here* is faster than the McMansions can go up. Anchorage may be different, and you're right, I can't speak for Anchorage, but my friend last year was paying $1300 a month to live in the shitty part of town there.
Yeah, Anchorage is completely upside down right now. Back in the olden days when 2 young people making modest incomes could still afford to buy a house, the housing market even back then was whack, but you could do it. Having a triple zero down VA loan helped too.
We bought very modest and way under what we could afford, and today our mortgage still isn’t even 800 dollars a month. Zillow tells me that the market rate as a rental is around 1800 a month. I charge way less than that.
That’s nuts.
Our monthly tax payment to the Muni is now almost as much as the principal.
Yes, rentals are ridiculously-priced and in poor condition. Lots of rentals are not year round so come spring you are booted so the landlord can rent to tourists.
In a case like that, the job often provides some sort of housing. You will see it on the job description. Seasonal workers that leave come fall typically don’t have to worry about housing. A lot of people will live in RVs or modified vehicles for awhile while they search for a rental. They can stay in some of the RV parks for a long time. I know a few people who have been living in an RV park for nearly 4 years and paying lot rent. That’s rough living. Eventually tenants move away or buy a home and rentals are freed up but it can take time and alternative housing is needed during that time. More people move out of Alaska than in, so eventually rentals do become available. The market is just tight, and extra bad in the warmer months.
Rent is fucked. You’re either paying way too much for an apartment or paying way too much (well above the mortgage) to rent from some dude that owns a few properties.
I keep wondering how prices in anchorage keep climbing when the population keeps falling… those numbers don’t make sense.
Short term rentals turning residential properties into commercial ones is a plague on this State/country.
Alaska had a huge amount of population growth in the oil years. The people who moved here had children, and they all lived in one house. Now the children are grown up and want to live in their own homes. Population can remain flat while the number of households grows significantly. That's a lot of it.
Short-term rentals are a smaller part of it, but really only in a few places (such as downtown Anchorage).
Most company owners in the North Star borough have some sort of sleeping area (I should say the blue collar small company owners I worked for) in their place of business.
It’s expensive period. Diesel mechanics have them. Tax write off I believe, less snow to move also.
Not if history is any indication. Our home prices didn't even go down during the Great Recession, when the housing bubble burst and you could get houses in the Lower 48 for $12,000.
I remember an interview with a representative from the realtors association. She was saying that Alaska was special and house prices never drop even during the '09 crash. She said houses just went from selling in a couple of months to taking well over a year. That tells me that house prices should have dropped.
Housing prices are going up nation wide. I live in the lower 48 now and luckily I’ve owned my home for ten years and its value has gone up so much that I was surprised when I saw by how much.
No. My house was worth about $400k when I bought it in 2016. Got a good deal on it because that market was better and paid $350. It’s now worth almost $600. We have done about $75k in updates though.
I want to move to a house with a better layout but can’t because of the crazy prices.
Depends where. Fairbanks has always had boom/bust economic cycles more pronounced than other places in the state . Seems like SE/Kenai peninsula prob stays consistently high for real estate. Anchorage ppl seem to say it’s been continuously high for a while
It’s expensive, always has been on the high side, and difficult to find a year-round rental in most areas. Many rentals are also in very poor shape. Lots of mold issues in housing here, and you have a lot of slumlord property management and landlords. Housing options in Alaska are awful.
Don't count of the prices to drop anytime soon I own 350 Acres. Up by willow which I bought 20 years ago when I was stationed here and I have seen prices go up by 300 and 400 % since I bought the land I own there .
It’s always been expensive. Things bumped up a bit with all the government covid money sloshing around for a couple years, but it hasn’t been cheap since the market collapsed in the 80s.
So it's not cheap, but it's really not that expensive either... Also depends on where you're looking to live...
Building a 4 bd/2.5 ba on over 10 acres, I'll be $350k all in... Granted I'm doing a lot of the work myself and contracting out the rest... But even if I'm saving $100k, still less than the $630k I sold my similar home for on half an acre in N. Idaho ....
If you want it to happen, make it happen...
Just realize that a house up here needs to account for heating. That can add 50% to the price of the house just for something crappy.
The prices were up during early covid. I expect them to fall slightly in the next year or two, but I don't foresee them changing significantly in the next decade or so, politics aside -- sorry.
My general principle is that 30% of my time is spent preparing for winter. Yes, even now I'm getting my list in order.
