New Hampshire Housing releases the 2023 New Hampshire Statewide Housing Needs Assessment:
HOW MUCH HOUSING DOES NH NEED?
Based on estimated population growth, almost 60,000 units are needed between 2020 and 2030; nearly 90,000 units are needed between 2020 and 2040. This includes the state’s current housing shortage of over 23,500 units needed to stabilize the housing supply.
HOMEOWNERSHIP CHALLENGES From 2019 to 2022, the median home price in NH rose by 50%. As a result, middle to high income renter households are less likely to become homeowners.
RENTAL CHALLENGES The state’s extremely low vacancy rate favors higher-income renters, as demand pushes rents beyond affordability levels for others, especially lower-income renters.
HOUSING AFFORDABILITY Rent and home price increases outpaced wage growth. Between 2000 and 2020, New Hampshire’s home sales prices rose 111% and rents increased 94%, while household median income increased only 73%.
DEMOGRAPHICS Population growth will continue to slow through 2040, and NH’s population will become older, with fewer children per household. The desire to “age in place” will continue to limit the supply of homes available to purchase.
As part of its statutory responsibilities, New Hampshire Housing regularly conducts an
assessment of the state’s housing market and housing needs. This 2023 assessment
is intended to guide decisions affecting housing production and choice by providing
regional and statewide data on supply and production, affordability challenges,
housing needs, and projected housing demand.
Read the full report here:
https://indepthnh.org/wp-content/uploads/2023/04/2023-NH-Statewide-Housing-Needs-Assessment.pdf