Mortgage payment estimates, closing cost breakdowns, and homebuying data for Homer, Alaska.
Median Home Price
$375K
Population
6K
Avg Monthly Rent
$1,400
Property Tax Rate
1.19% *
* Property tax shown is the Alaska state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Homer.
Homer vs Alaska Median
The median home price in Homer is $375,000, which is 7% above the Alaska state median of $350,000.
Mortgage Calculator — Homer, AK
Pre-filled with Homer median home price and Alaska tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $375K home using Alaska's 1.19% tax rate and $1,400/yr insurance.
5% Down
$2,948/mo
Down: $18,750
Loan: $356K
P&I: $2,252
Tax: $372
Insurance: $117
PMI: $208
10% Down
$2,819/mo
Down: $37,500
Loan: $338K
P&I: $2,133
Tax: $372
Insurance: $117
PMI: $197
20% Down (No PMI)
$2,385/mo
Down: $75,000
Loan: $300K
P&I: $1,896
Tax: $372
Insurance: $117
Income needed (28% rule): $102K/year with 20% down, $121K/year with 10% down.
Rent vs Buy in Homer
Rent
$1,400/mo
vs
Buy (10% down)
$2,819/mo
Price-to-rent ratio: 22.3 — At a ratio above 20, renting may be more economical in Homer for shorter stays. Buying costs $1,419 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Homer is $375,000, 7% above the Alaska state median of $350,000. With a population of 5,698, Homer is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Alaska average 1.19% annually. This moderate property tax rate means a $375,000 home in Homer would carry roughly $372/month in property taxes. Homeowners insurance in Alaska runs approximately $1,400 per year. This is within the normal range nationally.
Average rent in Homer is $1,400/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Homer presents moderate affordability. The $375K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Homer.