Is it cheaper to live in Fairbanks or Meridian?

Fairbanks, AK is cheaper. Its monthly baseline of $1,350 (1BR rent + utilities) runs about 20% below Meridian, ID's $1,690, mainly because of rent.

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

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $43,000 a year in Fairbanks versus $62,000 in Meridian.

Which has lower taxes, Fairbanks or Meridian?

Fairbanks is taxed under Alaska's rules (no state income tax and no state sales tax); Meridian under Idaho's (a top state income tax rate of 5.30% and a 6% state sales tax).

Fairbanks vs Meridian Cost of Living 2026

Fairbanks

Alaska

$1,350/mo est.

Meridian

Idaho

$1,690/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 $1,690 in Meridian, ID. Overall, Fairbanks, AK is roughly 20% cheaper to live in day-to-day than Meridian, ID, driven mainly by rent.

Median household income is $72,077 in Fairbanks, AK and $98,686 in Meridian, ID — about 27% higher in Meridian, ID. Alaska has no state income tax and no state sales tax; Idaho has a top state income tax rate of 5.30% and a 6% state sales tax.

Fairbanks, AK

Meridian, ID

Rent

Studio

$883

$1,523

+72% in Meridian, ID

1 Bedroom

$1,076

$1,540

+43% in Meridian, ID

2 Bedroom

$1,428

$1,489

+4% in Meridian, ID

3 Bedroom

$2,019

$1,893

+6% in Fairbanks, AK

Buying a Home

Median Home Value

$255,700

$485,000

+90% in Meridian, ID

Income

Median Household Income

$72,077

$98,686

+37% in Meridian, ID

Metro Median Wage (annual)

$61,810

$49,100

+21% in Fairbanks, AK

People & Lifestyle

Median Age

28.6 yr

37.4 yr

+8.8 yr in Meridian, ID

Homeownership

40.5%

76.1%

+35.6 pp in Meridian, ID

Bachelor's+ (25+)

26.5%

44.4%

+17.9 pp in Meridian, ID

Avg Commute

14.1 min

22.3 min

+8.2 min in Meridian, ID

Crime (per 100k/yr)

Violent Crime

726.1

150.3

+79% in Fairbanks, AK

Property Crime

3,504.2

583.5

+83% 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

52.5°F

+24.8°F in Meridian, ID

Annual Precipitation

10.8 in

11.7 in

+0.9 in in Meridian, ID

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

14.4

+49% in Fairbanks, AK

Natural Gas ($/MCF)

$17.35

$11.33

+35% in Fairbanks, AK

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 / ID)

None

+6.0 pp in ID

Income Tax (top rate)

None

5.30%

+5.3 pp in ID

Fairbanks vs Meridian — FAQ

Is it cheaper to live in Fairbanks or Meridian?: Fairbanks, AK is cheaper. Its monthly baseline of $1,350 (1BR rent + utilities) runs about 20% below Meridian, ID's $1,690, mainly because of rent.
How much more do you need to earn to live in Fairbanks than in Meridian?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $43,000 a year in Fairbanks versus $62,000 in Meridian.
Which has lower taxes, Fairbanks or Meridian?: Fairbanks is taxed under Alaska's rules (no state income tax and no state sales tax); Meridian under Idaho's (a top state income tax rate of 5.30% and a 6% 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).