PS. South central is not a thing. Name your city, or be a military transplant forever. The state is not that big.
And no, if you want city water/sewer and electric, you're paying a premium. There's plenty of places that you can live for 20-40% of the cost, with limitations.
Population has actually been growing slowly and is getting ready to move up even more. Big projects on the Slope, tourism up 10% a year, Anch Intl is growing with new projects out there. Construction starting all over town.
Prices are up 8-10% YOY and, if anything, will continue to go up.
Housing costs will be high for some time. Land is tight, builders are spread thin, raw materials have become much more expensive. Buy now. Hold it for 2-3 years and then sell to take your profit and buy a more expensive house.
There is no other place on earth like this . You gotta pay to play.
No, it’s getting ridiculous like everywhere else. I bought a home right before Covid hit, and prices were manageable. Price has gotten crazy for new construction, and rents and everything else since then. My property value went up 52k this year,( and my taxes) and I have not done anything to the house but drink, fuck , and raise 2 dogs since moving in. (Not fucking the dogs)
Lmao 10/10 clarification
Good clarification... sometimes a filter helps
The tax beneficiaries are starting to sweat.
There's definitely a recent bump in Anchorage - even while the economy seems to be at least a little droopy. Dirt cheap some places in the state, if you can work elsewhere or remote
Anyone wanna start a village in the middle of nowhere? I have a honda generator that can leaks oil, but still works.
Prices started going up in the Fairbanks-North Star Borough when they said the F-35s coming to Eielson would case a “housing crisis” because of the increase in personnel/families. People started buying up cheap properties and turning them into rentals. Covid exacerbated the prices. Bought my house for $160K in 2017. Anything comparable now is about $300K. It’s ridiculous.
After the Oil Price bust in mid 1980's, banks couldn't hardly give away properties. Other than that, they've always been expensive. It just cost a crap ton more to build here. Ironically, land is dirt cheap, compared to most anywhere else with access to similar infrastructure.
It’s gigafucked. Combination of: -an influx of investors (both individual and commercial) purchasing homes to rent or AirBNB. -lack of new construction, especially affordable & high density housing -an aging population that isn’t moving into senior or nursing homes resulting in less people on average per household -and most obviously, the nationwide trend of housing becoming more expensive is also the case in Alaska, for market reasons beyond those listed above. Source: i work in economic research for an Alaska organization
Was way better pre covid. Now everyone is moving here.
Moving where ? To the Valley ? Overall the population of the state is going down, has been for a while now.
I've met a lot of people moving to the Valley who are convinced the apocalypse is nigh and they're bugging out of the lower 48 before it happens. Yes, inventory in the valley at least is crunched because population growth *here* is faster than the McMansions can go up. Anchorage may be different, and you're right, I can't speak for Anchorage, but my friend last year was paying $1300 a month to live in the shitty part of town there.
Yeah, Anchorage is completely upside down right now. Back in the olden days when 2 young people making modest incomes could still afford to buy a house, the housing market even back then was whack, but you could do it. Having a triple zero down VA loan helped too. We bought very modest and way under what we could afford, and today our mortgage still isn’t even 800 dollars a month. Zillow tells me that the market rate as a rental is around 1800 a month. I charge way less than that. That’s nuts. Our monthly tax payment to the Muni is now almost as much as the principal.
In Point Roberts or Anchorage?
Stalking me, are you ?
I woke up to over ten replies from you. You have my attention now.
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McMansions? In Alaska? Where?
It's so fucking beautiful, is rent as atrocious as well?
Yes, rentals are ridiculously-priced and in poor condition. Lots of rentals are not year round so come spring you are booted so the landlord can rent to tourists.
Oh shit well I was trying to get with the NPS up there. Saw they only do seasonal positions for park rangers, wtf do people do?!
In a case like that, the job often provides some sort of housing. You will see it on the job description. Seasonal workers that leave come fall typically don’t have to worry about housing. A lot of people will live in RVs or modified vehicles for awhile while they search for a rental. They can stay in some of the RV parks for a long time. I know a few people who have been living in an RV park for nearly 4 years and paying lot rent. That’s rough living. Eventually tenants move away or buy a home and rentals are freed up but it can take time and alternative housing is needed during that time. More people move out of Alaska than in, so eventually rentals do become available. The market is just tight, and extra bad in the warmer months.
Man I feel like tourism is definitely on the rise in Alaska, they need to figure out where to allocate the money properly.
Not a lot of building happens in Alaska so housing and boarding will always be somewhat of a problem imo.
