Low Income Apartments and Affordable Housing For Rent in Fairbanks, AK

Discover affordable housing in Fairbanks where there are 23+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

calendar_today Opened: Feb 1
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Reported On February 23rd, 2024 by Lorena Bentley

calendar_today Opened: Feb 1
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Reported On February 23rd, 2024 by Lorena Bentley

calendar_today Opened: Feb 1
Open Until Further Notice

Reported On February 23rd, 2024 by Lorena Bentley

calendar_today Opened: Feb 1
Open Until Further Notice

Reported On February 23rd, 2024 by Lorena Bentley

calendar_today Opened: Feb 1
Open Until Further Notice

Reported On February 23rd, 2024 by Lorena Bentley

calendar_today Opened: Feb 1
Open Until Further Notice

Reported On February 23rd, 2024 by Lorena Bentley

calendar_today Opened: Feb 1
Open Until Further Notice

Reported On February 23rd, 2024 by Lorena Bentley

calendar_today Opened: Feb 1
Open Until Further Notice

Reported On February 23rd, 2024 by Lorena Bentley

calendar_today Opened: Feb 1
Open Until Further Notice

Reported On February 23rd, 2024 by Lorena Bentley

calendar_today Opened: Oct 5
Open Until Further Notice

Reported On February 23rd, 2024 by Lorena Bentley

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Fairbanks, Alaska
$31.17/hour
$19.44 (+166%) more than Alaska minimum wage and $23.92 (+330%) more than the Federal minimum wage.
Learn More About Fairbanks, Alaska Affordable Housing ↓

What HUD offices serve Fairbanks, Alaska?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Section 8 Housing Choice Voucher (HCV), Moving to Work, Section 8 Project-Based Rental Assistance (PBRA) programs for Fairbanks, Alaska.
Operates the Public Housing, Moving to Work programs for Fairbanks, Alaska.

Go to the Alaska Public Housing and Low-Income Apartments Waiting Lists page for openings near Fairbanks.

How many renters live in Fairbanks, Alaska?

The City of Fairbanks has 32,496 people living in 11,931 households.

There are 18,843 renters living in 7,443 renter households in this City. Renters make up 57.99 percent of the population living in Fairbanks.

What is the rental market like in Fairbanks, Alaska?

There are an estimated 13,806 housing units in the Fairbanks area. Of these, 8,309 units are rental homes, making up 60 percent of the housing market. For every renter household in Fairbanks, Alaska, there are 1 rental units.

What is the vacancy rate for rentals in Fairbanks?

The rental vacancy rate in Fairbanks is 9 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.

How many rental units are in Fairbanks for each bedroom size?

Occupied Rental Units by Size in Fairbanks
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
646 1,573 2,269 2,161 594
Occupied Rental Units by Size in Fairbanks

A large number of apartments in Fairbanks have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Fairbanks are overburdened by housing costs?

Among renter households in this market, 49 percent have housing cost burden. Further, 20 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Fairbanks

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,116 to $2,793. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,116
One BR $1,253
Two BR $1,646
Three BR $2,320
Four BR $2,793
2024 Fair Market Rents in Fairbanks, Alaska

How many units are rented at Fair Market Rent (FMR) in Fairbanks?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 475 74 percent
One BR 1,054 67 percent
Two BR 1,496 66 percent
Rental Units Below FMR in Fairbanks, Alaska

How many affordable rental units are in Fairbanks?

There are a variety of federal affordable housing programs serving households in Fairbanks, Alaska including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 389
Public Housing 165
Section 8 Project-Based Rental Assistance 235
Section 202 Supportive Housing for the Elderly 19
Section 811 Supportive Housing for Persons with Disabilities 14
Tracked Units by Federal Program in Fairbanks, Alaska

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Fairbanks, Alaska

Fairbanks features 543 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Fairbanks, Alaska

There are 429 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fairbanks.

Housing Choice Vouchers in Fairbanks, Alaska

On average, Section 8 Housing Choice vouchers pay Fairbanks landlords $600 per month towards rent. The average voucher holder contributes $500 towards rent in Fairbanks.

The maximum amount a voucher would pay on behalf of a low-income tenant in Fairbanks, Alaska for a two-bedroom apartment is between $1,481 and $1,811.

Sourced from federal housing data and AffordableHousingOnline.com research.