Using data from the Zillow Home Value Index, you can explore the 25 most affordable neighborhoods in Alaska as of March 2025. What you’ll find might surprise you – Alaska’s real estate market shows fascinating patterns of growth over the past 15 years, with neighborhoods in Anchorage, Wasilla, Juneau, and Fairbanks all making the list.
You’ll notice that despite being the “least expensive,” these neighborhoods have experienced substantial growth, with an average price increase of 15.90% just in the last five years. Particularly interesting is how Matanuska-Susitna Borough neighborhoods like Tanaina and North Lakes have seen some of the most dramatic value increases, nearly doubling in value since 2010, while some Anchorage neighborhoods have maintained more modest growth trajectories.
As you examine the data below, pay special attention to Downtown Anchorage, which stands out with minimal growth (less than 1% over the 2015-2025 period), contrasting sharply with high-growth areas like Tanaina that saw over 63% growth in the same timeframe. This diversity in market performance offers valuable insights for anyone considering investment or relocation within Alaska.
25. South Addition
- 2025 Home Value: $450,210
- 2020 Home Value: $405,917
- 2015 Home Value: $392,251
- 2010 Home Value: $359,696
- 2020-2025 Change: 10.91%
- 2015-2025 Change: 14.78%
- 2010-2025 Change: 25.16%
Located in the heart of Anchorage, South Addition stands as the most expensive neighborhood among our affordable list. You can find historic homes and tree-lined streets in this centrally located area, which has maintained steady growth over the years. From $359,696 in 2010 to $392,251 in 2015, then climbing to $405,917 in 2020 and reaching $450,210 by 2025, the neighborhood demonstrates consistent appreciation with each five-year period showing positive growth. The 25.16% increase since 2010 reflects its enduring desirability and prime location within Alaska’s largest city.
24. Old Seward-Oceanview
- 2025 Home Value: $446,274
- 2020 Home Value: $378,270
- 2015 Home Value: $322,540
- 2010 Home Value: $282,464
- 2020-2025 Change: 17.98%
- 2015-2025 Change: 38.36%
- 2010-2025 Change: 57.99%
Stretching along the southern coastline of Anchorage, Old Seward-Oceanview offers stunning views that have helped drive impressive property value growth. You’ll appreciate how this neighborhood has experienced one of the strongest long-term appreciation rates on our list, rising dramatically from $282,464 in 2010 to $322,540 in 2015, then jumping to $378,270 in 2020 before reaching $446,274 in 2025. The remarkable 57.99% increase over 15 years demonstrates the growing premium placed on areas with natural beauty and recreational access, positioning this neighborhood as a solid investment despite its relative affordability within the Alaska market.
23. Government Hill
- 2025 Home Value: $442,295
- 2020 Home Value: $413,991
- 2015 Home Value: $367,385
- 2010 Home Value: $309,572
- 2020-2025 Change: 6.84%
- 2015-2025 Change: 20.39%
- 2010-2025 Change: 42.87%
Perched just north of downtown Anchorage with stunning views of Cook Inlet, Government Hill represents one of Anchorage’s oldest neighborhoods. You can trace its steady growth path from $309,572 in 2010 to $367,385 in 2015, followed by an increase to $413,991 in 2020, before reaching $442,295 in 2025. The neighborhood shows interesting growth patterns with its most modest five-year growth (6.84%) occurring in the most recent period, suggesting a potential cooling after stronger earlier appreciation. Nevertheless, the overall 42.87% growth since 2010 demonstrates the neighborhood’s enduring appeal and value proposition within the Anchorage housing market.
22. Sand Lake
- 2025 Home Value: $426,268
- 2020 Home Value: $362,522
- 2015 Home Value: $318,782
- 2010 Home Value: $279,157
- 2020-2025 Change: 17.58%
- 2015-2025 Change: 33.72%
- 2010-2025 Change: 52.70%
Wrapped around the scenic Sand Lake in southwest Anchorage, this neighborhood combines lakeside living with suburban comfort. You’ll find the area has demonstrated impressive growth, climbing from $279,157 in 2010 to $318,782 in 2015, then accelerating to $362,522 in 2020 before reaching $426,268 in 2025. The consistent appreciation pattern has resulted in a substantial 52.70% increase over the 15-year period, reflecting the premium that homebuyers place on neighborhoods with natural water features and recreational opportunities, even in a state already rich with outdoor amenities.
