Total monthly cost of ownership
Cost to Own a Home in Mill Bay, Alaska
A $431,000 home here costs
$3,379per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,216. The real number is $1,163 higher every month — 52% more than the payment most buyers budget for.
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 $254 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
Common questions
How much does it cost to own a home in Mill Bay?
A $431,000 home in Mill Bay, Alaska costs approximately $3,379 per month with 20% down at 6.66%. That is $2,216 principal and interest, $367 property tax, $115 homeowners insurance, $322 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 $3,379 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.