Juneau is an expensive place to live, but according to new figures from the Council for Community and Economic Research, the difference between Juneau’s cost of living and the American average is on the decline.
C2ER’s latest cost-of-living index for professional households records the American cost of living on a scale where the national average is 100 points. In the first quarter of 2016, Juneau’s index was 131.2. In the first quarter of 2015, the index was 135.2. Five years ago, it was 136.4. Ten years ago, it was 132.6. Thirty years ago, it was 143.7.
The latest figures were first reported in this month’s issue of Alaska Economic Trends, published by the Alaska Department of Labor and Workforce Development. The department publishes an analysis of Alaska cost-of-living statistics each summer.
Juneau’s cost of living is now on par with Anchorage’s, where the C2ER index measured 131.3 points. Fairbanks clocked in at 132.8, and Kodiak was 136.
C2ER’s index is compiled using surveys from more than 250 American cities.
In Juneau, the largest deviations from the national average are in housing (42.9 percent more expensive than the national average), transportation (58.8 percent more expensive) and health care (49.2 percent more expensive).
According to figures collected by the Department of Labor and the Alaska Housing Finance Corporation, Juneau had the highest average home price in the state during the fourth quarter of 2015. The capital city’s average home price of $372,009 was almost $7,000 higher than the Municipality of Anchorage, the state’s No. 2 spot, and almost $64,000 higher than the statewide average.
For a two-bedroom apartment rental, Juneau’s $1,330 per-month average rent was the second-highest in the state, behind only the Kodiak Island Borough’s $1,434/month average. On the Emerald Isle, rents are boosted by demand from the U.S. Coast Guard, which offers generous housing stipends.
For the full cost-of-living report, visit http://labor.alaska.gov/trends/jul16.pdf.
