F
36%
Overall NAT. AVG.
20%
Goods & Services NAT. AVG.
36%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index College Alaska National
Cost of living136129100
Goods & Services120120100
Groceries124124100
Health care153148100
Housing136135100
Transportation109115100
Utilities222158100

An Overview of Cost of Living in College, AK

Knowing the cost of living in College allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in College stands at 136, marking it 36% higher than the national average.

If you value affordability in your search for a new place to live, College may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, College falls into this category, which may not align with your desire for an affordable place to call home.

When it comes to the cost of living in College, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 35.9% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In College, you you will have to spend 20.1% more than average when compared to the typical prices for these items, making it a more expensive place to live.

The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in College is even less favorable, with grocery prices here being 24.1% higher than the national average.

Is College Affordable?

Is College an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in College, the median home price is 33.7% higher than what most folks pay across the country, and monthly rent prices are 41% higher than the usual rates. Income levels in College come in at $69,724, which is 26% higher than the national average.

What Factors can Influence the Cost of Living in College?

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In College, the utilities index registers at 121.9% higher than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In College, the standard sales tax rate starts at 0%, and the income tax rates commence at 0%.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In College, the transportation index stands at 9.1% higher than the national average.

Where is the Data From?

The College cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in College is 5% higher than the Alaska average
  • The cost of living in College is 36% higher than the national average
  • College housing is 36% higher than the national average
  • Alaska general sales tax is 100% lower than the national average
  • Alaska state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around College

See all the best places to live around College

Compare College, AK Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$99,427$8,286$2,320$2,983
      Renters$50,911$4,243$1,188$1,527
      A good indicator of the general affordability of housing in College, AK, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In College, the median monthly income is $99,427 for those who own their own homes. Under the standard rule, that income level would allow for $2,320 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $50,911, per the median income in the area. That would allow for renters to spend up to $1,188 on monthly rental expenses.

      Alaska Sales Tax

      State General Sales Tax With Max Surtax
      Alaska 0% 7%

      Alaska Income Tax

      State Income Tax (Low) Income Tax (High)
      Alaska 0% 0%

      Goods & Services

      Item College National avg. Difference
      Haircut $32.06$24.2632.2%
      Beauty Salon $51.33$45.5612.6%
      Toothpaste $3.77$3.701.7%
      Shampoo $1.35$1.285.7%
      Movie $16.17$12.1333.2%
      Bowling $17.55$18.002.5%

      Groceries

      Item College National avg. Difference
      Ground Beef $6.57$5.8412.5%
      Fried Chicken $2.02$1.5728.4%
      Milk $5.16$4.6710.4%
      Potatoes $5.98$4.9321.2%
      Pizza $13.49$12.0911.6%
      Beer $13.88$10.4133.3%

      Health Care

      Item College National avg. Difference
      Optometrist $274.44$125.68118.4%
      Doctor $243.27$135.7879.2%
      Dentist $169.02$113.2949.2%
      Ibuprofen $12.61$10.6518.4%
      Lipitor $536.87$468.6014.6%

      Housing

      Item College National avg. Difference
      Home Price $247,000.00$184,700.0033.7%
      Avg. Mortgage Payment $2,423.46$2,346.693.3%
      Apartment Rent $1,338.00$949.0041.0%

      Transportation

      Item College National avg. Difference
      Gasoline $3.80$3.469.8%
      Tire Balancing $64.35$59.927.4%

      Utilities

      Item College National avg. Difference
      All Electricity $579.35$193.99198.6%
      Phone $187.48$192.252.5%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Fox, AK18713635.7%
      South Van Horn, AK396982.0%
      Goldstream, AK3,31512828.5%
      Ester, AK2,17413030.0%
      North Pole, AK2,96913131.0%
      College, AK12,73413635.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Gaffney, SC12,7338613.9%
      Windsor Locks, CT12,7321088.3%
      Commerce, CA12,73814040.3%
      Franklin Park, NJ12,73812423.5%
      Port Neches, TX12,729991.0%
      College, AK12,73413635.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.