Cost of living up here

[wtrdog1]

Hi folks,

My wife and I were recently transferred up here (Military and professional) that both work in the community. We have lived all over the country and have really noticed the astronomical cost of living up here. What is really noticeable are the prices of homes.

We love it up here and really want to retire here, but we are concerned about how far the retirement dollars would go up here. Even modest homes prices seem to really be inflated up here.

How do people afford housing up here without sacrificing their entire salary or retirement?

[upinak]

Anchorage or Fairbanks area?

Hi folks,

My wife and I were recently transferred up here (Military and professional) that both work in the community. We have lived all over the country and have really noticed the astronomical cost of living up here. What is really noticeable are the prices of homes.

We love it up here and really want to retire here, but we are concerned about how far the retirement dollars would go up here. Even modest homes prices seem to really be inflated up here.

How do people afford housing up here without sacrificing their entire salary or retirement?

[wtrdog1]

Anchorage area

[grcg]

Don't live in Anchorage


....not that I am biased or anything...

I suspect that the only place generally more expensive in AK is Juneau....maybe Homer is getting there too.

[upinak]

wtr, you might wanna go to relocating in Alaska thread or the Alaska remote/cabin thread. There is a lot of info there that can be useful to you. Not everyone lives in Anchorage.. and to retire you may have to figure on buying land and building a small cabin.

Just remember when you die, you aren't bringing anything with you!

[doug1980]

Hi folks,

My wife and I were recently transferred up here (Military and professional) that both work in the community. We have lived all over the country and have really noticed the astronomical cost of living up here. What is really noticeable are the prices of homes.

We love it up here and really want to retire here, but we are concerned about how far the retirement dollars would go up here. Even modest homes prices seem to really be inflated up here.

How do people afford housing up here without sacrificing their entire salary or retirement?

I have wondered that myself. I bought my modest home in Indiana for $45,000.00 3 years ago. 2 bedroom, 1 bath, 1,000 sq/ft with a 2 car garage and 1/4 acre lot in town: monthly payment for taxes, insurance, principle and interest... $365.00 A co worker here just bought a house in town 800 sq/ft 2 bedroom, 1 bath on a small city lot and no garage for $150,000.00. No way could I afford to stay here and live, no way.

[muskeg]

$150,000 won't get you anything in Ketchikan. Actually $200,000 wont get you much !!!!

[Vince]

Buy a house in AK??? are you nuts? who in their right mind would want to live up here? the only way to own a house here is to find one already paid off....


knock the owner off and assume his identity....:cool:

[kingfisherktn]

Buy a house in AK??? are you nuts? who in their right mind would want to live up here? the only way to own a house here is to find one already paid off....


knock the owner off and assume his identity....:cool:

Ah ha! Are you the real Soggy?:eek:

[Akres]

How do people afford housing up here without sacrificing their entire salary or retirement?

Go for it. Buy the biggest, mostest (not modest) house that you cannot afford. Don't worry about it. BHO has promised to lower the mortgage cost to the level you can pay for at something around 31% of your gross combined salaries. But...you need to hurry, cause there is a rush on the available units, particularly in Anchorage. Some would find humor in this, but it is sound advice.

[fshgde]

buying a house

Who buys a house build it yourself. This involves many stages and years to complete. You you will be considered a true alaskan sooner when folk come over and admire your pink and visquine covered walls. (Note a true alaskan will have a set of antlers and a mounted fish hung before the drywall) Brian

[Dirtofak]

One of the worst things that you can do in Alaska is become "house poor". Buying a home that you can qualify for is not always a good thing. When we were looking we qualified for well over 100K more home that we needed or wanted. Until you get here and realize that the income pretty much matches the higher cost of living you will believe that things are outrageous.

I am a retired E7. I have LOTS of toys.

[akshrop]

Buy before you retire to pay the retirement home.

[Akres]

Home buying today is much different than it was six months ago. The govt actually wants to spur the economy by allowing you to own a home that you cannot afford to pay for. Applications for mortgage averaging are now out. Get hold of Alaska Housing and Fannie Mae. They will reduce your mortgage to the level of the lowest possible amount of your gross income. This advice is only good for those currently in default or are willing to get that way. Bottom line, if you want a great big house, you can have one. The very most you will have to pay is 31% of your income. No matter how big the mortgage is. Lots of folks that have bought houses in the past are not aware of this. Lots of folks bought too small of a house and don't qualify.

[Dirtofak]

31% is too much to me. 15% is better. I can make extra payments at will.

Remember that you have to maintain, heat, and clean. The less house the more time in the woods.