Cost of Living in Fairbanks, AK
| Cost of Living in Fairbanks, AK | Compared to State Average | Compared to National Average |
|---|---|---|
| Housing (Buy and Rent) | 17% lower | 1% lower |
| Utilities (Monthly) | 35% higher | 112% higher |
| Food | 1% lower | 26% higher |
| Healthcare | 0% | 44% higher |
| Transportation | 0% | 18% higher |
| Goods & Services | 2% lower | 18% higher |
The cost of living in Fairbanks, AK is 2% lower than the state average and 23% higher than the national average. Fairbanks, AK housing is 1% cheaper than the U.S average, while utilities are about 112% pricier. When it comes to basic necessities such as food and clothing, groceries are around 26% pricier in Fairbanks, AK than in the rest of the country, while clothing costs around 18% more .
Healthcare services such as doctor check-ups and dentistry cost 44% more here compared to the U.S. average. At the same time, non-necessary expenses such as entertainment and grooming services are 18% pricier in Fairbanks, AK.
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 $1,463, while home prices circle around $526,064.
Both owning and renting come with utility expenses. These costs include basic services such as energy and telecommunications. In Fairbanks, energy bills cost around $587.81 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 $4.94 in Fairbanks, a dozen eggs go for around $4.51 and a pound of potatoes circles around $6.13.
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 $265.65, while a dentist appointment is priced $171.18 on average.
Transportation expenses depend on multiple factors, with fuel being the most important. A gallon of gas is priced around $3.86 in Fairbanks, while getting your tires balanced will run you about $73.40.
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 $33.12 here. Meanwhile, a pair of women's slacks will set you back around $34.65.
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 $17.47 a month. When it comes to personal services, a haircut usually goes for $33.59, while dry cleaning costs about $24.07.
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 $73,534.