City · 5,877 residents · Kenai Peninsula Borough, Alaska
Homer, Alaska
In Homer, a typical home is worth $388,400 and typical rent is $1,238 a month. Compared with all of Kenai Peninsula Borough, the typical home value is 20% higher, typical household income is 8% lower, and the share of households that own their home is 11 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $350,709 to $430,112.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Homer is in Kenai Peninsula Borough. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Kenai Peninsula Borough. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Kenai, the typical home value is $283,900: 27% less than in Homer ($388,400).
2
The typical home in Homer is worth $388,400,20% more than in Kenai Peninsula Borough as a whole ($323,200).
3
66% of households in Homer own their home, against 77% in Kenai Peninsula Borough.
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Homer
What homes there are in Homer, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Homer
Kenai Peninsula Borough
Alaska
United States
Kind of home: Homer and its comparisons
Measure
Homer
Kenai Peninsula Borough
Alaska
United States
Detached house
69%
83%
63%
61%
Attached house
2%
2%
8%
6%
Building of 2 to 4
15%
7%
12%
8%
Apartments (5 or more)
10%
5%
12%
19%
Mobile home
3%
4%
4%
6%
Boat, RV and other
Unreliable estimate
0%
0%
0%
In Homer, 7 in 10 homes are single-family detached houses; in Kenai Peninsula Borough, 8.
Year built
Before 19601960–19791980–19992000–20092010 or later
Homer
Kenai Peninsula Borough
Alaska
United States
Year built: Homer and its comparisons
Measure
Homer
Kenai Peninsula Borough
Alaska
United States
Before 1960
4%
4%
8%
26%
1960–1979
20%
23%
29%
24%
1980–1999
37%
38%
37%
25%
2000–2009
26%
20%
16%
14%
2010 or later
13%
15%
10%
11%
By age, homes in Homer look like those in Kenai Peninsula Borough: the typical year built is 1992.
In Homer, 21% of homes have 1 bedroom or none (studios); 49% have 3 bedrooms or more, against 53% in Kenai Peninsula Borough.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limit
Under $100K5%
$100K–$200K7%
$200K–$300K17%
$300K–$500K46%
$500K–$750K18%
FHA limit: $541,287
$750K–$1M4%
$1M or more3%
Value of owner-occupied homes: Homer and its comparisons
Measure
Homer
Under $100K
5%
$100K–$200K
7%
$200K–$300K
17%
$300K–$500K
46%
$500K–$750K
18%
$750K–$1M
4%
$1M or more
3%
The FHA loan limit for Kenai Peninsula Borough is $541,287, and about 78% of owner-occupied homes in Homer are worth less than that.
Monthly rent with utilities
Under the limitOver the limitUnreliable estimate
Under $50010%
$500–$99917%
$1,000–$1,49944%
HUD fair market rent, 2 bedrooms: $1,390
$1,500–$1,99922%
$2,000–$2,4995%
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Homer and its comparisons
Measure
Homer
Under $500
10%
$500–$999
17%
$1,000–$1,499
44%
$1,500–$1,999
22%
$2,000–$2,499
5%
$2,500–$2,999
Unreliable estimate
$3,000 or more
Unreliable estimate
Measured against HUD's 2-bedroom fair market rent ($1,390), about 62% of rented homes in Homer cost less.
With a mortgage
$2,119 a month
Kenai Peninsula Borough: $1,904 a month
Without a mortgage
$635 a month
Kenai Peninsula Borough: $531 a month
Owners with a mortgage
59%
Kenai Peninsula Borough: 52%
The typical cost for an owner with a mortgage in Homer is $2,119 a month, more than in Kenai Peninsula Borough ($1,904); without one, $635.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Homer+38%
Kenai Peninsula Borough+33%
Alaska+31%
United States+53%
Typical rent
Homer+21%
Kenai Peninsula Borough+20%
Alaska+14%
United States+33%
Typical household income
Homer+22%
Kenai Peninsula Borough+22%
Alaska+20%
United States+29%
Change since 2015–2019: Homer and its comparisons
Measure
Homer
Kenai Peninsula Borough
Alaska
United States
Typical home value
+38%
+33%
+31%
+53%
Typical rent
+21%
+20%
+14%
+33%
Typical household income
+22%
+22%
+20%
+29%
Since 2015–2019, homes in Homer gained value faster than in Kenai Peninsula Borough: 38% against 33%.
