Fairbanks North Star Borough Real Estate and Livability Trends
Fairbanks North Star Borough, Alaska, has seen a notable rise in median home values from $218,100 in 2015 to $276,800 in 2022, likely signaling increasing demand or higher construction costs. Real estate tax increases, from $3,647.59 in 2012 to over $6,056.41 by 2021, and fluctuating principal residence mortgages reflect a shifting economic landscape that could influence long-term investment... Read more
Fairbanks North Star Borough Market Trends
The real estate market in Fairbanks North Star Borough, Alaska has seen its median home values rise from $218,100 in 2015 to $276,800 in 2022, suggesting increased demand or higher construction costs. Meanwhile, residential energy tax credits peaked at $3,371.43 in 2018 before stabilizing around $1,800 in 2021, potentially making energy-efficient upgrades appealing. Real estate taxes rose... Read more
Median Value of Occupied Housing Units in Fairbanks North Star Borough, Alaska Over the Last 8 Years
Median home values in Fairbanks North Star Borough, Alaska have trended upward over the past 8 years, rising from $218,100 in 2015 to $276,800 in 2022. While these values remain generally below the state’s median, which hit $318,000 in 2022, they are significantly higher than the national median, which stood at $179,400 in the same year. This suggests a stronger demand or perhaps higher construction costs in this borough compared to national trends and it might indicate that investing in real estate here could be a different ball game than in other parts of the U.S.
Residential Energy Tax Credit Per Tax Return in Fairbanks North Star Borough, AK Over the Last 9 Years
The average residential energy tax credit per tax return in Fairbanks North Star Borough, Alaska has shown significant fluctuations over the last nine years, with notable peaks and valleys. From $411.48 in 2013 to a sharp increase to $3,371.43 in 2018, and stabilizing around $1,800 in 2021. This volatility underscores both the potential for substantial individual savings on energy costs and the fluctuating state policies or incentives available over time. For those considering investing in energy-efficient residential upgrades or properties in the area, these credits present a compelling financial incentive.
Average Real Estate Taxes Per Tax Return in Fairbanks North Star Borough, AK Over the Last 10 Years
The trend in real estate taxes per tax return for Fairbanks North Star Borough, Alaska, has shown a noticeable upward trajectory over the last decade. Starting from $3,647.59 in 2012, the average tax has incrementally risen to over $6,056.41 by 2021, with significant surges observed particularly in 2018 and 2020. This increasing trend could suggest heightened property valuations or tax rate adjustments, important considerations for potential investors, property developers, and residents in understanding the changing fiscal landscape of the area.
Percentage of Farm Returns in Fairbanks North Star Borough, AK Over the Last 10 Years
Over the last decade, the percentage of farm tax returns in Fairbanks North Star Borough, Alaska, showcased a slight but notable fluctuation. Starting at 0.47% in 2012, there was an incremental increase peaking at 0.52% in 2014, followed by a gradual decline to 0.43% in 2021. Farm tax returns represent the portion of total tax filings attributed to farming income, reflecting the agricultural activity's relative economic presence. For investors or potential residents, understanding these numbers can illustrate the stability and potential growth opportunities within the local agricultural sector, highlighting trends that may influence property value and economic forecasts in the area.
Number of Mortgages by Occupancy Type in Fairbanks North Star Borough, AK Over the Last 5 Years in Fairbanks North Star Borough
In Fairbanks North Star Borough, Alaska, the number of mortgages for principal residences peaked around 2020, hitting a high of 5,559, before declining to 3,671 in 2022. Investment properties and second residences have seen significantly fewer mortgages on an annual basis, with both categories hovering mostly below 400 mortgages per year. Shifts in occupancy type can have substantial implications; principal residence mortgages often indicate local economic stability and growth potential, attracting long-term residents and investors favoring steady rental income over short-term returns. For appraisers and insurance agents, a higher proportion of principal residences might suggest a more stable valuation landscape, while real estate agents and property developers might find opportunities in emerging patterns among second homes and investment properties.
Economic Outlook
Fairbanks North Star Borough, Alaska, has experienced an encouraging rise in average taxable income, climbing from $62,758.64 in 2013 to $80,906.72 in 2021, indicating a potentially strong local economy and improving resident financial health. However, the noticeable increase in average state and local income taxes, which doubled from $1,120.00 in 2012 to $1,955.10 in 2021, might mean higher living costs. Total tax liability has also fluctuated, with significant jumps in 2015 and 2021, peaking... Read more
Average Taxable Income per Tax Return in Fairbanks North Star Borough, AK over the last 9 years
Over the past nine years, Fairbanks North Star Borough, AK has seen a steady increase in the average taxable income per tax return, rising from $62,758.64 in 2013 to $80,906.72 in 2021. This growth in income indicates a potentially thriving local economy and an increasing financial well-being of its residents, which could be appealing to those considering relocating to the area.
