Alaska

Summary

Alaska state is facing challenges to housing affordability. For every 100 low-income renter households, there are 68 units available that are affordable to them. The median household income in the state is $55,973 whereas the median rent in the state is $1,153. Currently, the state is short over 6,737 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.

• 34.3% share of renter households
• 39.3% share of low-income households
• 41.6% share of rent-burdened households

Renter population data

Renters vs homeowners

Low-income renter households

Rent-burdened households

Affordable housing shortage

Rent vs median household income

Affordable housing stock

Finance institutions

Alaska Housing Finance Corporation

• Alaska Housing Finance Corporation
  4300 Boniface Parkway
  Anchorage, AK 99504-4317

List of loan programs

• Association Loan Program
• Multifamily Loan Purchases
• Federally-Insured Loan
• Multifamily Congregate and Special Needs
• Senior Housing Loan
• Assistance Provider Loan Program

QAP document (Qualified Allocation Plan)

The QAP is a document that states and a few local agencies must develop to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria. Each QAP must spell out a housing finance agency’s (HFA’s) priorities and specify the criteria it will use to select projects competing for tax credits. The priorities must be appropriate to local conditions.

Housing news

How Fed Rate Cuts Impact the Housing Market

September 19, 2024 | Fast Company

The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Although lower rates make borrowing more affordable, the ongoing housing shortage and existing conditions in the market remain tough obstacles.

Key Takeaways:

• Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%. This could ease the burden for homebuyers and those refinancing.
• Home Sales: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some of the housing market’s stagnation. However, a full recovery of the resale market is expected to be gradual.
• Ongoing Supply Issues: Despite lower rates, housing supply shortages will persist, especially in high-demand areas. Supply constraints, driven by zoning restrictions and labor/material shortages, remain a barrier to affordability.

While the Fed’s actions are a positive step toward stabilizing the housing market, broader structural challenges—particularly the lack of new housing supply—will continue to affect the market.

Other notable housing news

1. Housing market won’t come ‘unstuck’ until 2026 - Bank of America economists predict the US housing market won't recover until at least 2026, with home affordability improving only with a recession.
   Read more
2. In 2023, the number of homeless individuals in the U.S. reached approximately 653,000 - The highest since such records began in 2007.
   Read more
3. The homebuying affordability gap is widening - The worsening housing affordability crisis in the U.S. has broken several records, the recent being the national affordability gap nearing a 10-year high.
   Read more

Shortage statistics for ELI & VLI renters

S&D ratio = Supply & Demand Ratio

Content may be subject to change as new statistics and information are released.