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Moving to Anchorage, Alaska-Pros and Cons

2 June 2022

Everyone will find joy living ‘ in Anchorage. The same goes for the state of Alaska! Here is a list of the advantages and disadvantages of living in Anchorage, Alaska, to help you determine if it’s the ideal spot to settle down. Read on, and the benefits and drawbacks for you. This article will help you decide whether or not Anchorage can be considered to be your next home. 

 Financial

Take-home pay will increase immediately for new Alaska residents who have relocated from states with higher personal income taxes. And since Anchorage has no local or state sales tax, you can expect to pay less overall. 

In addition, when you consider the whole picture, you’ll see that the tax situation for Alaskans is pretty favorable. When considering all taxes (income, sales, and excise), WalletHub places Alaska at #50, making it the least taxed state in the country.

Pros of Moving to Anchorage

Anchorage, Alaska, has more advantages than disadvantages. Anchorage is conveniently close to the city but feels like a small village. However, living in Anchorage, Alaska, has many benefits that make up for the few disadvantages.

Anchorage, the state’s largest city, has a population of about 300,000. As a result, in this community, you may enjoy all the conveniences of an urban setting, including access to various cultural activities. In addition, it’s an opportunity to immerse yourself in the state’s signature emphasis on friendly, neighborly service.

Have you ever heard the urban legend that the U.S. government will pay you to move to Alaska? Unfortunately, this widely circulated misconception contains some kernels of truth.  PFD recipients have met the state’s residency requirement of one full calendar year. Furthermore, this payout is from a perpetual fund supported by the oil and gas sectors. As a result, individuals will receive a whopping $ 3,200 later this year.

That sum is for the whole family, including the kids. The PFT payout for a married couple with four children is $6,600. Some households may find that compelling enough to uproot right now.

To start a business in Alaska is a breeze. Obtaining your identification numbers and filing your articles of incorporation may be done in less than an hour, thanks to the entire electronic nature of the process. Business license costs are non-refundable; therefore, if an applicant submits an incomplete or incorrect application, the applicant must pay the full fee again. Additionally, some municipalities have their own set of rules regarding licensure. It is not unusual to begin working on a business idea today and have it ready to generate revenue within a week or two.

Small business loan options are many and can help alleviate the financial strain of opening a firm.

Cons in Moving to Anchorage

Alaska relies on taxing businesses to compensate for the lack of income tax. But overall, the state’s tax burden on businesses is the highest in the nation, even if its sales tax is the fifth-lowest. In addition, freelancing or other forms of self-employment in this state need you to register as a legal entity. That could mean a more considerable tax burden than residents of other states.

If you want to take advantage of Alaska’s abundant outdoor activities throughout the year, you’ll need to be prepared to deal with the state’s harsh winters. Conditions here, such as the climate or the living expense, might sometimes be trying. However, the benefits, in the opinion of most, considerably exceed the costs. You have the option of accepting your fate or struggling against it.

Anchorage is an excellent place to settle in Alaska because of its relatively mild climate. You should expect a shorter summer, but it won’t seem too different. The cold can be a severe problem in the northern part of the state. Temperatures at Prospect Creek Camp hit an all-time low of -80° F in 1971. Countless places in the north part of the state have year-round lows below freezing.

There are several options for travel from Alaska to the lower 48 states, but once you get there, you’ll realize just how far away everything is. If a family emergency happens out of state, you will feel this disadvantage more keenly than anyone else.

 

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