Is it cheaper to live in Fairbanks or Laramie?

Laramie, WY is cheaper. Its monthly baseline of $890 (1BR rent + utilities) runs about 34% below Fairbanks, AK's $1,350, mainly because of rent.

How much more do you need to earn to live in Fairbanks than in Laramie?

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $43,000 a year in Fairbanks versus $29,000 in Laramie.

Which has lower taxes, Fairbanks or Laramie?

Fairbanks is taxed under Alaska's rules (no state income tax and no state sales tax); Laramie under Wyoming's (no state income tax and a 4% state sales tax).

Fairbanks vs Laramie Cost of Living 2026

Fairbanks

Alaska

$1,350/mo est.

Laramie

Wyoming

$890/mo est.

Monthly estimate = 1BR rent + electricity + gas

A one-person monthly baseline (1BR rent plus typical utilities) runs $1,350 in Fairbanks, AK versus $890 in Laramie, WY. Overall, Laramie, WY is roughly 34% cheaper to live in day-to-day than Fairbanks, AK, driven mainly by rent.

Median household income is $72,077 in Fairbanks, AK and $52,414 in Laramie, WY — about 27% higher in Fairbanks, AK. Alaska has no state income tax and no state sales tax; Wyoming has no state income tax and a 4% state sales tax.

Fairbanks, AK

Laramie, WY

Rent

Studio

$883

$667

+24% in Fairbanks, AK

1 Bedroom

$1,076

$728

+32% in Fairbanks, AK

2 Bedroom

$1,428

$883

+38% in Fairbanks, AK

3 Bedroom

$2,019

$1,423

+30% in Fairbanks, AK

Buying a Home

Median Home Value

$255,700

$302,200

+18% in Laramie, WY

Income

Median Household Income

$72,077

$52,414

+27% in Fairbanks, AK

Metro Median Wage (annual)

$61,810

—

People & Lifestyle

Median Age

28.6 yr

26.9 yr

+1.7 yr in Fairbanks, AK

Homeownership

40.5%

44.1%

+3.6 pp in Laramie, WY

Bachelor's+ (25+)

26.5%

55.8%

+29.3 pp in Laramie, WY

Avg Commute

14.1 min

13.5 min

+0.6 min in Fairbanks, AK

Crime (per 100k/yr)

Violent Crime

726.1

129.6

+82% in Fairbanks, AK

Property Crime

3,504.2

1,175.9

+66% in Fairbanks, AK

FBI Crime Data Explorer. Offenses per 100,000 residents per year; agency reporting practices vary, so this is approximate.

Climate

Avg Annual Temperature

27.7°F

41.0°F

+13.3°F in Laramie, WY

Annual Precipitation

10.8 in

10.9 in

+0.1 in in Laramie, WY

Gas

Regular Gasoline

$5.21/gal

$4.27/gal

+18% in Fairbanks, AK

Area: West Coast (PADD 5) vs Rocky Mountain (PADD 4).

Utilities

Electricity (¢/kWh)

28.2

15.2

+46% in Fairbanks, AK

Natural Gas ($/MCF)

$17.35

$18.28

+5% in Laramie, WY

Residential, state-level averages (EIA). MCF = 1,000 cubic feet.

Groceries

Milk (gal)

$4.82

about equal

Bread (lb)

$2.04

about equal

Eggs (doz)

$2.19

about equal

Ground Beef (lb)

$7.36

about equal

Chicken (lb)

$2.01

about equal

Bananas (lb)

$0.70

about equal

Average prices — West vs West (BLS). Regional where available, otherwise U.S. average.

State Taxes

Sales Tax (AK / WY)

None

+4.0 pp in WY

Income Tax (top rate)

None

about equal

Fairbanks vs Laramie — FAQ

Is it cheaper to live in Fairbanks or Laramie?: Laramie, WY is cheaper. Its monthly baseline of $890 (1BR rent + utilities) runs about 34% below Fairbanks, AK's $1,350, mainly because of rent.
How much more do you need to earn to live in Fairbanks than in Laramie?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $43,000 a year in Fairbanks versus $29,000 in Laramie.
Which has lower taxes, Fairbanks or Laramie?: Fairbanks is taxed under Alaska's rules (no state income tax and no state sales tax); Laramie under Wyoming's (no state income tax and a 4% state sales tax).

Sources: US Census Bureau, ACS 5-Year (rent, income, home value, demographics); NOAA Climate Normals 1981–2010 (climate); EIA weekly retail (gas); Tax Foundation 2026 (state taxes).