States › Alaska › South Lakes

Is South Lakes, AK expensive to live in?

CheapRent takes 15 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,28527% lower than U.S. average
💵 Families earn per year (2026)$105,845about $8,820/month · 22% higher than U.S. average
🔑 House price$377,50013% higher than U.S. average

Rent is lower than in 70% of U.S. cities. A typical house costs about 3.6 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $51,400 a year. That is $25 an hour at a full-time job.

Is rent cheaper than other Alaska cities?

Yes. Rent here is cheaper than in most of Alaska. It is number 3 of 24 cities from cheapest to most expensive.

South Lakes
$1,285
Palmer
$1,488
Bethel
$1,819
Sterling
$1,988
Steele Creek
$1,297
Chena Ridge
$1,177
Homer
$1,273

How much do households earn in South Lakes?

Under $25k
7.3%
$25k–50k
17.2%
$50k–100k
32.9%
$100k–150k
23.0%
$150k+
17.6%

Share of households by yearly income. 40.7% of households earn $100,000 or more.

Rent by apartment size in South Lakes

SizeSouth LakesU.S. average
1 bedroom$1,202$1,324
2 bedrooms$1,245$1,509
3 bedrooms$1,535$1,698
4 bedrooms$2,624$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is South Lakes overall?

Everyday prices in Alaska overall are 2% above the U.S. average (index 102.4, U.S. = 100).

Housing
94
Goods (food, clothes…)
106
Utilities
119
Other services
102
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for South Lakes, so the Alaska figure is shown.

Taxes and bills in South Lakes

🏛️ Property tax$4,202a year · 1.11% of home value · U.S. $3,119
⚡ Electric bill$160a month (typical) · U.S. $156

Life in South Lakes

Commute to work27.8 minU.S.: 26.4 min
College degree24.1%U.S.: 35.7%
Own their home71%U.S.: 65.2%
Below poverty line7.6%U.S.: 12.5%
Unemployment5.2%U.S.: 5.2%

Is it cheaper to rent or buy in South Lakes?

Renting is cheaper right now: about $1,334 a month less.

Renting
$1,285
Owning
$2,619

Owning assumes a typical $377,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $37,750 for the down payment.

Frequently asked questions

What is the average rent in South Lakes, AK?

Renting in South Lakes costs a median of about $1,285 a month in 2026, including utilities. The Alaska median is $1,651.

How much do I need to make to live in South Lakes?

To keep rent under 30% of income, you need about $51,400 a year, or $25 an hour at a full-time job.

Is South Lakes cheap or expensive?

South Lakes is rated Cheap: rent takes 14.6% of the typical household income of $105,845. It ranks 3rd cheapest of 24 Alaska cities we track.

How much are property taxes in South Lakes?

The median homeowner in South Lakes pays $4,202 a year in property taxes, about 1.11% of the median home value.

Is South Lakes more expensive than the national average?

Overall prices in Alaska are 2% above the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in South Lakes?

The median home value in South Lakes is $377,500, about 3.6 times the typical yearly household income.

6,180 people live in South Lakes. Numbers are typical (middle) values.