Petersburg Borough, Alaska Housing Market
In Petersburg Borough, Alaska, the median home value is $315,100, with a median monthly rent of $950. This places Petersburg Borough at #550 nationally out of 3134 counties by median home value, and #11 within Alaska.
📈 Price Trend (2017 → 2024)
ℹ️ FHFA HPI data is not available for this county due to limited mortgage transaction volume.
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,002
- Establishments: 156
- BLS QCEW, 2025
Housing Supply
- Single-family: 6
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 1,608 (avg $81,572)
- Outflow: 1,450 (avg $84,228)
- IRS Statistics of Income
📝 Local Market Notes
Petersburg Borough, Alaska, operates as a distinctively renter-favorable market, characterized by a price-to-rent ratio of 27.6, significantly exceeding the national average of 18.7. This metric indicates that purchasing a home is substantially more expensive relative to rental costs than in typical markets, suggesting that renting offers superior financial efficiency for many residents. The market’s affordability profile is mixed; while the price-to-income ratio stands at 4.19, well above the national benchmark of 3.20, the rent burden is only 15.2% of median household income, which is lower than the national average of 17.2%. This divergence highlights that while homeownership is stretched, rental housing remains relatively accessible within the local income structure. The multi-year trend reveals a period of intense price appreciation followed by recent stabilization. Median home values surged from $205,000 in 2017 to $315,100 in 2024, with peak year-over-year growth reaching 13.3% in 2022. This rapid escalation has moderated to a 4.6% increase in 2024, indicating a cooling phase in the market. Notably, home values are rising faster than rents, a pattern that typically signals increasing housing costs for owners without a corresponding spike in rental demand. The borough’s home values are 11.1% above the state average and 38.4% above the national average, reflecting its premium position relative to broader markets. This premium is supported by a median household income of $75,125, which is 10.5% higher than the national mean, providing some buffer against high home prices. Economic fundamentals present a constrained supply environment that supports current valuations. With only six new single-family units authorized in 2025 and zero multi-family permits, new construction is negligible compared to the 3,409 population. Local employment is limited to 792 jobs with an average weekly wage of $1,002, suggesting a reliance on external income sources or government funding. Migration data shows a net inflow of 158 filers, with incoming households earning an average of $81,572, slightly less than the $84,228 average of outflowing households. The current 30-year fixed mortgage rate of 7.40% further pressures buyer purchasing power, reinforcing the appeal of the rental sector. For potential buyers, the high entry cost and limited inventory suggest a competitive landscape, while renters benefit from manageable cost burdens relative to local incomes. The market’s trajectory is defined by supply constraints and high baseline values rather than speculative demand.
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| Metric | Petersburg Borough | Alaska Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $315,100 | $283,493 | $227,706 |
| Median Gross Rent | $950 | $1,248 | $968 |
| Owner Occupancy Rate | 65.7% | 64.7% | 73.3% |
| Price/Rent Ratio | 27.6 | 19.0 | 18.7 |
Market Analysis
The median home value in Petersburg Borough is 11.1% above the Alaska state average and 38.4% above the U.S. national average. The median rent of $950/month is 23.9% below the state average.
With a price-to-rent ratio of 27.6, Petersburg Borough is a strongly rent-favored market. Home prices are high relative to rents, meaning renting is typically far cheaper than owning in the near term.
Petersburg Borough has an owner-occupancy rate of 65.7%, compared to 64.7% in Alaska and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Polk County | North Carolina | $315,000 | $1,178 |
| Washington County | Vermont | $315,000 | $1,163 |
| Louisa County | Virginia | $315,300 | $1,220 |
| Lafayette County | Mississippi | $315,400 | $1,085 |
| Bastrop County | Texas | $314,800 | $1,410 |
Other Counties in Alaska
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Kenai Peninsula Borough | $323,200 | $1,184 | 77.0% |
| Fairbanks North Star Borough | $298,200 | $1,459 | 61.7% |
| Wrangell City and Borough | $296,400 | $993 | 59.1% |
| Haines Borough | $293,300 | $1,087 | 78.5% |
| Copper River Census Area | $292,800 | $1,089 | 68.5% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).