Salary & Cost of Living in Fairbanks, AK
Fairbanks, AK: $65,200 median salary, cost of living index 120, $11.73/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$65,200
$31/hr
Cost of Living
120
US avg = 100
Minimum Wage
$11.73
per hour
Unemployment
5.2%
rate
Fairbanks, AK Overview
Population
32,515
Median Salary
$65,200
Average Salary
$71,000
Avg Commute
18 min
Median Home Price
$260,000
Median Rent
$1,250/mo
Job Growth
+0.3%
Sales Tax
0%
Fairbanks is located in Alaska with a population of 32,515. The median household salary is $65,200 per year ($31/hour), which is $5,816 above the national median of $59,384. The average commute time is 18 minutes, and the city has a job growth rate of +0.3%.
Fairbanks Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Fairbanks, AK, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$54,254
$4,521.18/month · $2,086.70/biweekly · Effective Rate: 16.8%
Gross Pay
$65,200
Federal Tax
-$5,958
State Tax
$0
Local Tax
$0
FICA
-$4,988
Net Pay
$54,254
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $5,433.33 | $65,200.00 |
| Federal Income Tax | -$496.50 | -$5,958.00 |
| Alaska State Tax (0%) | $0.00 | $0.00 |
| Social Security (6.2%) | -$336.87 | -$4,042.40 |
| Medicare (1.45%) | -$78.78 | -$945.40 |
| Net Take-Home Pay | $4,521.18 | $54,254.20 |
Salary Comparison: Fairbanks vs Other Cities
See how Fairbanks's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Fairbanks, AK | $65,200 | 120 | $54,333 |
| National Average | $59,384 | 100 | $59,384 |
| Long Beach, CA | $65,000 | 148 | $43,919 |
| Oceanside, CA | $65,000 | 145 | $44,828 |
| Colorado Springs, CO | $65,000 | 100 | $65,000 |
| Pembroke Pines, FL | $65,000 | 115 | $56,522 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Fairbanks
Fairbanks's cost of living index is 120 (national average = 100). Living in Fairbanks is 20% more expensive than the national average.
Median Home Price
$260,000
Median Monthly Rent
$1,250
Annual Rent Cost
$15,000
Your Salary's Purchasing Power
Your $54,254 annual take-home pay in Fairbanks has the purchasing power of approximately $45,212 in an average-cost US area. You would need to earn $78,240 in Fairbanks to match a $65,200 salary in an average-cost city.
Top Industries in Fairbanks
Fairbanks's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $65,200.
Salary Tips for Fairbanks Workers
- No state income tax advantage. Alaska has no state income tax, which means more of your paycheck stays in your pocket. Invest the savings in a Roth IRA or 401(k) for long-term growth.
- Research top industries. Fairbanks's top industries include Military, Education, Mining. Targeting roles in these sectors can help you earn above the $65,200 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
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Frequently Asked Questions
What is the median salary in Fairbanks, AK?
The median salary in Fairbanks, AK is $65,200 per year, or $31 per hour. The average salary is $71,000. This is $5,816 above the national median of $59,384.
What is the cost of living in Fairbanks, AK?
Fairbanks's cost of living index is 120 (national average = 100), meaning it is 20% more expensive compared to the national average. The median home price is $260,000 and the median monthly rent is $1,250.
What are the best industries in Fairbanks?
The top industries in Fairbanks, AK include Military, Education, Mining. The city has a job growth rate of 0.3% and an unemployment rate of 5.2%. Workers in these industries often earn above the city's median salary of $65,200.
How does Fairbanks's salary compare to other cities?
Fairbanks's median salary of $65,200 is 9.8% above the national median of $59,384. However, when adjusted for cost of living (index: 120), the real purchasing power is approximately $54,333.
What is the minimum wage in Fairbanks, AK?
The minimum wage in Fairbanks, AK is $11.73 per hour. This equals approximately $24,398 per year for a full-time worker (40 hours/week). This is $4.48 above the federal minimum wage of $7.25/hour.