The median home value is $340,500 in Anchorage, Alaska. The home value has increased in the last year by 1.2 percent. A forecast has been made that the value of homes is going to stay even in the following year compared to the current year.
Per square foot, the list cost median is $179 in Anchorage. The Metro Area of Anchorage has a lower per square foot list cost median of $166.
$312,000 is the cost median of homes that are listed presently in the city of Anchorage, Alaska. In Anchorage, the rent cost median is $1,795. The Anchorage Metro Area has a lower rent cost median, which is $1,700.
An important indicator when it comes to economic health of real estate is the foreclosure rate. The higher the foreclosure rate, the lower the value of real estate. And the opposite is true. The lower the rate of foreclosure, the higher the value of realty.
If the foreclosure rate of a particular location should climb to very high levels, the value of real estate may plunge in that particular location. If the foreclosure rate of the heavy majority of the United States properties should climb to very high levels, the value of real estate may plunge in much of the United States.
One percent is the percentage of delinquent mortgages in the city of Anchorage. Our nation has a slightly higher mortgage delinquency rate, which is 1.1 percent.
The recession of 2008 had a very dire effect on the real estate economy of the United States as well as the economy as a whole. One particularly dire effect was that the value of real estate in the United States decreased by over 20%.
This put many United States homeowners underwater regarding their mortgages. Being underwater on a mortgage means that the owner of the home has more mortgage debt than the value of their house.
When real estate values plunge and homeowners end up being underwater on their mortgage, it is a negative situation. This is because the homeowner is likely to owe the bank money in order to sell their home.
And this is particularly distressing for the owner of a home, someone who is struggling just to be able to pay bills, and needs to sell their home in order to be able to move.
Because the value of homes goes up and down (works in a cycle), it is important to be prepared in case the value of your home should drop significantly in value after you buy your house.
And now back to commercial real estate in Anchorage.
We are going to look at the retail market. There have been some upheavals and excitement in this market. There is very large retail as well as large box store tenants who are closing their stores in Anchorage, and moving to locations that are new.
Unfortunately, these decisions are not made in Alaska. They are made in corporations outside of Alaska, and most of the time do not consider the profitability of Anchorage stores.
The economics of Alaska retail commercial estate is in the positive. Lease rates of retail have gone up steadily since the year 2008. $2.50, triple net is the retail lease rate average this year.
The annual median household income in Anchorage, Alaska is $85,634.