In an effort to make home ownership more affordable, there are many programs and grants available in Alaska that make buying a home easier than ever. For those who are planning on moving to Alaska, knowing the ins and outs of the process can make it easier to find the home of your dreams. Here are 3 things you need to know about Alaska real estate.
1. Alaska is One of the Most Affordable States to Live in
The median price for a home in Alaska is $207,000. That’s one of the lowest prices in the country.
In the U.S., the average price for a home is $241,200. The median price of a home in the U.S. is $184,000. That means that Alaska has the highest median home price in the U.S. and the second lowest median home price in the entire country.
If you are looking to purchase a home in Alaska, be prepared to spend more than you may have thought. Buying a home in Alaska will be a great investment, but the cost of living here is higher than most of the country.
2. Your Credit Score Matters
A credit score of 620 or higher will get you a lower interest rate. This is because your credit score reflects your ability to repay a loan. If you have bad credit, you will pay a higher interest rate.
If you have a credit score of 620 or higher, your interest rate will be 5.8 percent or less.
3. Alaska is a Great Place to Raise a Family
Many of the homes in Alaska are in smaller communities, which makes them perfect for raising a family. They are often close to schools and family.
According to the U.S. Census Bureau, the average household size in Alaska is 2.6 people. That’s lower than the national average of 2.7 people.
When you are looking for a home in Alaska, you will want to consider what type of community you want to live in. You will also want to make sure that you have a place to raise a family.
Alaska real estate is great for those who are looking for a change of scenery.