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City · 10,223 residents · Matanuska-Susitna Borough, Alaska

North Lakes , Alaska

In North Lakes, a typical home is worth $357,600 and typical rent is $1,441 a month. Compared with all of Matanuska-Susitna Borough, typical rent is 11% higher and typical household income is 8% higher.

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  • Typical home value

    $357,600

    3% above the borough

    About the same as Alaska

    • North Lakes
    • Matanuska-Susitna
    • Alaska

  • Typical rent

    $1,441a month

    11% above the borough

    About the same as Alaska

    • North Lakes
    • Matanuska-Susitna
    • Alaska

  • Typical household income

    $101,679a year

    8% above the borough

    10% above Alaska

    • North Lakes
    • Matanuska-Susitna
    • Alaska

  • Households that own their home

    78%

    1 points above the borough

    12 points above Alaska

    • North Lakes
    • Matanuska-Susitna
    • Alaska

Source: U.S. Census Bureau, Average 2020–2024

North Lakes is in Matanuska-Susitna 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 Matanuska-Susitna Borough. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets North Lakes apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Palmer, the typical rent is $1,125: 22% less than in North Lakes ($1,441).

  2. Nearby, in Palmer, the typical home value is $294,900: 18% less than in North Lakes ($357,600).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in North Lakes

What homes there are in North Lakes, 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

In North Lakes, 8 in 10 homes are single-family detached houses, about the same as in Matanuska-Susitna Borough.

There are more mobile homes here than in Matanuska-Susitna Borough: 6% of homes, against 3%.

Year built

Homes in North Lakes are bigger: 77% have 3 bedrooms or more; in Matanuska-Susitna Borough, 59%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

About 81% of owner-occupied homes in North Lakes are worth less than the FHA loan limit for Matanuska-Susitna Borough ($541,287).

Monthly rent with utilities

With a mortgage

$2,152 a month

Matanuska-Susitna Borough: $2,112 a month

Without a mortgage

$629 a month

Matanuska-Susitna Borough: $615 a month

Owners with a mortgage

71%

Matanuska-Susitna Borough: 67%

In North Lakes, 71% of owners have a mortgage; their typical cost is $2,152 a month, about the same as in Matanuska-Susitna Borough.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The Census does not compare North Lakes with 2015–2019 because its boundaries changed. In Matanuska-Susitna Borough, over that time, the typical home value rose 39%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureNorth LakesMatanuska-Susitna BoroughAlaskaUnited States
Rental vacancy Unreliable estimate3.9%7.0%5.5%
Homeowner vacancy Unreliable estimate0.6%0.9%0.9%
More than one person per room Unreliable estimate5.2%5.7%3.4%
People per household 2.902.772.612.53
Drive alone 71%71%65%69%
Carpool 8%10%12%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike Unreliable estimate2%8%3%
Work from home 16%12%10%15%
Other means Unreliable estimate5%4%2%
Typical commute 20 to 29 minutes20 to 29 minutes10 to 19 minutes20 to 29 minutes

By size, households in North Lakes look like those in Matanuska-Susitna Borough: 2.90 people on average.

In North Lakes, 16% of workers work from home, more than in Matanuska-Susitna Borough (12%).

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in North Lakes?

A typical home is tight for the typical income

We start with a typical home in North Lakes, worth $357,600, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 35% of the typical household income in North Lakes, which is $101,679 a year. For that payment to be 28% of income, a household would need to earn about $128,643 a year.

The calculator's FHA and conventional loan limits are those of all of Matanuska-Susitna Borough.

Your numbers

Local data
$

Starts at the typical home value in North Lakes. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $12,516 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$3,002

at 7.18% · 30 years

Loan amount
$351,123
Total interest
$505,184
Paid off in
November 2056

Includes $6,039 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,373 a month

  • Tight

    $2,373 to $3,050 a month

    Your payment · 35%

  • Hard

    more than $3,050 a month

Compared with the typical household income in North Lakes ($101,679 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,002
Principal & interest$2,379
Property tax$316
Home insurance$149
FHA mortgage insurance (MIP)$158

You need at least $12,516 for the down payment, plus closing costs.

Next step

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.

The city and its county

North Lakes and Matanuska-Susitna Borough

North Lakes is in Matanuska-Susitna 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).

North Lakes's own numbers

Typical home value
$357,600
Typical monthly rent
$1,441
Typical yearly household income
$101,679
Households that own their home
78%
Effective property tax rate
1.06%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Matanuska-Susitna Borough

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$1,249,125
HUD fair market rent, 2 bedrooms
$1,293
Price change over 5 years (FHFA)
+50%
Homes in a high flood-risk zone
1.2%

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 Matanuska-Susitna Borough.

Everything about Matanuska-Susitna Borough

Buying

Buying a home in North Lakes

A typical home in North Lakes is worth $357,600: 3% above the borough and about the same as Alaska. With the typical household income in North Lakes ($101,679 a year), a typical home costs 3.5 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.

  • North Lakes 3.5 years
  • Matanuska-Susitna 3.7 years
  • Alaska 3.8 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Matanuska-Susitna Borough

According to FHFA’s house price index, home prices in Matanuska-Susitna Borough rose 71% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Matanuska-Susitna Borough.

