Total monthly cost of ownership
Cost to Own a Home in Mill Bay, Alaska
A $431,000 home here costs
$3,429per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $147,000 a year.
A standard mortgage calculator would have told you $2,350. The real number is $1,079 higher every month, 46% more than the payment most buyers budget for.
Compare Kodiak Island Borough with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Mill Bay from a five-year rolling sample, and with about 3,541 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Kodiak Island Borough figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Mill Bay against Kodiak Island Borough and Alaska
| Measure | Mill Bay | Kodiak Island Borough |
|---|---|---|
| Median home value | $430,600 | $382,700 |
| Median property tax | $4,396 | $3,509 |
| Effective tax rate | 1.021% | 0.917% |
| Median gross rent | $2,777 | $1,669 |
| Population | 3,541 | 12,878 |
The weather behind that power bill
Mill Bay sits in Kodiak Island Borough, which averages a high of 64.6°F in its hottest month and a low of 9.8°F in its coldest, with 21.44" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 3 cooling and 10,385 heating degree days, which is what sets the $170 electricity line above.
See the full climate breakdown for Kodiak Island Borough , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Kodiak Island Borough
Full Kodiak Island Borough cost breakdown · Every county in Alaska
Talk to someone who works this market
These are Mill Bay averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Mill Bay every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Mill Bay I already own here and may sell
Common questions
How much does it cost to own a home in Mill Bay?
A $431,000 home in Mill Bay, Alaska costs approximately $3,429 per month with 20% down at 7.24%. That is $2,350 principal and interest, $367 property tax, $115 homeowners insurance, $238 utilities and $359 set aside for maintenance.
What is the property tax rate in Mill Bay?
Mill Bay has an effective property tax rate of 1.021%, based on a median home value of $430,600 and median real estate taxes of $4,396. That is higher than the Kodiak Island Borough average of 0.917%.
What is the average home price in Mill Bay?
The median owner-occupied home value in Mill Bay, Alaska is $430,600, against $382,700 across Kodiak Island Borough.
Is it cheaper to rent or buy in Mill Bay?
Median gross rent in Mill Bay is $2,777 a month, against $3,429 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Mill Bay?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Mill Bay, Alaska at today's rate takes a household income of roughly $147,000 a year. That covers the full $3,429 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Mill Bay, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Alaska.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.