Average State and Local Income Taxes Per Tax Return in Fairbanks North Star Borough, AK Over the Last 10 Years
Recent trends in Fairbanks North Star Borough indicate a significant rise in average state and local income taxes per tax return, increasing from $1,120.00 in 2012 to $1,955.10 in 2021. This upward trajectory, particularly pronounced from 2017 onward, suggests increasing financial responsibilities for residents. Prospective movers should factor in these growing tax liabilities when evaluating cost of living in the region.
Average Total Tax Liability Per Tax Return in Fairbanks North Star Borough, AK Over the Last 10 Years
In Fairbanks North Star Borough, Alaska, the average total tax liability per tax return has shown a fluctuating trend over the past decade, with a noticeable increase from $10,012.06 in 2012 to a peak of $12,114.41 in 2021. Key takeaways include significant jumps in 2015 and 2021, which could indicate economic shifts or policy changes impacting taxpayers. Conversely, 2018 saw a dip to $9,891.12, suggesting varied financial pressures. This nuanced trend is crucial for potential investors or residents, highlighting the region's evolving tax landscape.
Cost of Living in Fairbanks North Star Borough
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $2,110 | $1,798 | $2,412 | $2,108 | $1,863 |
| 1 adult 4 children | $2,110 | $1,468 | $1,862 | $2,108 | $1,975 |
| 2 adults 3 children | $2,110 | $1,469 | $2,084 | $2,108 | $1,594 |
| 1 adult 3 children | $2,110 | $1,199 | $1,534 | $2,108 | $1,736 |
| 2 adults 2 children | $1,485 | $1,202 | $1,756 | $1,863 | $1,179 |
| 1 adult 2 children | $1,485 | $898 | $1,206 | $1,863 | $1,220 |
| 2 adults 1 child | $1,485 | $950 | $1,428 | $1,064 | $962 |
| 1 adult 1 child | $1,485 | $614 | $878 | $1,064 | $905 |
| 2 adults | $1,128 | $763 | $1,100 | $0 | $713 |
| 1 adult | $993 | $416 | $550 | $0 | $580 |
Safety trends & Data
Over the last five years, Fairbanks North Star Borough, Alaska has experienced fluctuating property crime trends. Larceny-theft, the most common incident, peaked at 254 cases in 2018 before dropping sharply to 79 in 2022. Vandalism has gradually increased, with a notable surge to 76 cases in 2020, hinting at periods of social disruption. Burglary incidents peaked at 24 in 2021 but varied yearly. Motor vehicle theft appears relatively stable, while embezzlement and forgery-counterfeiting... Read more
Property Crime Trends in Fairbanks North Star Borough, AK Over the Last 5 Years
Over the last five years, Fairbanks North Star Borough, Alaska has experienced fluctuating property crime trends. Larceny-theft consistently appears as the most common incident, peaking at 254 cases in 2018 before dropping sharply to 79 in 2022. Vandalism has seen a gradual increase, with a notable spike to 76 cases in 2020, potentially indicating periods of heightened social disruption or unrest. Burglary incidents have varied yearly, with a peak of 24 in 2021. Motor vehicle theft remains relatively stable, while trends in embezzlement and forgery-counterfeiting display a significant decrease, possibly due to improved preventive measures or economic factors. These trends are essential for property investors, real estate agents, and insurers, highlighting areas of potential risk and opportunity within the borough.
Demographics
Fairbanks North Star Borough, Alaska shows a noticeable male skew in the adult population. The educational landscape indicates a significant segment with some college experience but no degree, hinting at potential untapped workforce skills. Age distribution reflects a young demographic, with a spike in the 25-34 year age group, possibly driven by economic or educational opportunities. Racial diversity is evident with a majority identifying as White, but notable representation from American... Read more
Race Distribution in Fairbanks North Star Borough, Alaska (2022)
Educational Attainment in Fairbanks North Star Borough, Alaska (2022)
Age Distribution in Fairbanks North Star Borough, Alaska
Citizen Population in Fairbanks North Star Borough, Alaska (2022)
School Data
The student-to-teacher ratio in Fairbanks North Star Borough, Alaska, has surged from thirty-one in 2014 to almost fifty in 2023, well above the national average of fourteen. This notable increase could influence decisions for relocating families, investors eyeing demand for private education, and educators seeking job opportunities. Real estate agents and appraisers might also factor in these educational dynamics when discussing property values and the local quality of... Read more
Student-to-teacher ratio in Fairbanks North Star Borough, Alaska over the last 10 years
The student-to-teacher ratio in Fairbanks North Star Borough, Alaska, has fluctuated significantly over the last decade, from nearly thirty-one in 2014 to almost fifty in 2023. Notably, the ratio spiked sharply between 2021 and 2023. This dramatically exceeds the national average of fourteen students per teacher, potentially indicating larger class sizes and more strain on educational resources. Such trends could impact decisions for families considering relocating, investors assessing the future demand for private education, and educators evaluating job opportunities in the area. Real estate agents and appraisers might also consider these dynamics when discussing property values and the local quality of life.
