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Alaska real estate

Alaska – They Don’t Call It “The Last Frontier” for Nothing!

Alaska is separated from the continental U.S., both geographically and economically. And, as far as the housing market here is concerned, that’s a good thing!

The economy here relies on oil and gas – two things that are going to be needed, no matter what the economy is doing. As a result, the Last Frontier’s economy actually out-performed the experts’ predictions for 2012, and they expect 2013 to bring even better results when it comes to the number of jobs added around the state.

Predictions aside, though, you can pretty much always count on Alaska’s state economy and jobs market to be relatively stable. That means you can count on the housing market here to be relatively stable, too.

Just how stable are we talking?

In the state capital of Juneau, the housing market isn’t just stable; it’s thriving! In fact, Juneau is home to some of the healthiest houses for sale in Alaska. Between 2010 and 2012, the average selling price here jumped $40,000!

Amazingly, though, realtors in Juneau have been able to fetch those higher prices for their clients without relying on a lower inventory. In the rest of the country, prices have risen largely because there aren’t very many homes for sale – and thus, the law of supply and demand kicks in. But in Juneau, the number of available homes for sale just keeps going up!

What about Alaska’s biggest city, Anchorage?

Home values here are up, which could encourage more owners to start listing their properties for sale. Unlike Juneau, Anchorage isn’t seeing the same selling boom. Instead, realtors in Anchorage are dealing with the same low inventory that most realtors around the country are dealing with.

Multi-family units – like duplexes, triplexes, and fourplexes – saw the biggest value increase in 2012 (6%), and experts think that trend could continue in 2013. At the beginning of 2013, the average single-family home in Anchorage was worth $318,000.

There’s quite a bit of commercial development set to open around Anchorage in 2013. That’s something that could send home values even higher.

And speaking of development, it isn’t all on the commercial side of things. In 2012, the Last Frontier’s construction industry grew as a whole for the first time since 2007. That means you can count on seeing more new homes for sale around Alaska in the coming months, in addition to all of the commercial development.

They may call Alaska the “Last Frontier”, but this state seems to be leading the way in a lot of areas!

Living in Alaska

Things are completely different in Alaska. In fact, one of the unofficial mottos here is, “we don’t care how they do it in the Lower 48!”

But before you find out what makes Alaska so different, here are some fast facts:

  • What is the population of Alaska?
  • The population of Alaska is 731,449
  • What is the capital of Alaska?
  • The capital of Alaska is Juneau
  • What is the largest city in Alaska?
  • The largest city in Alaska is Anchorage

True to its nickname, Alaska really is the Last Frontier. It may be remote, but it’s also completely unspoiled. Because so much of the square footage here is protected for oil and gas usage, most of Alaska looks just like it did hundreds of years ago. In fact, there are so many brown bears here that in some places, the bear density is one per square mile.

Of course, you’ll have to enjoy all of that nature under some thick clothing. Anchorage and other coastal areas get the warmest – with high temperatures averaging close to 70 degrees in the summer and only about 25 degrees in the winter.

And there are some sunshine extremes. In the Arctic areas, the winter solstice brings 24 straight hours of sunshine. In Barrow, you’ll have to go 85 hours before the sun goes down! Luckily, that extra sunshine gives you plenty of time to take advantage of all of Alaska’s fun outdoor activities – like fishing, hunting, river rafting, clamming, and even gold panning.

Because the Last Frontier is so remote, it’s very tight-knit. The cities here are very community-oriented – even the large ones.

Speaking of large cities, Anchorage offers all of the big-city amenities you’re used to in the Lower 48, but you’re only minutes from nature. However, because it doesn’t have as big of a population as the “big” cities in the continental U.S. do, you won’t have to deal with the same traffic snarls and other inconveniences that big-city living can come with. In short, nothing in the Lower 48 can match it!

In fact, nothing in the Lower 48 can match most of what this state has to offer!

This is the Census data for Alaska

Population

Total population estimate for Alaska (July 1) 2012
731,449
Total population change for Alaska- April 1, 2010 to July 1, 2012
3.0%

Age

Percentage of the population that's under 5 years old in Alaska, 2011
7.5%
Percentage of the population that's under 18 years years old in Alaska, 2011
26.1%
Percentage of the population that's 65 years and over Alaska, 2011
8.1%

Gender

Percentage of the population that are females in Alaska, 2011
48.1%

Race breakdown for Alaska in percentages

White alone, 2011
67.9%
Black alone, 2011
3.6%
American Indian and Alaska Native alone,2011
14.9%
Asian alone, percent, 2011
5.6%
Native Hawaiian and Other Pacific Islander alone, 2011
1.1%
Two or more races, 2011
7.0%
Hispanic or Latino Origin, 2011
5.8%
Not Hispanic, White alone, 2011
63.7%

A little more about the residents of Alaska

Percentage of residents who lived in the same house 1 year ago, 2007-2011
79.3%
Percent of residents who are foreign born 2007-2011
6.9%
Percent speaking a language other than English at home, 2007-2011
16.2%

Education

Percent high school graduates or higher for residents 25 years old and over in Alaska, 2007-2011
91.4%
Percent with a bachelor's degree or higher for residents 25 years old and over in Alaska, 2007-2011
27.2%

Veterans

Total number of Veterans living in Alaska 2007-2011
71,861

Communting

The average travel time to work for workers in Alaska (16 years and over not working at home), 2007-2011
18.2 mins

Real estate stats in Alaska

Housing unit estimates, 2011
311,201
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
64.3%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
24.4%
Median value of specified owner-occupied housing units, 2007-2011
$235,100.00
Households, 2007-2011
252,920
Average household size, 2007-2011
2.67

Income

Per capita income for Alaska in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$31,944.00
Median household income in Alaska, 2007-2011
$69,014.00
Percentage of people living in poverty in Alaska 2007-2011
9.5%

Business and commerce info for Alaska

Private nonfarm establishments, 2010
19,985
Private nonfarm employment for pay period including March 12, 2010
254,734
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
24.3%
Total number of businesses in Alaska, 2007
68,728
Percentage of Black-owned businesses in Alaska, 2007
1.5%
Percentage of American Indian- and Alaska Native-owned businesses in Alaska , 2007
10.0%
Percentage of Asian-owned businesses in Alaska, 2007
3.1%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Alaska, 2007
0.3%
Percentage of Hispanic-owned businesses in Alaska, 2007
NA
Percentage of Women-owned businesses in Alaska, 2007
25.9%

Land size and population

Size of Alaska in Square Miles, 2010
570,640.95 mi²
Population per square mile in Alaska, 2010
1.2

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