Average and minimum salaries in Alaska. Whether you’re a tourist or an ex-pat, we’ll help you understand the economic reality of the US’ largest state!
Check out the data for average and minimum wage Alaska, the largest state in the United States.
Alaska is so big that if it were a country, it’d be the 18th biggest in the world. Despite that, its population is not even ¾ of a million. Much closer to Canada and Russia, the United States bought Alaska from the latter in 1867.
For outdoor enthusiasts, this awesome state has to be on the bucket list. Incredible wildlife, national parks bigger than countries, and scalable mountains that have never been walked on.
Although it’s a desirable holiday destination, it may not suit everyone’s living style. The cost of living is higher than many US states. Some towns and cities are difficult to access, and there are even parts that experience 24 hour darkness in winter.
Minimum Wage in Alaska
At the beginning of 2021 the minimum wage in Alaska is of $10.34 per hour. It was raised from $10.19 to $10.34 across the state, except for in the town of Fairbanks. Even the lowest minimum wage in Alaska is $2.50 more than the federal minimum wage.
The range of salaries is quite large in Alaska though, and due to the industries up here, there are several specialist jobs. The oil, natural gas, and petroleum industries are the biggest employers. Although the oil supply has been depleted, the state still boasts vast energy resources.
Alaska also has a basic overtime wage, which is half of the minimum salary. So, every hour worked past 40, you’ll be on $14.84 instead of $9.89.
Average Salary in Alaska
The average salary in Alaska is $23.8 per hour. This equates to roughly $51,600 per year based on a 40 hour week. This may sound like great news, but the cost of living is roughly around $2,500 per month, or $30,000 per year. This meets basic expenses such as accommodation, food, and commuting but gives little breathing room.
If you want to live comfortably in Alaska, a wage of around $46,000 per year ($3,833 per month) should do it. Thankfully, there are plenty of jobs that offer wages like this in medical fields, as well as the oil and gas and oil industries.
This of course depends on where you live. The cost of living is skewed wildly across the state. Anchorage and Juneau are the biggest cities and have a much higher cost of living. However, living there is like being in a city in the ‘lower 48′. If you choose to live in a smaller town or village, you also have to factor in travel costs to other parts of the state.
Alaska Economic Outlook
Alaska’s economy has been compared to a three-legged stool. One is the oil and gas industry, another the federal government, and the 3rd services and industries. Two of the key areas where Alaska focuses on outside of oil, gas, and government, are fishing and tourism. The biggest growing sector is service and tourism, which is continuing to grow steadily. Alaska’s economy is stable overall, although the oil reserves are depleted.
It’s not expected that the cost of living will decrease any time soon in Alaska!
Interesting Resources for Working and Living Abroad
Are you considering to work and live abroad, temporarily or permanently? Below are some resources that might be useful for you around the web:
World Nomads: this company provides travel insurance in most countries around the world. It might be a good option if you going for a long travel.
Booking.com: Booking.com is the best choice for finding accommodation for your next trip, with a wide variety of choices for all types of travelers.
Jetradar: The best place to compare flights for your next trip.
You may also want to check our website guides:
Train Travel Guide: in our railway travel guide, you will learn how to choose and ride the most scenic train routes around the world. Travel always in the most comfortable way with optimal prices to enhance your travel experience.
Work Abroad Guide: Learn how to find a job and employment requirements in different countries. From the initial job search, to bargaining salaries, this guide will help you to find job in most countries around the world. It also covers about remote work and TEFL jobs.