Average Rent in Fairbanks, AK↓ Rents falling 7.3% YoY
HUD FY2027 · Official government data · Updated annually · Metro pop. 95,555
Market Overview
Fairbanks, AK has rental prices ranging from $1,081/month to $2,596/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,187/month — 15% below the national average of $1,400/month. With a median household income of $84,722/year, spending $1,187/month on a 1-bedroom represents 17% of gross income — within the recommended 30% threshold.
How Fairbanks Compares
With an average 2-bedroom rent of $1,553/month, Fairbanks ranks #13 most expensive of the 34 cities tracked in Alaska — pricier than 90% of all US cities in our data.
The Fairbanks Rental Market
The Fairbanks, AK area has a population of about 95,555 and 38% of households renting rather than owning. That is close to the US average renter share of ~34%.
Rent Trends
2-bedroom rents in Fairbanks, AK have fallen by $123/month (7.3%) over the past year, from $1,676 to $1,553. This slight decline is consistent with broader market corrections seen across US rental markets.
Affordability
To afford a 1-bedroom apartment in Fairbanks, AK without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $47,480. The local median household income of $84,722 exceeds that threshold by $37,242, making Fairbanks relatively accessible compared to local wages.
Rent vs. Buy
The median home value in Fairbanks, AK is $307,947, giving a price-to-rent ratio of 16.5. With a break-even horizon of approximately 17 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.
Neighborhoods
Home values — and by extension rent levels — vary significantly across Fairbanks's neighborhoods. Among the highest-value areas are Bjerremark ($246,453 median home value). Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.
Fair Market Rents
HUD FY2027Is Fairbanks, AK Affordable?
Income needed to rent or buy, price history, and how this city compares to nearby metros.
Affordability Index(30% income rule)
Nearby Cities in AKlargest metros in the state
| City | Studio | 1BR | 2BR | 3BR | Home Value |
|---|---|---|---|---|---|
| Anchorage | $1,095 | $1,169 | $1,529 | $2,117 | — |
| Matanuska | $929 | $988 | $1,293 | $1,790 | — |
| Kenai Peninsula Borough | $1,056 | $1,063 | $1,390 | $1,925 | — |
| Juneau City and Borough | $1,258 | $1,381 | $1,807 | $2,379 | — |
| Bethel Census | $1,738 | $1,811 | $1,971 | $2,348 | — |
| Ketchikan Gateway Borough | $1,207 | $1,325 | $1,733 | $2,400 | — |
Rent or Buy in Fairbanks?
Break-even analysis and mortgage estimates based on local market data.
Should I Rent or Buy?
Break-even analysis using real Fairbanks data
Buying breaks even after 1 year — worth it if you stay 1+ years.
Mortgage Calculator
Estimate monthly payment for $307,947 home at 7% rate
Living in Fairbanks
Cost of living, job market, crime rates, and moving cost estimates.
Moving Cost Estimator
Estimate your moving costs based on FMCSA public mover data
Select your origin state to see the estimate
Frequently Asked Questions
Explore More
Compare rent & home prices by neighborhood
⚖️Rent vs Buy in FairbanksIs it cheaper to rent or buy here?
💵Rent Affordability in FairbanksSalary needed to afford rent here
🗺️All Cities in AKSee how Fairbanks ranks statewide
⚖️Compare FairbanksSide-by-side rent & cost of living with any city
📋AK Tenant RightsDeposit limits, eviction laws & renters protections