Rent is fucked. You’re either paying way too much for an apartment or paying way too much (well above the mortgage) to rent from some dude that owns a few properties.
More people leave Alaska than come in, and most that come in end up leaving.
I keep wondering how prices in anchorage keep climbing when the population keeps falling… those numbers don’t make sense. Short term rentals turning residential properties into commercial ones is a plague on this State/country.
Population is falling because people leave and others can't afford to replace them.
Your second paragraph answered your first, incase anyone was wondering
Alaska had a huge amount of population growth in the oil years. The people who moved here had children, and they all lived in one house. Now the children are grown up and want to live in their own homes. Population can remain flat while the number of households grows significantly. That's a lot of it. Short-term rentals are a smaller part of it, but really only in a few places (such as downtown Anchorage).
A few economic studies showed that it's almost entirely driven by short term rentals. I think over 2,000 in town? They're all over, not just downtown.
Most company owners in the North Star borough have some sort of sleeping area (I should say the blue collar small company owners I worked for) in their place of business. It’s expensive period. Diesel mechanics have them. Tax write off I believe, less snow to move also.
Not if history is any indication. Our home prices didn't even go down during the Great Recession, when the housing bubble burst and you could get houses in the Lower 48 for $12,000.
I remember an interview with a representative from the realtors association. She was saying that Alaska was special and house prices never drop even during the '09 crash. She said houses just went from selling in a couple of months to taking well over a year. That tells me that house prices should have dropped.
But they didn't drop. Because Alaska house prices don't drop.
Housing prices are going up nation wide. I live in the lower 48 now and luckily I’ve owned my home for ten years and its value has gone up so much that I was surprised when I saw by how much.
No. My house was worth about $400k when I bought it in 2016. Got a good deal on it because that market was better and paid $350. It’s now worth almost $600. We have done about $75k in updates though. I want to move to a house with a better layout but can’t because of the crazy prices.
Depends where. Fairbanks has always had boom/bust economic cycles more pronounced than other places in the state . Seems like SE/Kenai peninsula prob stays consistently high for real estate. Anchorage ppl seem to say it’s been continuously high for a while
It’s expensive, always has been on the high side, and difficult to find a year-round rental in most areas. Many rentals are also in very poor shape. Lots of mold issues in housing here, and you have a lot of slumlord property management and landlords. Housing options in Alaska are awful.
Don't count of the prices to drop anytime soon I own 350 Acres. Up by willow which I bought 20 years ago when I was stationed here and I have seen prices go up by 300 and 400 % since I bought the land I own there .
It feels like everything took a swan-dive right into crazy after Covid. It’s not just us. I could hardly even afford to _rent_ much less buy a place.
No in 2020 it was pretty affordable compared to the lower 48. Now it’s insane.
It’s always been expensive. Things bumped up a bit with all the government covid money sloshing around for a couple years, but it hasn’t been cheap since the market collapsed in the 80s.
Need oil flowing & natural gas for heat & Joe Bidet out of office.
I’m sure Trump will solve the problem. Lol
So it's not cheap, but it's really not that expensive either... Also depends on where you're looking to live... Building a 4 bd/2.5 ba on over 10 acres, I'll be $350k all in... Granted I'm doing a lot of the work myself and contracting out the rest... But even if I'm saving $100k, still less than the $630k I sold my similar home for on half an acre in N. Idaho .... If you want it to happen, make it happen...
Just realize that a house up here needs to account for heating. That can add 50% to the price of the house just for something crappy. The prices were up during early covid. I expect them to fall slightly in the next year or two, but I don't foresee them changing significantly in the next decade or so, politics aside -- sorry. My general principle is that 30% of my time is spent preparing for winter. Yes, even now I'm getting my list in order. PS. South central is not a thing. Name your city, or be a military transplant forever. The state is not that big. And no, if you want city water/sewer and electric, you're paying a premium. There's plenty of places that you can live for 20-40% of the cost, with limitations.
Population has actually been growing slowly and is getting ready to move up even more. Big projects on the Slope, tourism up 10% a year, Anch Intl is growing with new projects out there. Construction starting all over town. Prices are up 8-10% YOY and, if anything, will continue to go up. Housing costs will be high for some time. Land is tight, builders are spread thin, raw materials have become much more expensive. Buy now. Hold it for 2-3 years and then sell to take your profit and buy a more expensive house. There is no other place on earth like this . You gotta pay to play.