North Slope Borough Real Estate and Livability Trends
North Slope Borough, Alaska's real estate market has been characterized by rising median home values, increasing by 37% from $141,100 in 2015 to $193,800 in 2022, yet still lower than the statewide median of $318,000. Average taxable income per return has seen a growth trend, reaching $59,479.50 in 2021, with significantly decreased state and local income taxes over the years. Meanwhile, the... Read more
North Slope Borough Market Trends
North Slope Borough, Alaska, has seen its median home values increase by 37%, rising from $141,100 in 2015 to $193,800 in 2022, while still remaining lower than the statewide median of $318,000. Real estate taxes also climbed, moving from $3,542.86 in 2012 to $5,200.00 in 2021, with a noticeable spike in 2018. Additionally, mortgages for second residences and investment properties have generally... Read more
Median Value of Occupied Housing Units in North Slope Borough, Alaska Over the Last 8 Years
North Slope Borough, Alaska has seen a consistently rising trend in median home values over the past eight years, jumping from $141,100 in 2015 to $193,800 by 2022. This 37% increase contrasts sharply with the statewide median, which has risen from $250,000 to $318,000 in the same period. Interestingly, despite the steady growth, North Slope Borough's median home values remain significantly lower than both the state and national medians, which reached $318,000 and $179,400 respectively by 2022. This could indicate relative affordability in the borough, making it a potentially attractive option for those looking to invest or move within Alaska while possibly avoiding the higher costs seen elsewhere in the state.
Average Real Estate Taxes Per Tax Return in North Slope Borough, AK Over the Last 10 Years
Over the last decade, North Slope Borough, Alaska, has experienced fluctuations in real estate taxes per tax return, moving from $3,542.86 in 2012 to $5,200.00 in 2021. A noticeable spike occurred in 2018 with taxes hitting $4,925.00 and stabilizing around the $5,200.00 mark in recent years. These trends suggest an evolving economic environment that might pique interest for investors and potential residents keeping an eye on tax implications for long-term commitments.
Number of Mortgages by Occupancy Type in North Slope Borough, AK Over the Last 5 Years in North Slope Borough
Over the last five years in North Slope Borough, Alaska, the number of mortgages for principal residences has largely remained stable, while those for second residences and investment properties have generally decreased, with notable dips in 2020 and 2022. Changes in occupancy type can matter as a shift toward fewer investment and second homes may indicate changing economic conditions or shifting population dynamics, and this could impact market value assessments, insurance premiums, and the focus of real estate investments. For those considering these areas for various purposes—be it investment, relocation, or development—understanding these trends might help in making more informed decisions.
Economic Outlook
North Slope Borough, Alaska has experienced interesting trends in its real estate market as suggested by local economic indicators. Average taxable income per tax return has risen, reaching $59,145.20 in 2020 and $59,479.50 in 2021, indicating a potential for increased financial stability. At the same time, state and local income taxes have substantially decreased, from $735.29 per return in 2012 down to $333.33 by 2021. Meanwhile, average total tax liability has fluctuated, peaking at... Read more
Average Taxable Income per Tax Return in North Slope Borough, AK over the last 9 years
North Slope Borough, AK has seen fluctuations in average taxable income per tax return over the last nine years. Notable increases occurred in 2015 and 2018, with significant rises in the last two recorded years, 2020 and 2021, where figures reached $59,145.20 and $59,479.50 respectively. Anyone looking to move to or living in this area might be encouraged by these upward trends as they indicate general economic improvement and potential for greater financial stability.
Average State and Local Income Taxes Per Tax Return in North Slope Borough, AK Over the Last 10 Years
Over the past decade, North Slope Borough, AK has seen a noticeable decline in state and local income taxes per tax return, starting from $735.29 in 2012 down to just $333.33 by 2021. This trend suggests a significant decrease in the financial burden from state and local taxes on residents, which could be a key advantage for those considering a move to the area or evaluating affordability for current residents.