Rents in Homer rose at about the same pace as in Kenai Peninsula Borough: 21% since 2015–2019, against 20%.
The typical household income in Homer rose 22% over that time; home values changed +38% and rent +21%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Homer and its comparisons
Measure
Homer
Kenai Peninsula Borough
Alaska
United States
Rental vacancy
7.7%
6.9%
7.0%
5.5%
Homeowner vacancy
Unreliable estimate
0.8%
0.9%
0.9%
More than one person per room
3.1%
4.0%
5.7%
3.4%
People per household
2.23
2.40
2.61
2.53
Drive alone
62%
66%
65%
69%
Carpool
9%
12%
12%
9%
Public transit
Unreliable estimate
Unreliable estimate
1%
3%
Walk or bike
14%
6%
8%
3%
Work from home
11%
11%
10%
15%
Other means
3%
5%
4%
2%
Typical commute
Unreliable estimate
10 to 19 minutes
10 to 19 minutes
20 to 29 minutes
In Homer, the rental vacancy rate is 7.7%, about the same as in Kenai Peninsula Borough.
Much as in Kenai Peninsula Borough, 3.1% of households in Homer have more than one person per room.
On average, a household in Homer has 2.23 people, fewer than in Kenai Peninsula Borough (2.40).
In Homer, 14% of workers walk or bike to work; in Kenai Peninsula Borough, 6%.
Do the math
What would you pay each month for a home in Homer?
A typical home costs more than the typical income allows
We start with a typical home in Homer, worth $388,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 51% of the typical household income in Homer, which is $74,449 a year. For that payment to be 28% of income, a household would need to earn about $134,452 a year.
The calculator's FHA and conventional loan limits are those of all of Kenai Peninsula Borough.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Homer. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $13,594 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$3,137
at 7.18% · 30 years
Loan amount
$381,365
Total interest
$548,695
Paid off in
November 2056
Includes $6,559 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,737 a month
Tight
$1,737 to $2,233 a month
Hard
more than $2,233 a month
Your payment · 51%
Compared with the typical household income in Homer ($74,449 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$2,584
Property tax
$220
Home insurance
$162
FHA mortgage insurance (MIP)
$172
You need at least $13,594 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $3,137; principal and interest $2,584.
The city and its county
Homer and Kenai Peninsula Borough
Homer is in Kenai Peninsula Borough, Alaska. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Map of Kenai Peninsula Borough, Alaska, with Homer marked. Around it, the neighboring counties.
Kenai Peninsula Borough
Homer's own numbers
Typical home value
$388,400
Typical monthly rent
$1,238
Typical yearly household income
$74,449
Households that own their home
66%
Effective property tax rate
0.68%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Kenai Peninsula Borough
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$1,249,125
HUD fair market rent, 2 bedrooms
$1,390
Price change over 5 years (FHFA)
+53%
Homes in a high flood-risk zone
0.9%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Kenai Peninsula Borough.
A typical home in Homer is worth $388,400: 20% above the borough and 10% above Alaska. With the typical household income in Homer ($74,449 a year), a typical home costs 5.2 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Homer5.2 years
Kenai Peninsula4.0 years
Alaska3.8 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Kenai Peninsula Borough
According to FHFA’s house price index, home prices in Kenai Peninsula Borough rose 72% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Kenai Peninsula Borough.
Yearly change in FHFA’s price index in Kenai Peninsula Borough, 2016 to 2025
2016: +2.0% +2.0% 2016
2017: +1.5% +1.5% 2017
2018: +4.4% +4.4% 2018
2019: +0.4% +0.4% 2019
2020: +3.4% +3.4% 2020
2021: +7.2% +7.2% 2021
2022: +17.8% +17.8% 2022
2023: +10.1% +10.1% 2023
2024: +5.4% +5.4% 2024
2025: +4.6% +4.6% 2025
Change in FHFA’s price index in Kenai Peninsula Borough, Alaska and the United States
Period
Borough
Alaska
U.S.
Last year (2025)
+4.6%
+4.1%
+2.9%
5 years (2020–2025)
+53%
+39%
+47%
10 years (2015–2025)
+72%
+52%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Homer next to Kenai Peninsula Borough, Alaska and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Homer$388,400
Kenai Peninsula$323,200
Alaska$352,900
United States$332,700
Typical monthly rent
Homer$1,238
Kenai Peninsula$1,184
Alaska$1,419
United States$1,413
Typical yearly household income
Homer$74,449
Kenai Peninsula$80,538
Alaska$92,788
United States$80,734
See the full table
Homer next to Kenai Peninsula Borough and Alaska
Measure
Homer
Kenai Peninsula Borough
Alaska
U.S.
