image from US Mint
This is part two of a series here at Ultimate Money Blog. I’m going to be featuring fun money facts about all 50 states in America and why it is frugal to live in that particular state. Here are the states we’ve covered so far:
Ahh, Alaska. When I picture Alaska, I see running streams, fishing towns, bears, flying salmon, and cute little cabins. I can smell the fresh, clean air. Alaska is a state I’d love to spend some time in. What makes living in Alaska frugal? Let’s find out.
Alaska’s economy heavily relies on its natural resources. Prudhoe Bay, which is North America’s largest oil field, resides on Alaska’s North Slope. The state ranks number one in oil production. After oil, Alaska’s second highest export is seafood, unsurprisingly. They export salmon, crab, Pollock, and cod.
Many people who live in Alaska hunt and fish. They have access to organic, free range moose and bears, and that helps cut down on their grocery budget. Alaskans also consume a lot of salmon, which is high in omega fatty acids, and very nutritious.
Alaska can boast that it has the lowest tax burden of any state in the United States of America. They are one of seven states that does not have an individual income tax, one of only five states with no sales tax, and one of two states that has neither of them. There are local sales taxes, though, and they typically range from 3-5%. I think that’s fantastic!
Not surprisingly, Alaska’s main sources of employment are in natural resources and government jobs. Lots of fishermen are also needed to help catch the salmon for export. Hospitality is also a good field to get into, as Alaska relies on tourism to help support its economy as well. Unemployment is right around 8.8% in Alaska currently.
If you choose to live in Denali, you can expect to pay around $149,950 for a single family home. I think Alaska would be the perfect place to live in a yurt! Of course, the average home price in Juneau is $333,961, so don’t be fooled by Denali’s low house prices!
Do you have any other ideas on why it’s frugal to live in Alaska? Would you consider moving there?