Period Borough Alaska U.S.
Last year (2025) +5.3% +4.1% +2.9%
5 years (2020–2025) +50% +39% +47%
10 years (2015–2025) +71% +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

North Lakes next to Matanuska-Susitna 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
  • North Lakes $357,600
  • Matanuska-Susitna $346,600
  • Alaska $352,900
  • United States $332,700
Typical monthly rent
  • North Lakes $1,441
  • Matanuska-Susitna $1,299
  • Alaska $1,419
  • United States $1,413
Typical yearly household income
  • North Lakes $101,679
  • Matanuska-Susitna $94,031
  • Alaska $92,788
  • United States $80,734
See the full table
North Lakes next to Matanuska-Susitna Borough and Alaska
Measure North Lakes Matanuska-Susitna Borough Alaska U.S.
Typical home value $357,600 $346,600 $352,900 $332,700
Typical monthly rent $1,441 $1,299 $1,419 $1,413
Typical yearly household income $101,679 $94,031 $92,788 $80,734
Households that own their home 78% 77% 67% 65%
Typical yearly property tax $3,808 $3,685 $3,901 $3,119
Effective property tax rate 1.06% 1.06% 1.11% 0.94%
Renters with high rent for their income 43% 53% 45% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Matanuska-Susitna 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 North Lakes

For a typical $357,600 home in North Lakes, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, North Lakes's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,002a month

    Least cash to close
    Down payment
    $12,516
    Cash to close
    $23,244
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $158

  • Conventional, 5% down $2,936a month

    Down payment
    $17,880
    Cash to close
    $28,608
    Rate
    7.18%
    Mortgage insurance
    PMI · $170

  • Conventional, 20% down, no PMI $2,403a month

    Down payment
    $71,520
    Cash to close
    $82,248
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,733a month

    Down payment
    $53,640
    Cash to close
    $64,368
    Rate
    8.18%
    Mortgage insurance
    None

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.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for North Lakes and for Matanuska-Susitna Borough.

Property tax

Effective rate in North Lakes

1.06%of the home’s value each year

$3,808 a year for the typical owner in North Lakes.

  • North Lakes 1.06%
  • Matanuska-Susitna 1.06%
  • Alaska 1.11%

What Alaska publishes Optional municipal residential exemption (Alaska State Legislature (Alaska Statutes 2025))

Exemptions and deadlines in Alaska

Flood risk in Matanuska-Susitna Borough

FEMA does not publish these numbers by city: they are for all of Matanuska-Susitna Borough.

Homes in the high-risk zone
1.2%
532
Of those, with NFIP insurance
23%
Borough Alaska U.S.
Homes in the high-risk zone 1.2% 1.2% 3.5%
Of those, with NFIP insurance 23% 49% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in North Lakes

Typical rent in North Lakes is $1,441 a month: 11% above the borough. In North Lakes, 43% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Matanuska-Susitna Borough, by unit size. To pay the 2-bedroom one ($1,293 a month) without spending more than 30% of your income, you would need to earn $24.87 an hour working full time.

HUD fair market rent for all of Matanuska-Susitna Borough

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $929 $17.87 $37,160
1 bedroom $988 $19.00 $39,520
2 bedrooms $1,293 $24.87 $51,720
3 bedrooms $1,790 $34.42 $71,600
4 bedrooms $2,161 $41.56 $86,440

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 North Lakes

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). North Lakes is in ZIP code 99654.

For 2 bedrooms it is $1,260: $33 less than the fair market rent for Matanuska-Susitna Borough ($1,293).

  • 99654 $1,260$1,740

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for North Lakes 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 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Free help

Help to buy or rent in North Lakes

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.

We found no HUD-approved agencies with an office in Matanuska-Susitna Borough. The nearest ones are below; many serve by phone or online.

A man smiles on a bench outside his apartment building.

HUD counseling is free or low-cost

Assistance programs in North Lakes

No down payment, repair or rent-help program on our list is for North Lakes or Matanuska-Susitna Borough. The ones below are statewide in Alaska: they work in North Lakes the same as in the rest of the state.

Which programs do I qualify for? All programs in Alaska

  • Closing Cost Assistance Program (CCAP)

    Statewide in Alaska

    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).

    Grant

    See the program Official page

Housing counselors near North Lakes

The HUD-approved agencies closest to the center of North Lakes, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Rural Alaska Community Action Program

    130 E Redoubt Ave, Soldotna · 98 miles away

    • Budget and credit workshops
    • Home improvement and repairs
    • and 1 more
    (907) 260-3451

All counseling agencies in Alaska

Help in Spanish near North Lakes

None of the 1 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of North Lakes

HUD lists no housing authority with an office in Matanuska-Susitna Borough. One in a neighboring county or the state’s may serve the area.

All housing agencies in Alaska Source: HUD

Cities

Other cities in Matanuska-Susitna Borough

These cities are also in Matanuska-Susitna Borough. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Matanuska-Susitna Borough Housing in Alaska

Nearby cities

The cities closest to North Lakes, with the typical home value.

Neighboring counties

If Matanuska-Susitna Borough is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in North Lakes.

All guides
A family walks a boardwalk trail in the forest; one of them uses a wheelchair.

Questions

Housing questions about North Lakes

Short answers with the numbers for North Lakes and all of Matanuska-Susitna 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 North Lakes?

The typical home value in North Lakes is $357,600, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Matanuska-Susitna Borough it is $346,600.

How much does it cost to rent in North Lakes?

Typical rent in North Lakes is $1,441 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Matanuska-Susitna Borough is $1,293.

What is the FHA loan limit in North Lakes?

North Lakes uses the FHA limit for all of Matanuska-Susitna 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 North Lakes?

The typical homeowner in North Lakes pays $3,808 a year, according to the U.S. Census Bureau. That is 1.06% of the home’s value; in Matanuska-Susitna Borough, the rate is 1.06%.

Where can I find free help to buy or rent in North Lakes?

We found no HUD-approved counseling agencies with an office in Matanuska-Susitna Borough; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).