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City · 6,323 residents · Kenai Peninsula Borough, Alaska

Sterling , Alaska

In Sterling, a typical home is worth $353,400 and typical rent is $1,248 a month. Compared with all of Kenai Peninsula Borough, typical household income is 27% higher, the typical home value is 9% higher, and the share of households that own their home is 10 points higher.

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  • Typical home value

    $353,400

    9% above the borough

    About the same as Alaska

    • Sterling
    • Kenai Peninsula
    • Alaska

  • Typical rent

    $1,248a month

    5% above the borough

    12% below Alaska

    • Sterling
    • Kenai Peninsula
    • Alaska

  • Typical household income

    $102,415a year

    27% above the borough

    10% above Alaska

    • Sterling
    • Kenai Peninsula
    • Alaska

  • Households that own their home

    87%

    10 points above the borough

    20 points above Alaska

    • Sterling
    • Kenai Peninsula
    • Alaska

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

Market now, with Zillow data

Zillow data
Typical home value
$362,299
6.5% more than 12 months ago

From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).

Sterling 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

Data updated: October 1, 2026 11 official sources

Only here

What sets Sterling apart

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

  1. Sterling has the 2nd highest homeownership rate of the 21 cities in Alaska with more than 5,000 people (87%).

  2. The typical household income in Sterling is $102,415, 27% more than in Kenai Peninsula Borough as a whole ($80,538).

  3. Nearby, in Kenai, the typical home value is $283,900: 20% less than in Sterling ($353,400).

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

The homes here

Housing in Sterling

What homes there are in Sterling, 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 houses, standing on their own, make up 93% of homes here, against 83% in Kenai Peninsula Borough.

Year built

The typical home in Sterling was built in 1994, 4 years after the typical one in Kenai Peninsula Borough.

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
Monthly rent with utilities

With a mortgage

$2,050 a month

Kenai Peninsula Borough: $1,904 a month

Without a mortgage

$551 a month

Kenai Peninsula Borough: $531 a month

Owners with a mortgage

49%

Kenai Peninsula Borough: 52%

The typical cost for an owner with a mortgage in Sterling is $2,050 a month, more than in Kenai Peninsula Borough ($1,904); without one, $551.

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 typical home value in Sterling rose 16% since 2015–2019, less than in Kenai Peninsula Borough (33%).

Since 2015–2019, the typical rent in Sterling did not change clearly, according to the Census.

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

MeasureSterlingKenai Peninsula BoroughAlaskaUnited States
Rental vacancy Unreliable estimate6.9%7.0%5.5%
Homeowner vacancy Unreliable estimate0.8%0.9%0.9%
More than one person per room Unreliable estimate4.0%5.7%3.4%
People per household 2.322.402.612.53
Drive alone 62%66%65%69%
Carpool Unreliable estimate12%12%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike Unreliable estimate6%8%3%
Work from home 15%11%10%15%
Other means Unreliable estimate5%4%2%
Typical commute Unreliable estimate10 to 19 minutes10 to 19 minutes20 to 29 minutes

A household in Sterling has 2.32 people on average, about the same as in Kenai Peninsula Borough (2.40).

In Sterling, 15% of workers work from home, more than in Kenai Peninsula Borough (11%).

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 Sterling?

A typical home is tight for the typical income

We start with a typical home in Sterling, worth $353,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 33% of the typical household income in Sterling, which is $102,415 a year. For that payment to be 28% of income, a household would need to earn about $121,705 a year.

The calculator's FHA and conventional loan limits are those of all of Kenai Peninsula Borough.

Your numbers

Local data
$

Starts at the typical home value in Sterling. 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 $12,369 (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

$2,840

at 7.18% · 30 years

Loan amount
$346,999
Total interest
$499,250
Paid off in
November 2056

Includes $5,968 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,390 a month

  • Tight

    $2,390 to $3,072 a month

    Your payment · 33%

  • Hard

    more than $3,072 a month

Compared with the typical household income in Sterling ($102,415 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,840
Principal & interest$2,351
Property tax$186
Home insurance$147
FHA mortgage insurance (MIP)$156

You need at least $12,369 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

Sterling and Kenai Peninsula Borough

Sterling 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).

Sterling's own numbers

Typical home value
$353,400
Typical monthly rent
$1,248
Typical yearly household income
$102,415
Households that own their home
87%
Effective property tax rate
0.63%

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.

