CALCMONEY // HOME AFFORDABILITY // AK // KENAI
How much house can you afford in Kenai? Based on local median home prices, current AK mortgage rates, and Kenai property tax data.
$278,000
$1,839/mo
$78,802/yr
$208,724
Monthly housing costs of $1,839 represent 35.0% of Kenai's median gross monthly income ($5,250/mo). At 35.0%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $278,000 |
| Down Payment (20%) | $55,600 |
| Loan Amount | $222,400 |
| Monthly PI Payment | $1,480 |
| Monthly Property Tax | $243 |
| Monthly Insurance Est. | $116 |
| Total Monthly PITI | $1,839 |
| Housing Cost % of Income | 35.0% |
| Required Income (28% rule) | $78,802/yr |
| Max Affordable Home | $208,724 |
$9,730
$2,334/mo
Kenai Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $278,000 | Kenai city median |
| Down Payment (20%) | $55,600 | Conventional loan |
| Monthly PITI | $1,839 | 7% rate, 30yr fixed |
| Required Income (28% rule) | $78,802 | Annual gross |
| Max Affordable Home | $208,724 | Based on median income |
| FHA Down (3.5%) | $9,730 | Minimum FHA |
| Housing Cost % of Income | 35.0% | Median income: $63,000/yr |
| Property Tax Rate | 1.05% | $2,919/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Kenai is $278,000, with a local 30-year mortgage rate of 7%. A buyer putting 20% down carries a loan of $222,400, generating a monthly P&I payment of $1,480. Adding property taxes ($243/mo) and homeowners insurance ($116/mo) brings total monthly PITI to $1,839.
Kenai's property tax rate of 1.05% is near the national average, adding a standard increment to monthly housing costs. On the Kenai median home, that is $243/month, or $2,919 per year.
Alaska has no state income tax, improving effective take-home pay for Kenai residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Kenai's median income of $63,000/year can afford up to $1,470/month in total housing costs. Based on Kenai's mortgage rate of 7% and property tax rate of 1.05%, that translates to a maximum affordable home price of approximately $208,724 with 20% down on a 30-year loan.
To afford the median Kenai home priced at $278,000, you need an annual gross income of approximately $78,802. Total monthly housing costs (principal and interest of $1,480, property taxes of $243, and insurance of $116) come to $1,839/month, which equals 28% of the required income.
At the median home price of $278,000 and median household income of $63,000, the total monthly housing cost of $1,839 represents 35.0% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Kenai home of $278,000 is $55,600. An FHA loan requires just 3.5% down — $9,730 — but adds mortgage insurance of roughly $190/month, bringing total FHA payments to $2,334/month.