Cost of Living in Fairbanks, AK
|Cost of Living in Fairbanks, AK||Compared to State Average||Compared to National Average|
|Housing (Buy and Rent)||16% lower||8% higher|
|Utilities (Monthly)||42% higher||118% higher|
|Food||8% lower||23% higher|
|Healthcare||1% higher||54% higher|
|Transportation||3% higher||14% higher|
|Goods & Services||0%||16% higher|
The cost of living in Fairbanks, AK is 1% lower than the state average and 27% higher than the national average. Fairbanks, AK housing is 8% more expensive than the U.S average, while utilities are about 118% pricier. When it comes to basic necessities such as food and clothing, groceries are around 16% more in Fairbanks, AK than in the rest of the country, while clothing costs around 16% more .
Healthcare services such as doctor check-ups and dentistry cost 54% more here compared to the U.S. average. At the same time, non-necessary expenses such as entertainment and grooming services are 16% pricier in Fairbanks, AK.
Housing (Buy and Rent)
Housing is the most significant expense for most American households. The cost of living in a certain city takes into account both the price of rent and the price of a home. The average monthly rent in Fairbanks is $784, while home prices circle around $451,771.
Both owning and renting come with utility expenses. These costs include basic services such as energy and telecommunications. In Fairbanks, energy bills cost around $529.31 per month.
Food is the most important necessity and its cost varies around the country. This section includes the prices of everyday foods such as produce, meat and dairy. A bottle of milk costs about $3.06 in Fairbanks, a dozen eggs go for around $2.07 and a pound of potatoes circles around $4.76.
The benchmark for this category is based on the prices of family doctor visits and specialized services such as optometry. In Fairbanks, an optometry check-up costs around $261.15, while a dentist appointment is priced $152.05 on average.
Transportation expenses depend on multiple factors, with fuel being the most important. A gallon of gas is priced around $3.45 in Fairbanks, while getting your tires balanced will run you about $51.68.
Goods & Services
The cost of clothing tells you how much more or less money you need to buy basic items such as jeans, shirts or slacks in a new city. A men's shirt costs around $22.74 here. Meanwhile, a pair of women's slacks will set you back around $25.75.
The cost of entertainment and everyday services is based on common expenses in each category. For a movie ticket in Fairbanks, you should budget around $13.61 a month. When it comes to personal services, a haircut usually goes for $24.60, while dry cleaning costs about $18.75.
The cost of living also takes median household income into account, so you can estimate how much more or less you could be earning in a new city by comparing it to the income in your current area. In Fairbanks, the median household income is $64,397.