Fairbanks
About Fairbanks, Alaska
Welcome to Fairbanks, the largest city in the Interior region of Alaska and often called the "Gateway to the Arctic." Fairbanks is known for its subarctic climate which provides a perfect viewing stage for the Northern Lights visible for more than 200 days of the year. The city blends its gold rush history with modern attributes, hosting the University of Alaska Fairbanks, a leader in Arctic research. Fairbanks’ community thrives on its local festivals, unique art scenes, and an economy supported by military, tourism, and oil industries.
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Average Home Prices in Fairbanks
The average home price in Fairbanks, AK, is approximately $282,600. This reflects a diverse housing market that ranges from modern downtown apartments to rustic, secluded cabins in the woods. Fairbanks offers a variety of living styles, appealing to those who appreciate a frontier lifestyle coupled with the convenience of urban amenities.
Based on calculations of home data from MLS and/or public records.
Veteran Benefits in Alaska
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Alaska Veterans and Pioneers Home
The Alaska Veterans and Pioneers Home in Palmer provides assisted living to older Alaskans with 75% of its 79 beds designated for veterans. Qualifying veterans, who are 65 or older and require assisted living care, are eligible for a per diem from the U.S. Department of Veterans Affairs to help cover costs. Applicants must have resided in Alaska for one year or more prior to application.
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Veterans Land Discount/Purchase Preference
Under the Veterans Land Sale Preference, before any unoccupied residential land is offered to the general public at auction, a veteran has the exclusive opportunity to purchase the land at a restricted sale at fair appraised market value. The Veterans Land Discount program allows a 20% discount on state residential/recreational land purchases, usable once in a veteran's lifetime.
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Veterans Housing and Residential Loans
The Alaska Housing Finance Corp. administers the Veterans Mortgage Program, which offers low-interest rates and little to no down payment for qualified veterans and active duty military personnel. Qualified veterans can also receive a 1% interest rate reduction on the first $50,000 of the loan amount.
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Alaska State Tax Benefits
Veterans with a VA or military disability rating of 50% or more are exempt from property taxes on the first $150,000 of the assessed value of their residence. This exemption extends to the spouse if the veteran passes away and the spouse is at least 60 years old.
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Alaska Veteran Employment Benefits
State employment gives a preference to veterans, awarding additional points on examinations. Honorably discharged veterans are also eligible to buy up to five years of military service for state retirement benefits.
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Alaska Veteran Education Benefits
The surviving spouse or dependent of a service member who died in the line of duty or who was listed as a prisoner of war may be entitled to free tuition at the University of Alaska.
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Alaska Veteran Recreation Benefits
The Alaska Railroad offers a 20% discount to active-duty military, retirees, and their dependents. The Alaska Marine Highway System provides a reduced-fare pass for veterans with a service-connected disability. Free state park camping passes and free hunting and fishing licenses are available to disabled veterans.
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Death Gratuity
A death gratuity of $750 is paid to the surviving spouse or personal representative of a deceased veteran who was a resident of Alaska at the time of death, meeting specific service criteria.
Fairbanks Neighborhoods and Surrounding Areas
Explore the diverse neighborhoods of Fairbanks, each offering unique characteristics and amenities. Here’s a detailed look at 20 vibrant communities:
- Downtown Fairbanks: The heart of the city, bustling with businesses, restaurants, and cultural venues, ideal for those who enjoy urban living.
- Goldstream Valley: A scenic and somewhat rural area northwest of downtown, known for its large lots and access to outdoor activities.
- North Pole: Located southeast of Fairbanks, this charming community is famous for its year-round Christmas decorations and festive spirit.
- Ester: A small historic mining community with an artsy vibe, located just west of Fairbanks, known for its community events and local theaters.
- College: Home to the University of Alaska Fairbanks, this area offers a vibrant academic community with a mix of student housing and residential properties.
- Hamilton Acres: A well-established residential neighborhood close to downtown, known for its family-friendly environment and parks.
- Farmer’s Loop: A residential area with a mix of traditional homes and cabins, offering larger properties and a quieter lifestyle.
- Chena Ridge: Offering stunning views over Fairbanks, this neighborhood is known for its spacious homes and secluded environment.
- Steele Creek: Located northeast of the city center, Steele Creek offers a rural setting with access to hiking and cross-country skiing.
- Fox: A small community to the north of Fairbanks, known for its gold mining history and close-knit community.
- University West: Adjacent to the university, this area caters to academics and students with convenient access to campus and research facilities.
- Birch Hill: Known for its recreation area with cross-country skiing trails, Birch Hill is a desirable location for outdoor enthusiasts.
- Badger Road: A growing area with a mix of residential options, popular among families looking for newer constructions.
- Moose Creek: Near Eielson Air Force Base, offering affordable housing mainly to military families and personnel.
- Slaterville: Close to downtown, Slaterville is a mix of residential and light industrial, convenient for those working in the city.
- Aurora: A quiet neighborhood on the outskirts of Fairbanks, offering peace and privacy with larger lot sizes.
- Riverview: As the name suggests, this area offers beautiful views along the Chena River, with homes that have riverfront access.
- Salcha: Further out from Fairbanks, known for its wilderness access and privacy, attracting those seeking a more isolated living experience.
- Two Rivers: A remote community east of Fairbanks, popular with dog mushers and those seeking solitude and a close connection to nature.
- Van Horn: A primarily residential area with a variety of home styles, from modern to rustic, appealing to a broad demographic.
Military Presence in Fairbanks
Fairbanks hosts a significant military presence that plays a crucial role in the community and local economy. Key installations include:
- Fort Wainwright: An Army base located adjacent to Fairbanks, providing a variety of missions and supporting both military and civilian personnel.
- Eielson Air Force Base: Located southeast of Fairbanks, Eielson AFB is an integral part of the Air Force’s global strike capability and hosts the RED FLAG-Alaska aerial combat exercises.
Local Universities in Fairbanks
Fairbanks is home to the flagship campus of the University of Alaska system, enhancing the city’s educational and cultural landscape:
- University of Alaska Fairbanks (UAF): Known for its research in Arctic biology, engineering, geophysics, and indigenous studies, UAF offers a diverse array of programs that draw students from around the world.
VA Home Loans and MHS Lending in Fairbanks
VA Home Loans provide valuable benefits for veterans looking to settle in Fairbanks, helping them to achieve homeownership in this unique community:
- No Down Payment Required: Eligible veterans can purchase homes without a down payment, a significant advantage in Fairbanks' real estate market.
- Competitive Interest Rates: VA Loans often come with interest rates lower than those of many conventional loans, reducing the long-term cost of buying a home.
- No Private Mortgage Insurance (PMI): These loans do not require PMI, which can significantly lower monthly mortgage payments for home buyers.
MHS Lending, specializing in VA Loans, offers expert guidance through the home buying process, helping veterans maximize their benefits and find the perfect home in Fairbanks.