21. Tudor Area
- 2025 Home Value: $420,732
- 2020 Home Value: $376,022
- 2015 Home Value: $332,443
- 2010 Home Value: $300,862
- 2020-2025 Change: 11.89%
- 2015-2025 Change: 26.56%
- 2010-2025 Change: 39.84%
Situated in a central location along Tudor Road, one of Anchorage’s major east-west arteries, the Tudor Area provides convenient access to the city’s amenities. You can observe its steady appreciation from $300,862 in 2010 to $332,443 in 2015, continuing to $376,022 in 2020, and reaching $420,732 by 2025. The neighborhood’s growth pattern shows a healthy but not explosive appreciation rate, with an 11.89% increase in the last five years contributing to a solid 39.84% overall growth since 2010, highlighting the sustained demand for well-located residential areas within Anchorage’s urban footprint.
20. Turnagain
- 2025 Home Value: $416,032
- 2020 Home Value: $351,308
- 2015 Home Value: $312,114
- 2010 Home Value: $278,527
- 2020-2025 Change: 18.42%
- 2015-2025 Change: 33.29%
- 2010-2025 Change: 49.37%
Named after the adjacent Turnagain Arm of Cook Inlet, this western Anchorage neighborhood offers scenic views and outdoor recreation opportunities. You’ll notice that home values have climbed steadily from $278,527 in 2010 to $312,114 in 2015, followed by a jump to $351,308 in 2020, before reaching $416,032 in 2025. The neighborhood has shown particularly strong recent growth with an 18.42% increase over the last five years, contributing to its impressive 49.37% total appreciation since 2010, demonstrating the premium that Alaskan homebuyers place on neighborhoods that combine natural beauty with relative proximity to urban amenities.
19. North Lakes
- 2025 Home Value: $389,594
- 2020 Home Value: $296,569
- 2015 Home Value: $242,609
- 2010 Home Value: $222,792
- 2020-2025 Change: 31.37%
- 2015-2025 Change: 60.59%
- 2010-2025 Change: 74.87%
As part of the rapidly developing Matanuska-Susitna Borough near Wasilla, North Lakes has emerged as one of Alaska’s fastest-appreciating neighborhoods. You can trace its remarkable growth trajectory from a modest $222,792 in 2010 to $242,609 in 2015, followed by a substantial jump to $296,569 in 2020, before surging to $389,594 in 2025. The neighborhood stands out with its extraordinary 31.37% growth just in the last five years and a stunning 74.87% increase since 2010, reflecting the broader migration patterns as homebuyers seek more affordable alternatives outside of Anchorage while remaining within commuting distance of Alaska’s economic hub.
18. Abbott Loop
- 2025 Home Value: $380,775
- 2020 Home Value: $331,967
- 2015 Home Value: $289,667
- 2010 Home Value: $259,430
- 2020-2025 Change: 14.70%
- 2015-2025 Change: 31.45%
- 2010-2025 Change: 46.77%
Situated in the southeastern part of Anchorage, Abbott Loop offers a blend of residential comfort and proximity to the Chugach Mountains. You’ll find this neighborhood has maintained consistent growth, rising from $259,430 in 2010 to $289,667 in 2015, then to $331,967 in 2020, before reaching $380,775 in 2025. With a healthy 14.70% appreciation in the past five years contributing to a robust 46.77% increase since 2010, Abbott Loop demonstrates the steady demand for established Anchorage neighborhoods that balance accessibility with a slightly more suburban feel compared to the city’s downtown core.
17. Tanaina
- 2025 Home Value: $380,387
- 2020 Home Value: $278,225
- 2015 Home Value: $232,281
- 2010 Home Value: $212,616
- 2020-2025 Change: 36.72%
- 2015-2025 Change: 63.76%
- 2010-2025 Change: 78.91%
Nestled in the Matanuska-Susitna Borough near Wasilla, Tanaina stands out as the neighborhood with the highest percentage growth on our list. You can observe its extraordinary appreciation from $212,616 in 2010 to $232,281 in 2015, followed by an increase to $278,225 in 2020, before soaring to $380,387 in 2025. The remarkable 36.72% growth in just the last five years and an astonishing 78.91% increase since 2010 highlight the dramatic shift in Alaska’s housing market dynamics, with areas outside Anchorage proper seeing unprecedented demand as buyers seek greater affordability while remaining within the broader Anchorage metropolitan area.
