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Choosing an Alaska Mortgage
As of 2006, Alaska is listed as one of the states with the lowest mortgage rates in the United States. The natural resources of the region combined with booming industry. While, in comparison to the rest of the nation, Alaska is less populated, there are major urban areas that are experiencing a great deal of growth. Home mortgages in Alaska represent an excellent investment in the future because of the present low cost of housing. Additionally, the cost of living in Alaska is quite low, and jobs are plentiful, making it an excellent place to purchase a home. Four major cities in Alaska each have their own regulations and rates.
In 2003, out of 85,729 homes in Anchorage, 26,381 were mortgage-free. Now in 2006, only 14% of 94,822 homes are mortgage-free. The average value of Real Estate Taxes in Anchorage is $2,523 annually, and home owners pay 20.9% of their income for housing expenses.
In Juneau, a city located on the very south side of Alaska, 18% of 11,543 homeowners do not have a mortgage for their homes. Out of 82% of homes that are on mortgage, 67% of them are with first mortgage only. The rest are on second mortgage and/or Home Equity Loans. In Juneau, homeowners are required to spend 21% of their income on housing expenses, and the average amount of money in Real Estate Taxes would be $2,240.
Situated right in the middle of the large state of Alaska, Fairbanks holds 11,127 homes, of which only 35% of living spaces are occupied by their owners, not renters. It is statistically proven that more residents in Fairbanks have earned college degrees as opposed to most adults in other Alaskan cities. Only 73% of Fairbanks homes have a mortgage, and homeowners pay 19.3% of their income for housing expenses while $1,898 is the median rate of Real Estate Taxes.
Even though it holds only 8,835 residents, Sitka is still considered Alaska’s fourth largest city. 70% of its residents have a mortgage, and 7% of homeowners are on their second mortgage. Though Sitka’s median Real Estate Taxes is as low as $1,079, homeowners have to pay 20.4% of their income to cover housing expenses.