Northwest Arctic Borough Real Estate and Livability Trends
Housing values in Northwest Arctic Borough, Alaska, have varied but remain lower than both the state and national medians, making it a more affordable option for potential homebuyers. Meanwhile, real estate taxes have surged from $2,600.00 in 2012 to $5,300.00 by 2021, likely driven by property valuation increases or changing tax policies. Economic indicators like rising taxable incomes from... Read more
Northwest Arctic Borough Market Trends
Housing values in Northwest Arctic Borough, Alaska have varied in the past eight years, peaking at $147,200 in 2022, notably lagging behind Alaska's median home value of $318,000. The area remains a more affordable option compared to the national median of $179,400. Real estate taxes climbed significantly, starting at $2,600.00 in 2012 and jumping to $5,300.00 by 2021, driven by potential... Read more
Median Value of Occupied Housing Units in Northwest Arctic Borough, Alaska Over the Last 8 Years
Housing values in Northwest Arctic Borough, Alaska have displayed significant variability in the past 8 years, peaking at $147,200 in 2022 after a series of fluctuations. This region trails behind broader state trends, with Alaska's statewide median home value reaching $318,000. On the national scale, the Northwest Arctic Borough remains an affordable outlier, considering the United States' median home value jumped to $179,400 in 2022. These trends suggest potential opportunities for investors looking at more economical options compared to national and state averages, while residents may find this region relatively affordable within Alaska's escalating housing market.
Average Real Estate Taxes Per Tax Return in Northwest Arctic Borough, AK Over the Last 8 Years
Real estate taxes per tax return in Northwest Arctic Borough, Alaska have seen notable fluctuations over the last eight years, starting from $2,600.00 in 2012. A significant spike occurred in 2018, jumping to $4,366.67, and by 2021, it reached $5,300.00. These trends may suggest increasing property valuations or changes in tax policy, making it crucial for potential investors and homeowners to factor these variations into their financial planning and long-term investment strategies.
Number of Mortgages by Occupancy Type in Northwest Arctic Borough, AK Over the Last 5 Years in Northwest Arctic Borough
Over the past five years in Northwest Arctic Borough, Alaska, principal residence mortgages have generally dominated the market, showing some fluctuations in numbers, while investment properties and second residences have maintained lower figures. A noticeable spike in investment property mortgages occurred in 2021, reaching 8 before falling again. Changes in occupancy types can impact local housing markets, insurance policies, and property values. Real estate agents, appraisers, and investors should keep an eye on these trends to better understand market demand, potential risks, and investment opportunities.
Economic Outlook
In the Northwest Arctic Borough, Alaska, the real estate market seems to be buoyed by a consistent rise in average taxable income, which has grown from $47,470.11 in 2013 to $57,433.76 by 2021. However, state and local income taxes have shown notable fluctuations, ranging from $333.33 in 2014 to $1,300.00 in 2013, making financial planning a bit unpredictable. Despite these tax variations, the total tax liability has generally increased, reaching $8,927.07 in 2021. Potential investors and... Read more
Average Taxable Income per Tax Return in Northwest Arctic Borough, AK over the last 9 years
Over the past nine years, the Northwest Arctic Borough, AK, has seen a consistent upward trend in average taxable income per tax return, starting at $47,470.11 in 2013 and rising to $57,433.76 by 2021. Notable peaks occurred in 2018 with $57,880.89 and a slight dip the following year, yet the general trajectory suggests growing economic stability and potential prosperity for residents. This financial upward movement indicates an improving economic climate, making it an attractive location for prospective residents seeking better income potential.
Average State and Local Income Taxes Per Tax Return in Northwest Arctic Borough, AK Over the Last 6 Years
Northwest Arctic Borough, AK has seen significant fluctuations in average state and local income taxes per tax return over the last six years, with amounts varying from a low of $333.33 in 2014 to a peak of $1,300.00 in 2013. This variability suggests a potentially unstable tax environment, impacting financial planning for residents. Notably, the trend shows generally increasing taxes post-2014, rising to $1,266.67 by 2017, which could reflect broader economic changes or shifts in local fiscal policies. Those considering moving to the area should factor in these tax variations, as they could influence overall cost of living and budgeting.
