The minimum wage in Fairbanks is $11.91/hour in 2026. See how it compares to the MIT living wage of $22.00/hour and local cost of living.
Last updated: May 2026 · Data: MIT Living Wage Calculator, C2ER, U.S. Census, BLS, IRS, state and city sources
Calculate annual, monthly, and weekly income at any hourly wage in Fairbanks.
The minimum wage in Fairbanks is the Alaska statewide minimum of $11.91/hour. Fairbanks does not set a separate city minimum wage, so the Alaska statewide minimum of $11.91/hour applies; Alaska indexes the rate to inflation each January. The bigger question for most workers is how that compares to what it actually costs to live in Fairbanks. With average 1-bedroom rent near $1,150/month and a cost-of-living index of 133 (US average = 100), the gap between the minimum wage and a true living wage is significant.
| Benchmark (Fairbanks, 2026) | Hourly | Annual (full-time) |
|---|---|---|
| Applicable minimum wage | $11.91 | $24,773 |
| MIT living wage (single adult) | $22.00 | $45,760 |
| MIT living wage (family of four, one earner) | $44.50 | $92,560 |
| Federal minimum wage | $7.25 | $15,080 |
| Average rent (1-bedroom, annual) | - | $13,800 |
Living wage figures: MIT Living Wage Calculator for Fairbanks North Star Borough. Minimum wage reflects the rate applicable to most private employers in Fairbanks.
Fairbanks is the largest city in Alaska's interior, home to the University of Alaska Fairbanks and Fort Wainwright and Eielson Air Force Base, with an economy built on the military, higher education and Arctic research, gold mining, and tourism centered on the northern lights.
| Local Metric | Fairbanks (2026 estimate) |
|---|---|
| Metro population | 32,000 |
| County / jurisdiction | Fairbanks North Star Borough |
| Cost of living index (US avg = 100) | 133 |
| MIT living wage, single adult | $22.00/hour |
| MIT living wage, one earner supporting a family of four | $44.50/hour |
| Applicable minimum wage | $11.91/hour |
| Average rent, 1-bedroom | $1,150/month |
| Average rent, 2-bedroom | $1,450/month |
| Median home price | $320,000 |
| Median household income | $78,000/year |
| Combined sales tax rate | 0% |
| Effective property tax rate | 1.4% of value/year |
Local figures are 2026 estimates compiled from the MIT Living Wage Calculator, the C2ER Cost of Living Index, U.S. Census and Zillow housing data, and city and county sources. Verify current figures before relying on them.
The minimum wage in Fairbanks is the Alaska statewide minimum of $11.91/hour. Fairbanks does not set a separate city minimum wage, so the Alaska statewide minimum of $11.91/hour applies; Alaska indexes the rate to inflation each January. A full-time worker (40 hours/week, 52 weeks) earns about $24,773 per year gross before taxes at that rate.
Not for a single adult. The MIT Living Wage Calculator estimates a single adult in Fairbanks North Star Borough needs about $22.00/hour (roughly $45,760/year) to cover basic costs. That is $10.09/hour above the applicable minimum wage, and a one-earner family of four needs closer to $44.50/hour.
At $11.91/hour, full-time work (2,080 hours/year) produces about $24,773 gross. Part-time at 30 hours/week is roughly $18,580/year. Average 1-bedroom rent in Fairbanks is about $1,150/month, or $13,800/year.
Fairbanks does not set a separate city minimum wage, so the Alaska statewide minimum of $11.91/hour applies; Alaska indexes the rate to inflation each January.
The federal minimum wage is $7.25/hour and has not changed since 2009. Alaska has set a state minimum wage of $11.91/hour, indexed to inflation and above the federal floor, and that rate applies in Fairbanks.