Lived in Anchorage for years, as a renter. Once it came time to buy a house, moved out to the MatSu area. For 250K +/-, I got a nice 3 bedroom, two bath, huge garage house on 3 acres, surrounded by lots of land. For the same price in Anchorage, I would have gotten a half of a duplex, a condo, or a small house with next to no land in a shitty neighborhood. Despite the additional distance, where I bought my place, getting into work (Ft. Rich) only takes me about 20 or so minutes more, because I now only have to contend with 2 lights and 2 roundabouts. The winters and the occasional accident affect the drive time as well, but in the end, I feel like the extra drive is worth it.
But then, I want to live in Alaska, not Anchorage.
ETA, as far as renting, I'd suggest Eagle River or the South Side of Anchorage. Eagle River preferably.