Everything about Kenai Peninsula Borough

Buying

Buying a home in Sterling

A typical home in Sterling is worth $353,400: 9% above the borough and about the same as Alaska. With the typical household income in Sterling ($102,415 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.

  • Sterling 3.5 years
  • Kenai Peninsula 4.0 years
  • Alaska 3.8 years
  • United States 4.1 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.

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

Sterling 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
  • Sterling $353,400
  • Kenai Peninsula $323,200
  • Alaska $352,900
  • United States $332,700
Typical monthly rent
  • Sterling $1,248
  • Kenai Peninsula $1,184
  • Alaska $1,419
  • United States $1,413
Typical yearly household income
  • Sterling $102,415
  • Kenai Peninsula $80,538
  • Alaska $92,788
  • United States $80,734
See the full table
Sterling next to Kenai Peninsula Borough and Alaska
Measure Sterling Kenai Peninsula Borough Alaska U.S.
Typical home value $353,400 $323,200 $352,900 $332,700
Typical monthly rent $1,248 $1,184 $1,419 $1,413
Typical yearly household income $102,415 $80,538 $92,788 $80,734
Households that own their home 87% 77% 67% 65%
Typical yearly property tax $2,223 $2,049 $3,901 $3,119
Effective property tax rate 0.63% 0.63% 1.11% 0.94%
Renters with high rent for their income 34% 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 Sterling

For a typical $353,400 home in Sterling, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Sterling's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,840a month

    Least cash to close
    Down payment
    $12,369
    Cash to close
    $22,971
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $156

  • Conventional, 5% down $2,775a month

    Down payment
    $17,670
    Cash to close
    $28,272
    Rate
    7.18%
    Mortgage insurance
    PMI · $168

  • Conventional, 20% down, no PMI $2,248a month

    Down payment
    $70,680
    Cash to close
    $81,282
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,575a month

    Down payment
    $53,010
    Cash to close
    $63,612
    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 Sterling and for Kenai Peninsula Borough.

Property tax

Effective rate in Sterling

0.63%of the home’s value each year

$2,223 a year for the typical owner in Sterling.

  • Sterling 0.63%
  • Kenai Peninsula 0.63%
  • Alaska 1.11%

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

Exemptions and deadlines in Alaska

Flood risk in Kenai Peninsula Borough

FEMA does not publish these numbers by city: they are for all of Kenai Peninsula Borough.

Homes in the high-risk zone
0.9%
317
Of those, with NFIP insurance
61%
Borough Alaska U.S.
Homes in the high-risk zone 0.9% 1.2% 3.5%
Of those, with NFIP insurance 61% 49% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Sterling

Typical rent in Sterling is $1,248 a month: 5% above the borough. In Sterling, 34% 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.

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 Sterling

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Sterling has 2 ZIP codes with their own.

For 2 bedrooms it runs from $1,190 in 99672 to $1,400 in 99669.

1 of the 2 is above the fair market rent for Kenai Peninsula Borough ($1,390).

  • 99669 $1,400$1,940
  • 99672 $1,190$1,650

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Sterling 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 Sterling

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.

A pregnant woman reads paperwork on the sofa while the grandmother plays with the girl on the floor.

HUD counseling is free or low-cost

Assistance programs in Sterling

No down payment, repair or rent-help program on our list is for Sterling or Kenai Peninsula Borough. The ones below are statewide in Alaska: they work in Sterling 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 Sterling

The HUD-approved agencies closest to the center of Sterling, 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 · 9 miles away

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

Every agency in Kenai Peninsula Borough All counseling agencies in Alaska

Help in Spanish near Sterling

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 Sterling

HUD lists no housing authority with an office in Kenai Peninsula 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 Kenai Peninsula Borough

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.

Everything about Kenai Peninsula Borough Housing in Alaska

Nearby cities

The cities closest to Sterling, with the typical home value.

Neighboring counties

If Kenai Peninsula 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 Sterling.

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

Questions

Housing questions about Sterling

Short answers with the numbers for Sterling 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 Sterling?

The typical home value in Sterling is $353,400, 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 Sterling?

Typical rent in Sterling is $1,248 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 Sterling?

Sterling 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 Sterling?

The typical homeowner in Sterling pays $2,223 a year, according to the U.S. Census Bureau. That is 0.63% 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 Sterling?

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.

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).