Anchorage, AK
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.74×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Alaska
- 3.54×
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
20.4%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Alaska
- 22.1%-1.7
- vs U.S.
- 23.3%-2.9
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.54%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Alaska
- 4.09%
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.08%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Alaska
- -0.20%+0.12
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
tight
Permit pipeline
0.99
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Alaska
- 0.60+0.39
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
4.3%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Alaska
- 4.4%-0.1
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+41.1%
homeValues.yearOverYear
+7.0%
Median home value
$358,900
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,243 | $14,916 | 15.6% |
| 2 BR | $1,631 | $19,572 | 20.4% |
| 3 BR | $2,268 | $27,216 | 28.4% |
Labor market direction
Unemployment
4.3%
Median household income
$95,918
What's being built
Total TTM
394
+26.3% YoY
Single-family
200
2–4 unit
90
5+ unit
104
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Anchorage Municipality | 290,674 | $375,900 | $98,152 | 320 | +33.9% |
| Matanuska-Susitna Borough | 108,661 | $319,200 | $90,625 | 74 | -6.3% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Anchorage | 399,335 | $95,918 | 3.74× | 3.54% | +41.1% | 0.99 | 4.3% |
| Trenton-Princeton, NJ | 383,732 | $96,333 | — | — | +69.2% | — | 4.5% |
| Manchester-Nashua, NH | 422,733 | $100,436 | — | — | +61.6% | — | 3.3% |
| Salinas, CA | 437,609 | $94,486 | — | — | +42.3% | — | 9.1% |
| Santa Maria-Santa Barbara, CA | 445,213 | $95,977 | — | — | +53.1% | — | 4.9% |
| Fort Collins, CO | 359,363 | $91,364 | — | — | +40.6% | — | 3.4% |
Where people are moving in from
Net migration
-324
-0.08% of population
| Origin county | Tax returns |
|---|---|
| Anchorage Municipality, AK | 1,185 |
| Matanuska-Susitna Borough, AK | 801 |
| Fairbanks North Star Borough, AK | 402 |
| Kenai Peninsula Borough, AK | 373 |
| King County, WA | 156 |
| Maricopa County, AZ | 155 |
Who lives in Anchorage
- Median age
- 35
- Bachelor's+
- 34.0%
- Owner-occupancy
- 67.2%
- Vacancy rate
- 13.5%
- Rent burdened (30%+)
- 46.4%
- Median household income
- $95,918
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.