Typical home value
$388,400 ▲20% above the borough
$323,200
$352,900
$332,700
Typical monthly rent
$1,238 ▲5% above the borough
$1,184
$1,419
$1,413
Typical yearly household income
$74,449 ▼8% below the borough
$80,538
$92,788
$80,734
Households that own their home
66% ▼11 points below the borough
77%
67%
65%
Typical yearly property tax
$2,657 ▲30% above the borough
$2,049
$3,901
$3,119
Effective property tax rate
0.68% ▲0.05 points above the borough
0.63%
1.11%
0.94%
Renters with high rent for their income
53% ▲4 points above the borough
49%
45%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Kenai Peninsula Borough. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Homer
For a typical $388,400 home in Homer, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Homer's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$3,137a month
Least cash to close
Down payment
$13,594
Cash to close
$25,246
Rate
7.18%
Mortgage insurance
FHA MIP · $172
Conventional, 5% down$3,066a month
Down payment
$19,420
Cash to close
$31,072
Rate
7.18%
Mortgage insurance
PMI · $184
Conventional, 20% down, no PMI$2,487a month
Down payment
$77,680
Cash to close
$89,332
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$2,846a month
Down payment
$58,260
Cash to close
$69,912
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Homer
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$3,137
$13,594
$381,365
7.18%
FHA MIP · $172
$25,246
580
Conventional, 5% down
$3,066
$19,420
$368,980
7.18%
PMI · $184
$31,072
620*
Conventional, 20% down, no PMI
$2,487
$77,680
$310,720
7.18%
None
$89,332
620*
ITIN, 15% down (example)
$2,846
$58,260
$330,140
8.18%
None
$69,912
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Homer is $1,238 a month: 5% above the borough. In Homer, 53% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Kenai Peninsula Borough, by unit size. To pay the 2-bedroom one ($1,390 a month) without spending more than 30% of your income, you would need to earn $26.73 an hour working full time.
HUD fair market rent for all of Kenai Peninsula Borough
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Kenai Peninsula Borough (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,056
$20.31
$42,240
1 bedroom
$1,063
$20.44
$42,520
2 bedrooms
$1,390
$26.73
$55,600
3 bedrooms
$1,925
$37.02
$77,000
4 bedrooms
$2,323
$44.67
$92,920
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Homer
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Homer is in ZIP code 99603.
For 2 bedrooms it is $1,480: $90 more than the fair market rent for Kenai Peninsula Borough ($1,390).
Fair market rent by ZIP code and size in Homer, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
99603
$1,120
$1,130
$1,480
$2,050
$2,470
ZIP code2 bd3 bd
99603 $1,480$2,050
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Homer when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
There is 1 HUD-approved agency with an office in Kenai Peninsula Borough; none says it serves in Spanish.
No down payment, repair or rent-help program on our list is for Homer or Kenai Peninsula Borough. The ones below are statewide in Alaska: they work in Homer the same as in the rest of the state.
Alaska state authority help of 3% or 4% of the loan, paid at closing and not repaid, for the down payment, closing costs or to reduce the principal; with 30-year fixed-rate FHA, VA or USDA mortgages.Offered by Alaska Housing Finance Corporation (AHFC).
No legal help resource on our list is for Homer or Kenai Peninsula Borough in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
These cities are also in Kenai Peninsula Borough. They share its loan limits and fair market rents, but home values and rent change from one to the next.
Short answers with the numbers for Homer and all of Kenai Peninsula Borough. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Homer?
The typical home value in Homer is $388,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Kenai Peninsula Borough it is $323,200.
How much does it cost to rent in Homer?
Typical rent in Homer is $1,238 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Kenai Peninsula Borough is $1,390.
What is the FHA loan limit in Homer?
Homer uses the FHA limit for all of Kenai Peninsula Borough (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Homer?
The typical homeowner in Homer pays $2,657 a year, according to the U.S. Census Bureau. That is 0.68% of the home’s value; in Kenai Peninsula Borough, the rate is 0.63%.
Where can I find free help to buy or rent in Homer?
There is 1 HUD-approved counseling agency with an office in Kenai Peninsula Borough. They can help you get ready to buy, with your credit, or with rent.
