The typical owner-occupied home in Palmer is worth about $294,900, 16% below the Alaska median of $352,900 and 11% below the national median of $332,700. Owners pay a median $2,820 a year in property taxes, about 0.96% of their home's value, lower than the Alaska rate of 1.11%. The median household earns $72,201 a year, so the median home costs 4.1 times the median income (3.8 times for Alaska). 63% of occupied homes here are lived in by their owners, and 70% of those owners still have a mortgage.
Palmer at a glance
| Palmer | Alaska | U.S. | |
|---|---|---|---|
| Median home value | $294,900 | $352,900 | $332,700 |
| Median property tax paid per year | $2,820 | $3,901 | $3,119 |
| Property tax as a share of value | 0.96% | 1.11% | 0.94% |
| Median household income | $72,201 | $92,788 | $80,734 |
| Homes lived in by their owners | 63% | 67% | 65% |
| Owner homes with a mortgage | 70% | 60% | 61% |
| Median monthly costs, owners with a mortgage | $1,678 | $2,229 | $1,963 |
| Those costs as a share of the owners' income | 21.4% | 21.6% | 21.0% |
| Median rent | $1,125 | $1,419 | $1,413 |
| Rent as a share of renters' income | 32.2% | 27.7% | 30.6% |
| Median year homes were built | 1990 | 1986 | 1980 |
| Vacant homes | 7.5% | 17.6% | 10.1% |
| Population | 6,268 | 735,706 | 334,922,499 |
What a typical home costs per month in Palmer
At this week's average 30-year rate of 7.11%, buying the median Palmer home of $294,900 with 20% down costs about $1,946 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,437, 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 $83,394 for the 20%-down payment. That payment is 32% of the median Palmer household income of $72,201; at that income and 20% down, the 28% guideline points to a home of about $255,000.
The median rent here is $1,125 a month, so owning the median home costs about $821 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $58,980 |
|---|---|
| Loan amount | $235,920 |
| Principal and interest | $1,587 |
| Property taxes (0.96% a year) | $236 |
| Homeowners insurance (our estimate, 0.5% a year) | $123 |
| PMI | $0 |
| Total per month | $1,946 |
Change the numbers in the calculator
| Down payment | $10,322 |
|---|---|
| Loan amount | $289,559 |
| Principal and interest | $1,948 |
| Property taxes (0.96% a year) | $236 |
| Homeowners insurance (our estimate, 0.5% a year) | $123 |
| FHA mortgage insurance | $130 |
| Total per month | $2,437 |
Change the numbers in the calculator
Questions about home buying in Palmer
What is the median home value in Palmer?
About $294,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Palmer?
Homeowners pay a median $2,820 a year, which is about 0.96% 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 Palmer?
For the median home with 20% down at 7.11%, the payment is about $1,946 a month. Keeping that under 28% of gross income takes about $83,394 a year.
More about Palmer
- Mortgage Refinance in Palmer
- Debt Relief in Palmer
- Home Equity Loans in Palmer
- 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