@Robert Swiss I would not consider Anchorage a “cash flow market” at all. I assume you’re not already from here, and likely have not spent much time here, and so if you do move here, my recommendation is to rent for a year and thoroughly study the market and investment opportunities before you jump in to a house hack. Don’t look at paying rent as “wasted money”... more appropriately you should look at it as buying patience and time for first hand education.
Working as a flight instructor or launching your aviation career can sometimes be a thin existence (unless you’re subsidizing that habit with your big oil job). You’ll want to make sure that the investments you make add to your goals and don’t become a distraction or a financial speed brake. This state is absolutely one of the greatest places for aviation on earth, and that’s exactly why I live here. But just because the prices aren’t doubleplus insane like SFO or SEA doesn’t mean it qualifies as a “cashflow market”. If you want cash flow then look to a market with good demographic trends (hint: ANC is losing population, the opposite trend that you seek). Househacking can be done here, but make sure you have real information and numbers and not pie in the sky hopefulness.
Now, as a lifestyle choice with the best flying opportunities and an incredible place to live, ANC beats out those other two cities big time!