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Alaska pays its residents, leaving you wondering how much Alaskans earn.
Living and qualifying for the Alaska Permanent Fund means earning about $2,000 annually.
While free money may seem appealing, you must realize that you must meet specific criteria to be eligible for the incentive.
Therefore, knowing what the funds entail is essential if you are considering moving to Alaska.
In light of this, this article seeks to enlighten you about all you need to know about the Alaska permanent fund, eligibility grounds, and more.
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About the State of Alaska
Also known as the last frontier, the land of the midnight sun, Alaska turns out to be the largest state in the U.S.
From all indications, Alaska is about three times as big as France and the least densely populated US state.
Located in the extreme northwest of the North American continent, Alaska was seized in 1867 by the United States.
This state also comes to mind at the mention of tourist destinations in the world at large.
However, every year, Alaska is struck by about 5,000 earthquakes. Despite this disaster, the state is rich with beautiful and exciting places you will love.
On the flip side, because living in Alaska is expensive, you will need to consider your income because the cost of living there is high.
Do You Get Paid to Live in Alaska in 2023?
Absolutely! Alaskans are paid to live there, as unrealistic as it sounds. So it’s no surprise that people surf the internet asking, “How much does Alaska pay?”.”
The funds people receive just for living in Alaska are possible because of the Alaska Permanent fund.
According to the official website, the fund gives each resident a yearly payout equal to a portion of the state’s oil royalties.
This is one reason most people itch to relocate to Alaska – the treasury!
Hence, if you reside in Alaska and desire to be on the payroll, you need to go through the cash registration process between January and March yearly.
Contrary to what most people think, this money covers student loan repayment, travel, and medical emergencies.
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How much Do You Get Paid to Live in Alaska?
Now to the crux of the matter, those residing in Alaska pay its residents around $2,000 annually.
The Alaska Permanent Fund receives between $500 and $2,000 annually from the Alaska Department of Revenue.
Alaska is one of the few states in the United States that offers its citizens financial incentives.
Most people often wonder why some states pay their citizens. You’ll be shocked to realize that Alaska has this initiative running because it needs people.
Hence, to persuade you to move to Alaska, the state government provides a lot of incentives and tax benefits.
Why Do You Get Paid to Live in Alaska?
To help residents deal with the high cost of living, Alaska’s government pays its resident.
Compared to other US states, the cost of living in Alaska is often relatively expensive.
Is Living in Alaska Expensive?
Yes. If there’s one vital piece of information you should remember, it is that living in the state of Alaska would require a lot financially.
A couple of reasons result in the high cost of living in Alaska.
The reasons for this hike in the living cost are not far-fetched. They include:
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1. Utility
In Alaska, utility costs are frequently high, particularly during the winter. Even if certain towns and cities differ from one another, these differences are insignificant.
2. Rent
The cost of rent is usually the first indicator of a high cost of living in a state or city. However, the area determines the cost of the rent.
According to reports, renting an apartment in one of the biggest cities, like Anchorage, will cost about $1216 a month.
On the other hand, it costs $837 a month to rent a property in a tiny town like Kenai.
On this note, the area is vital in determining how many holes it would drill into your pocket.
3. Cost of Feeding
If this isn’t one of the essential factors that give away the pricey nature of a state, what other indicator do you need?
Since food is essential to man, the inability to purchase it at affordable rates in a particular area can make it difficult for residents.
In Alaska, people who live in rural areas often spend more on food than people who live in urban areas.
This is due to the high expense of transporting food to rural regions, which is then passed on to the final customers.
Additionally, the state’s environment makes it challenging to cultivate most foods locally.
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4. Transportation
Transportation is another additional expense that is location-based. Therefore, transportation will cost a lot of money if you don’t have a personal vehicle in Alaska.
In addition, gas is way expensive in this state. Furthermore, there is a severe lack of public transit in Alaska, even in Anchorage, the most extensive and diverse city in Alaska,
How Often Do You Get Paid to Live in Alaska?
The state of Alaska makes an annual payment to its citizens as long as they qualify for the funds.
Therefore, you’re in for a shock if you are looking forward to a monthly or quarterly payment.
How Do You Become Eligible for Payments?
Qualifying for Alaska Permanent Fund eligibility isn’t much of a hassle.
To qualify, you need to reside in Alaska for a whole year before you can apply for the fund.
On the flip side, you would have to consider your stay permanent when during the application process.
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What Factors Can Disqualify You From Receiving this Fund?
While qualifying for this incentive can be a no-brainer, certain factors can disqualify you from being on the receiving end of this scheme;
A conviction or a jail term can automatically disqualify you from accessing this incentive.
Similarly, if you are convicted of specified crimes within the qualifying calendar year, you may no longer qualify to receive the Permanent Fund Dividend.
How Can You Apply for Free Money For Alaska Residents?
To begin, you must fill out the Alaska temporary assistance program application.
After completing the application, you must contact your local public assistance district office to set up an interview.
Don’t fail to show up with the completed application form for the interview if you get contacted.
However, you should note that this scheme is purely for low-income residents who have basic needs.
Qualifying for this scheme implies that you must be a U.S. citizen, a qualified immigrant, and a resident of Alaska.
In another development, you must fall within any of the following categories before you can access this fund:
- Unemployed
- Pregnant
- 18 years
- Low-income earner
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What Other States in the U.S. Can Pay You to Live There?
Other than Alaska, other few states pay residents. They include:
- Kansas
- Iowa
- Oklahoma
- Vermont
- Maryland
- Ohio
- Minnesota
If you are considering a relocation that pays residents, you can view any of the aforementioned states in the United States.
Conclusion
If you are one of those with the intent of moving to Alaska and partaking in the treasury, you need to ensure you are eligible.
In addition, although the cost of living in Alaska is pretty high, remember that this incentive seeks to lighten the financial load on Alaska residents.
Frequently Asked Questions on How Much Do You Get Paid to Live in Alaska
Can I Move to Alaska Without a Job?
If you have unlimited funds, having a stable job before moving to Alaska is a must.
How Do Alaskans Make Money?
The significant economic sector in Alaska is the oil and gas sector. Oil money accounts for around 85% of the state budget.
The success of Alaska’s oil industry, and therefore, many economic sectors, depends on global oil prices.
What is the Highest-Paying Job in Alaska?
General surgeons, with an annual salary of $336,900 annually.
Is the Crime Rate in Alaska High?
Alaska has the most significant violent crime rate and the 13th highest property crime rate in the United States.
Do You Have to Pay Taxes in Alaska?
One of the nine states without an income tax is Alaska. It implies employers would not withhold state or local taxes from Alaska residents’ compensation.
FAQs
Can I move to Alaska without a job?
If you have unlimited funds, having a stable job before moving to Alaska is a must.
How do Alaskans make money?
The significant economic sector in Alaska is the oil and gas sector. Oil money accounts for around 85% of the state budget.
The success of Alaska’s oil industry, and therefore, many economic sectors, depends on global oil prices.
What is the highest paying job in Alaska?
General surgeons, with an annual salary of $336,900 annually.
Is the crime rate in Alaska high?
Alaska has the most significant violent crime rate and the 13th highest property crime rate in the United States.
Do you have to pay taxes in Alaska?
One of the nine states without an income tax is Alaska. It implies employers would not withhold state or local taxes from Alaska residents’ compensation.
References
- cnbc.com – Vermont, Alaska, and 6 other places in the US that will pay you to live there
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