For Average Families, New Hampshire Homes Are More Unaffordable Than Ever
By Granite State Report Staff
Buying a home in New Hampshire has never been more out of reach for middle-class families. New data show that rising prices, stagnant wages, and record-low housing supply are converging to make the Granite State one of the least affordable housing markets in the country.
The median home price in New Hampshire hit $515,000 this summer, according to the New Hampshire Association of Realtors. That’s a 9 percent jump from last year and more than double what it was a decade ago. At current interest rates, a family would need to earn nearly $150,000 annually to comfortably afford that mortgage. The median household income in the state is just under $90,000.
“We’re at a breaking point,” said Ben Frost, deputy executive director of New Hampshire Housing. “The math simply doesn’t work anymore for the average family. Housing costs are outpacing incomes at a level we’ve never seen.”
A Shrinking Supply
Part of the crisis is driven by the lack of available homes. Statewide inventory dropped below 2,000 active listings this summer — less than a one-month supply. A healthy market typically has at least six months of inventory.
“It’s not just that homes are expensive — it’s that there are so few of them,” said Monica Duffy, president of the New Hampshire Realtors Association. “Buyers are competing against each other, and that drives prices even higher.”
Families Squeezed Out
For young families and first-time buyers, the challenge is even greater. Rising rents mean fewer can save for a down payment, while investors and cash buyers continue to snap up homes at above-asking prices.
“I grew up in Manchester, and I can’t even dream of buying here now,” said Kelly Rowe, a 28-year-old teacher. “It feels like the state doesn’t want people like me to stay.”
Policy Response Stalled
Lawmakers in Concord have debated a range of housing bills, from zoning reform to down payment assistance, but progress has been slow. Opposition from local governments wary of state control has stalled major initiatives.
Governor Chris Sununu has championed efforts to streamline permitting and encourage accessory dwelling units, but housing advocates say the scale of reform is far too small to meet demand.
What’s Next
Without significant intervention, experts warn the affordability gap will only widen. Rising construction costs, demographic shifts, and continued in-migration from Massachusetts will likely keep demand high.
“The housing market isn’t just an economic issue,” Frost said. “It’s a workforce issue, a school enrollment issue, and a quality-of-life issue. If families can’t live here, New Hampshire’s future is at risk.”
📊 Key Stats
- Median NH home price: $515,000
- Median NH household income: $90,000
- Active listings: <2,000 statewide
- Affordable mortgage income threshold: $150,000+