16. Knik-Fairview
- 2025 Home Value: $369,952
- 2020 Home Value: $286,261
- 2015 Home Value: $238,506
- 2010 Home Value: $216,616
- 2020-2025 Change: 29.24%
- 2015-2025 Change: 55.11%
- 2010-2025 Change: 70.79%
Spanning a large area in the Matanuska-Susitna Borough near Wasilla, Knik-Fairview offers more space and lower density than Anchorage neighborhoods. You’ll notice its impressive growth pattern from $216,616 in 2010 to $238,506 in 2015, then accelerating to $286,261 in 2020, before reaching $369,952 in 2025. With a substantial 29.24% growth in the past five years contributing to a dramatic 70.79% increase since 2010, this neighborhood exemplifies the strong market performance of the Mat-Su Valley region, which has attracted homebuyers seeking larger properties and lower costs while remaining within reasonable distance of Anchorage’s employment opportunities.
15. University Area
- 2025 Home Value: $365,194
- 2020 Home Value: $311,548
- 2015 Home Value: $271,988
- 2010 Home Value: $239,616
- 2020-2025 Change: 17.22%
- 2015-2025 Change: 34.27%
- 2010-2025 Change: 52.41%
Adjacent to the University of Alaska Anchorage campus, this neighborhood benefits from educational institution proximity and the stability it provides. You can trace its steady appreciation from $239,616 in 2010 to $271,988 in 2015, then increasing to $311,548 in 2020, before climbing to $365,194 in 2025. The consistent growth pattern resulting in a 17.22% increase over the last five years and a robust 52.41% appreciation since 2010 demonstrates the enduring appeal of university-adjacent neighborhoods, which typically benefit from a mix of owner-occupied homes and investment properties catering to the student and faculty rental market.
14. Scenic Foothills
- 2025 Home Value: $359,337
- 2020 Home Value: $301,161
- 2015 Home Value: $261,162
- 2010 Home Value: $230,657
- 2020-2025 Change: 19.32%
- 2015-2025 Change: 37.59%
- 2010-2025 Change: 55.79%
As its name suggests, Scenic Foothills offers beautiful views of the surrounding Chugach Mountains in northeast Anchorage. You’ll find this neighborhood has shown strong appreciation, rising from $230,657 in 2010 to $261,162 in 2015, then to $301,161 in 2020, before reaching $359,337 in 2025. The healthy 19.32% growth in the most recent five-year period has contributed to an impressive 55.79% total increase since 2010, highlighting the premium that homebuyers place on neighborhoods that combine residential comfort with natural beauty and mountain views, a particularly valuable combination in Alaska’s largest city.
13. Northeast
- 2025 Home Value: $330,926
- 2020 Home Value: $298,061
- 2015 Home Value: $269,426
- 2010 Home Value: $247,756
- 2020-2025 Change: 11.03%
- 2015-2025 Change: 22.83%
- 2010-2025 Change: 33.57%
Positioned in the northeastern quadrant of Anchorage, this aptly named neighborhood offers a blend of established homes and community amenities. You can observe its steady but moderate growth from $247,756 in 2010 to $269,426 in 2015, then to $298,061 in 2020, before reaching $330,926 in 2025. The neighborhood’s 11.03% appreciation over the last five years and 33.57% increase since 2010 represent more modest growth compared to some other areas on our list, suggesting a stable market without the dramatic price surges seen in some of Alaska’s faster-growing regions.
12. Airport Heights
- 2025 Home Value: $329,644
- 2020 Home Value: $286,966
- 2015 Home Value: $255,011
- 2010 Home Value: $222,945
- 2020-2025 Change: 14.87%
- 2015-2025 Change: 29.27%
- 2010-2025 Change: 47.86%
Situated near Ted Stevens Anchorage International Airport, Airport Heights combines convenient access to transportation with established residential streets. You’ll notice that home values have climbed steadily from $222,945 in 2010 to $255,011 in 2015, then accelerating to $286,966 in 2020, before reaching $329,644 in 2025. With a solid 14.87% growth in the past five years contributing to a substantial 47.86% increase since 2010, this neighborhood demonstrates that proximity to essential infrastructure can be a driver of sustained property value appreciation, particularly in a state where air travel plays a vital role in connectivity.
11. Campbell Park
- 2025 Home Value: $326,238
- 2020 Home Value: $297,566
- 2015 Home Value: $268,417
- 2010 Home Value: $242,191
- 2020-2025 Change: 9.64%
- 2015-2025 Change: 21.54%
- 2010-2025 Change: 34.70%
Named after the expansive Campbell Creek Park that runs through it, this Anchorage neighborhood offers residents abundant green space and recreational trails. You can trace its moderate but consistent growth from $242,191 in 2010 to $268,417 in 2015, then to $297,566 in 2020, before climbing to $326,238 in 2025. The neighborhood’s appreciation pattern shows a somewhat more modest growth rate compared to others on our list, with a 9.64% increase in the most recent five-year period contributing to a 34.70% total growth since 2010, reflecting the stable but not explosive demand for mid-range Anchorage residential areas.
