The typical owner-occupied home in Homer is worth about $388,400, 10% above the Alaska median of $352,900 and 17% above the national median of $332,700. Owners pay a median $2,657 a year in property taxes, about 0.68% of their home's value, lower than the Alaska rate of 1.11%. The median household earns $74,449 a year, so the median home costs 5.2 times the median income (3.8 times for Alaska). 66% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Homer at a glance
| Homer | Alaska | U.S. | |
|---|---|---|---|
| Median home value | $388,400 | $352,900 | $332,700 |
| Median property tax paid per year | $2,657 | $3,901 | $3,119 |
| Property tax as a share of value | 0.68% | 1.11% | 0.94% |
| Median household income | $74,449 | $92,788 | $80,734 |
| Homes lived in by their owners | 66% | 67% | 65% |
| Owner homes with a mortgage | 59% | 60% | 61% |
| Median monthly costs, owners with a mortgage | $2,119 | $2,229 | $1,963 |
| Those costs as a share of the owners' income | 24.4% | 21.6% | 21.0% |
| Median rent | $1,238 | $1,419 | $1,413 |
| Rent as a share of renters' income | 31.3% | 27.7% | 30.6% |
| Median year homes were built | 1992 | 1986 | 1980 |
| Vacant homes | 16.9% | 17.6% | 10.1% |
| Population | 5,877 | 735,706 | 334,922,499 |
What a typical home costs per month in Homer
At this week's average 30-year rate of 7.11%, buying the median Homer home of $388,400 with 20% down costs about $2,472 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,119, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $105,950 for the 20%-down payment. That payment is 40% of the median Homer household income of $74,449; at that income and 20% down, the 28% guideline points to a home of about $273,000.
The median rent here is $1,238 a month, so owning the median home costs about $1,234 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $77,680 |
|---|---|
| Loan amount | $310,720 |
| Principal and interest | $2,090 |
| Property taxes (0.68% a year) | $220 |
| Homeowners insurance (our estimate, 0.5% a year) | $162 |
| PMI | $0 |
| Total per month | $2,472 |
Change the numbers in the calculator
| Down payment | $13,594 |
|---|---|
| Loan amount | $381,365 |
| Principal and interest | $2,565 |
| Property taxes (0.68% a year) | $220 |
| Homeowners insurance (our estimate, 0.5% a year) | $162 |
| FHA mortgage insurance | $172 |
| Total per month | $3,119 |
Change the numbers in the calculator
Questions about home buying in Homer
What is the median home value in Homer?
About $388,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Homer?
Homeowners pay a median $2,657 a year, which is about 0.68% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Homer?
For the median home with 20% down at 7.11%, the payment is about $2,472 a month. Keeping that under 28% of gross income takes about $105,950 a year.
More about Homer
- Mortgage Refinance in Homer
- Debt Relief in Homer
- Home Equity Loans in Homer
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data