Cost of Living in Skagway, AK

With a cost of living index of 108, Skagway, AK is somewhat more expensive than average. Living here is 8% more expensive than the national average and 18% above the Alaska state average of 90. Skagway is a small community of 1,212 residents.

Housing costs are the biggest factor in Skagway's cost of living. The median monthly rent is $1,228 (7% below the US median of $1,319), and the median home value sits at $415,900 (36% above the national median of $304,900). At current prices, the median home costs roughly 4.8x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Skagway is $85,893, which is 14% higher than the national median of $75,149. Residents spend roughly 17% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Skagway. The area sees an average annual temperature of 42.7°F, with summers averaging 57°F and winters around 29°F. Annual rainfall totals 25.2 inches spread over roughly 151 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.