10. Douglas
- 2025 Home Value: $322,363
- 2020 Home Value: $271,278
- 2015 Home Value: $268,696
- 2010 Home Value: N/A
- 2020-2025 Change: 18.83%
- 2015-2025 Change: 19.97%
- 2010-2025 Change: N/A
Located on Douglas Island across from downtown Juneau, this is the only Southeast Alaska neighborhood to make our list. You’ll find that Douglas has shown interesting growth patterns, with values remaining nearly flat at $268,696 in 2015 to $271,278 in 2020, before experiencing a significant jump to $322,363 in 2025. The substantial 18.83% growth in just the last five years indicates a recent surge in the Juneau housing market. While we lack 2010 data for comparison, the overall 19.97% growth since 2015 demonstrates how this island community has become increasingly desirable as part of the broader Juneau metropolitan area.
9. Spenard
- 2025 Home Value: $320,553
- 2020 Home Value: $279,417
- 2015 Home Value: $239,482
- 2010 Home Value: $215,812
- 2020-2025 Change: 14.72%
- 2015-2025 Change: 33.85%
- 2010-2025 Change: 48.53%
With its eclectic character and proximity to both the airport and midtown Anchorage, Spenard has transformed from a once-separate town into a vibrant neighborhood. You can observe its steady growth trajectory from $215,812 in 2010 to $239,482 in 2015, then accelerating to $279,417 in 2020, before reaching $320,553 in 2025. The consistent appreciation pattern resulting in a 14.72% increase over the last five years and a robust 48.53% growth since 2010 reflects Spenard’s evolution as it balances its distinctive local character with increasing integration into Anchorage’s urban fabric.
8. Taku-Campbell
- 2025 Home Value: $316,726
- 2020 Home Value: $269,068
- 2015 Home Value: $239,907
- 2010 Home Value: $205,796
- 2020-2025 Change: 17.71%
- 2015-2025 Change: 32.02%
- 2010-2025 Change: 53.90%
Straddling the Campbell Creek greenbelt in south Anchorage, Taku-Campbell offers residents natural amenities alongside urban convenience. You’ll notice that home values have risen consistently from $205,796 in 2010 to $239,907 in 2015, then to $269,068 in 2020, before climbing to $316,726 in 2025. The healthy 17.71% growth in the past five years has contributed to an impressive 53.90% increase since 2010, demonstrating the neighborhood’s growing appeal as homebuyers increasingly prioritize access to green spaces and recreational opportunities within Anchorage’s urban environment.
7. North Star
- 2025 Home Value: $316,447
- 2020 Home Value: $295,810
- 2015 Home Value: $255,573
- 2010 Home Value: $227,798
- 2020-2025 Change: 6.98%
- 2015-2025 Change: 23.82%
- 2010-2025 Change: 38.92%
Centrally positioned within Anchorage’s urban core, North Star offers convenient access to both downtown and midtown commercial districts. You can trace its growth pattern from $227,798 in 2010 to $255,573 in 2015, then accelerating to $295,810 in 2020, before reaching $316,447 in 2025. The neighborhood shows a notable slowing in its most recent growth period with just a 6.98% increase since 2020, which is among the lowest five-year growth rates on our list. Nevertheless, the overall 38.92% appreciation since 2010 reflects the neighborhood’s sustained appeal as a centrally located option within Alaska’s largest city.
6. Midtown
- 2025 Home Value: $280,493
- 2020 Home Value: $255,353
- 2015 Home Value: $232,573
- 2010 Home Value: $203,503
- 2020-2025 Change: 9.84%
- 2015-2025 Change: 20.60%
- 2010-2025 Change: 37.83%
As the commercial heart of Anchorage, Midtown blends business districts with residential pockets, offering urban convenience and amenities. You’ll find this neighborhood has shown steady but moderate growth, rising from $203,503 in 2010 to $232,573 in 2015, then to $255,353 in 2020, before reaching $280,493 in 2025. The relatively modest 9.84% increase over the last five years contributing to a solid 37.83% appreciation since 2010 suggests that Midtown maintains a stable housing market without the dramatic price surges seen in some residential-focused neighborhoods, possibly reflecting the mixed-use nature of this area.
