Cost of Living in Mill Bay, AK

With a cost of living index of 156, Mill Bay, AK is one of the most expensive cities in the United States. Living here is 56% more expensive than the national average and 66% above the Alaska state average of 90. Mill Bay is a small community of 3,541 residents.

Housing costs are the biggest factor in Mill Bay's cost of living. The median monthly rent is $2,777 (111% above the US median of $1,319), and the median home value sits at $430,600 (41% above the national median of $304,900). At current prices, the median home costs roughly 4.6x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Mill Bay is $94,359, which is 26% higher than the national median of $75,149. Residents spend roughly 35% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened. While incomes are above average, they do not fully offset the higher cost of living.

Climate is another factor for anyone considering a move to Mill Bay. The area sees an average annual temperature of 42.2°F, with summers averaging 55°F and winters around 32°F. Annual rainfall totals 78.3 inches spread over roughly 204 days.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.