Average Total Tax Liability Per Tax Return in North Slope Borough, AK Over the Last 10 Years
In North Slope Borough, Alaska, the average total tax liability per tax return has seen significant fluctuations over the past decade. From a relatively stable range around $8,500 to $9,000 in the early 2010s, there was a notable spike reaching $10,170.12 in 2016, and again peaking at $10,566.07 in 2020. This volatility, alongside periods of decline such as in 2019 when the value dipped to $7,665.16, might suggest underlying economic shifts making it crucial for investors, potential residents, and property developers to closely monitor local conditions and fiscal policies.
Cost of Living in North Slope Borough
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $2,162 | $1,798 | $2,739 | $1,984 | $1,720 |
| 1 adult 4 children | $2,162 | $1,468 | $2,119 | $1,984 | $1,834 |
| 2 adults 3 children | $2,162 | $1,469 | $2,364 | $1,984 | $1,441 |
| 1 adult 3 children | $2,162 | $1,199 | $1,744 | $1,984 | $1,553 |
| 2 adults 2 children | $1,776 | $1,202 | $1,989 | $1,732 | $1,125 |
| 1 adult 2 children | $1,776 | $898 | $1,369 | $1,732 | $1,168 |
| 2 adults 1 child | $1,776 | $950 | $1,614 | $912 | $930 |
| 1 adult 1 child | $1,776 | $614 | $995 | $912 | $861 |
| 2 adults | $1,349 | $763 | $1,239 | $0 | $698 |
| 1 adult | $1,188 | $416 | $620 | $0 | $572 |
Safety trends & Data
North Slope Borough, Alaska has experienced erratic property crime trends over the last five years. Vandalism incidents have consistently been high, peaking at 29.00 cases in 2018 and decreasing gradually to 19.00 in 2022. Motor vehicle theft saw a notable rise, reaching 7.00 in 2021. Larceny-theft and other property crimes like arson and forgery have remained relatively low. For investors and residents, this implies a potential need for ongoing vigilance and possibly investing in enhanced... Read more
Property Crime Trends in North Slope Borough, AK Over the Last 5 Years
North Slope Borough, Alaska has shown fluctuating property crime trends over the past five years. Vandalism incidents stand out with consistently high numbers, peaking at 29.0 cases in 2018 and slightly decreasing each subsequent year to 19.0 in 2022. Burglary and motor vehicle theft have seen modest increases and occasional declines, with motor vehicle theft rising notably to 7.0 in 2021. Larceny-theft and other property crimes such as arson and forgery have remained relatively low. For potential investors, real estate agents, and residents, these trends suggest a need for ongoing vigilance and perhaps an investment in security measures for properties in the area.
Demographics
North Slope Borough in Alaska has a significantly higher male population compared to female residents. The adult age group is predominantly made up of individuals between 25 and 34 years old, followed closely by those in the 45 to 64 age range, hinting at a plausible working-age concentration. Educational attainment levels show a strong emphasis on high school and some college education, though a noteworthy portion has achieved bachelor's or graduate degrees. This area showcases a predominantly... Read more
Race Distribution in North Slope Borough, Alaska (2022)
Educational Attainment in North Slope Borough, Alaska (2022)
Age Distribution in North Slope Borough, Alaska
Citizen Population in North Slope Borough, Alaska (2022)
School Data
The student-to-teacher ratio in North Slope Borough, Alaska, has generally stayed below the national average of 14 students per teacher until 2023, when it increased to 16. This shift could potentially influence the decisions of investors and families weighing a move to the area, as lower ratios are often seen as a sign of more personalized attention and better educational quality. Real estate agents and appraisers might consider these changing ratios when assessing the desirability of the... Read more
Student-to-teacher ratio in North Slope Borough, Alaska over the last 10 years
The student-to-teacher ratio in North Slope Borough, Alaska has fluctuated over the past decade, generally staying below the national average of 14 students per teacher until 2023, when it spiked to 16. This shift might raise some concerns for potential investors or families considering a move, as lower ratios are often viewed as indicative of more personalized attention and potentially higher educational quality. Real estate agents and appraisers would likely note the changing ratios, as they can affect the perceived desirability of an area. Insurance agents may also find this data relevant, as it contributes to assessing community aspects that influence policy pricing. Understanding these trends could help builders and developers align their projects with the community’s educational needs and expectations.
