The Residential and Commercial Real Estate
Market in Alabama

When United States Secretary of State, William H. Seward, purchased Alaska from Russia on behalf of the U.S. for $7,200,000 (about two cents per acre) back in 1867, most people did not see the value and referred to the transaction as "Seward's Folly." But when Joe Junea discovered gold in 1880, it initiated the gold rush era. Gold still persuades otherwise sane people to endure the harsh climate and remote areas of the 49th state. Approximately 736,132 people call Alaska home, according to the U.S. Census Bureau. Less than 10 percent live below the poverty level and the median household income is $69,917. That is about 25 percent more than the national median household income of $53,046. The cost of living is high and the cost of housing comes in with a $237,900 median home value. Anchorage is by far the most populous city at 300,950. It has a median home value of $277,100 and the median household income is $76,495. Fairbanks is a distant second in population at 32,324. It has a poverty rate of about 12 percent, a median household income of $54,572, and a median home value of $194,600. Less than 25 percent of Alaskans live in multi-unit structures. In Anchorage, 34.4 percent reside in multi-unit structures. About 48 percent of Fairbanks residents are in multi-unit buildings. The homeownership rate is 61.3 percent in Anchorage and 64.4 percent across the state.

The largest private industry employers are in commercial fishing and seafood. With a $44.9 billion state product, more than 80 percent of the state's revenue comes from petroleum. Alaska provides 25 percent of the oil produced in the United States. While oil is viewed as Alaska's most valuable natural resource, the state has a wealth of timber, precious metals, and natural gas. The tourism industry is ever-growing and retail and apartment space is most in demand in and around Anchorage.

How to Become a Realtor in Alaska

Under the Department of Commerce, Community, and Economic Development's department of Corporation, Business & Professional Licensing, the State of Alaska Real Estate Commission governs and overseas all real estate agents in the state. They offer three different types of real estate license: a real estate salesperson license, real estate associate broker license, and real estate broker license. Applicants must be 19-years old or older. They must successfully complete 40 hours of an approved pre-license course; pass the state exam and apply for their license within six months of passing the state exam. If any applicant is convicted of a felony or other crimes that may put the public at financial or other risk, a license will not be granted.