5. Mountain View
- 2025 Home Value: $262,967
- 2020 Home Value: $227,829
- 2015 Home Value: $222,557
- 2010 Home Value: $202,284
- 2020-2025 Change: 15.42%
- 2015-2025 Change: 18.16%
- 2010-2025 Change: 30.00%
Located in northeast Anchorage with views of the surrounding mountains, Mountain View has historically been one of Anchorage’s more affordable neighborhoods. You can observe its growth trajectory from $202,284 in 2010 to $222,557 in 2015, with minimal change to $227,829 in 2020, before accelerating to $262,967 in 2025. The interesting growth pattern shows a period of stagnation between 2015-2020 (just 2.37% growth) followed by stronger recent appreciation of 15.42% since 2020, resulting in a total 30.00% increase since 2010 – one of the more modest long-term growth rates on our list, suggesting this neighborhood remains an accessible entry point into the Anchorage housing market.
4. Russian Jack Park
- 2025 Home Value: $228,311
- 2020 Home Value: $197,864
- 2015 Home Value: $180,537
- 2010 Home Value: $160,741
- 2020-2025 Change: 15.39%
- 2015-2025 Change: 26.46%
- 2010-2025 Change: 42.04%
Named after “Russian Jack” Marunenko, a local homesteader from the early 20th century, this east Anchorage neighborhood offers affordability with convenient city access. You’ll notice that home values have risen from $160,741 in 2010 to $180,537 in 2015, then to $197,864 in 2020, before reaching $228,311 in 2025. The consistent growth pattern has produced a 15.39% increase in the most recent five-year period and a substantial 42.04% appreciation since 2010, demonstrating that even in Anchorage’s more affordable neighborhoods, property values have maintained healthy long-term growth trends, outpacing inflation and providing homeowners with meaningful equity gains.
3. Fairview
- 2025 Home Value: $227,596
- 2020 Home Value: $197,453
- 2015 Home Value: $188,462
- 2010 Home Value: $173,864
- 2020-2025 Change: 15.27%
- 2015-2025 Change: 20.76%
- 2010-2025 Change: 30.90%
Just east of downtown Anchorage, Fairview represents one of the city’s more diverse neighborhoods with a mix of residential and commercial properties. You can trace its moderate growth from $173,864 in 2010 to $188,462 in 2015, with a similar pace to $197,453 in 2020, before accelerating to $227,596 in 2025. The neighborhood shows an interesting growth pattern with its most robust five-year increase (15.27%) occurring in the most recent period, suggesting potential revitalization efforts may be bearing fruit. The overall 30.90% appreciation since 2010 represents solid growth while maintaining its position as one of Anchorage’s more affordable residential options.
2. Downtown
- 2025 Home Value: $226,553
- 2020 Home Value: $223,385
- 2015 Home Value: $224,534
- 2010 Home Value: $212,500
- 2020-2025 Change: 1.42%
- 2015-2025 Change: 0.90%
- 2010-2025 Change: 6.61%
At the core of Alaska’s largest city, Downtown Anchorage stands out as the neighborhood with the most stagnant property values on our list. You’ll find an unusual pattern here, with values barely moving from $212,500 in 2010 to $224,534 in 2015, then actually declining slightly to $223,385 in 2020, before inching up to just $226,553 by 2025. The meager 1.42% growth in the last five years and astonishingly low 0.90% appreciation over a ten-year period reflect unique challenges facing urban core residential properties in Anchorage, possibly influenced by commercial development priorities, limited residential inventory, or changing preferences for suburban living in this northern climate.
1. Bjerremark
- 2025 Home Value: $216,797
- 2020 Home Value: $190,036
- 2015 Home Value: $151,930
- 2010 Home Value: $152,320
- 2020-2025 Change: 14.08%
- 2015-2025 Change: 42.70%
- 2010-2025 Change: 42.33%
Located in Fairbanks, Alaska’s second-largest city, Bjerremark emerges as the most affordable neighborhood on our list. You can observe its fascinating growth trajectory which shows a slight value decline from $152,320 in 2010 to $151,930 in 2015, followed by significant recovery to $190,036 in 2020, and continuing upward to $216,797 in 2025. The neighborhood demonstrates a remarkable reversal of fortunes with essentially zero growth from 2010-2015 followed by robust 42.70% appreciation over the following decade. As the only Fairbanks neighborhood making our list, Bjerremark offers insight into the interior Alaska housing market, which operates under different economic conditions than Anchorage or Juneau.