Average Total Tax Liability Per Tax Return in Northwest Arctic Borough, AK Over the Last 10 Years
Over the past decade, Northwest Arctic Borough in Alaska has seen a steady rise in the average total tax liability per tax return, climbing from $7,823.60 in 2012 to $8,927.07 in 2021. While there was a peak in 2017 at $9,289.94, a slight decline followed, stabilizing around the $8,800-$8,900 range in recent years. This trend signals a generally increasing tax burden, making it essential for potential investors and residents to factor in rising tax liabilities when considering opportunities in the area.
Cost of Living in Northwest Arctic Borough
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $2,302 | $1,798 | $2,739 | $1,984 | $1,783 |
| 1 adult 4 children | $2,302 | $1,468 | $2,119 | $1,984 | $1,901 |
| 2 adults 3 children | $2,302 | $1,469 | $2,364 | $1,984 | $1,505 |
| 1 adult 3 children | $2,302 | $1,199 | $1,744 | $1,984 | $1,625 |
| 2 adults 2 children | $1,720 | $1,202 | $1,989 | $1,732 | $1,105 |
| 1 adult 2 children | $1,720 | $898 | $1,369 | $1,732 | $1,148 |
| 2 adults 1 child | $1,720 | $950 | $1,614 | $912 | $917 |
| 1 adult 1 child | $1,720 | $614 | $995 | $912 | $846 |
| 2 adults | $1,307 | $763 | $1,239 | $0 | $689 |
| 1 adult | $1,150 | $416 | $620 | $0 | $569 |
Safety trends & Data
Property crime trends in Northwest Arctic Borough, Alaska, have shown notable fluctuations in vandalism and larceny-theft, especially spiking in 2018 and 2019 with arrests for vandalism reaching 22.0 and 24.0 respectively. However, recent years have seen a significant reduction, perhaps due to improved preventive measures or changing social dynamics. Burglary incidents have also decreased, hitting a low of 1.0 in 2020 and 2022. Consistently low rates of fraud and embezzlement suggest stable... Read more
Property Crime Trends in Northwest Arctic Borough, AK Over the Last 5 Years
Property crime trends in Northwest Arctic Borough, Alaska have shown some interesting fluctuations over the past five years. There was a notable spike in vandalism and larceny-theft in 2018 and 2019, with vandalism arrests reaching 22.0 and 24.0 respectively. However, recent years have seen a significant reduction, suggesting heightened preventive measures or other social factors at play. Burglary numbers have varied but dropped to a low of 1.0 in both 2020 and 2022. The area has seen consistently low rates of fraud and embezzlement, indicating stable economic conditions or efficient regulatory frameworks.
Demographics
Northwest Arctic Borough, Alaska, exhibits intriguing demographic patterns. The adult population skews slightly male, with 2,627 males versus 2,191 females. Education levels show a significant portion of residents having a high school diploma or some college education, although higher education degrees are less common. In terms of age distribution, the borough has a youthful demographic, with a notable proportion under 10 years old. The majority racial group is American Indian and Alaska... Read more
Race Distribution in Northwest Arctic Borough, Alaska (2022)
Educational Attainment in Northwest Arctic Borough, Alaska (2022)
Age Distribution in Northwest Arctic Borough, Alaska
Citizen Population in Northwest Arctic Borough, Alaska (2022)
School Data
In Northwest Arctic Borough, Alaska, the student-to-teacher ratio has fluctuated significantly over the past decade, ranging from sixteen students per teacher in 2015 to thirty-four in 2022, well above the national average of fourteen. These fluctuations may reflect varying investment levels in education, impacting educational quality and community appeal. For real estate investors and agents, higher ratios could be a concern for families considering a move, while appraisers and insurance... Read more
Student-to-teacher ratio in Northwest Arctic Borough, Alaska over the last 10 years
Over the past decade, the student-to-teacher ratio in Northwest Arctic Borough, Alaska has shown significant fluctuations. Ratios have ranged from a low of sixteen students per teacher in 2015 to a peak of thirty-four in 2022, consistently above the national average of fourteen. These changes might indicate varying levels of investment in education, impacting both educational quality and community appeal. For investors and real estate agents, higher ratios could suggest potential areas of concern for families moving in, while appraisers and insurance agents might consider the strain on local resources. Understanding these trends can offer critical insight for stakeholders interested in the region's socio-economic health.
