New Hampshire is a state filled with history as well as limited waterfront property, meaning a continued demand for seacoast homes.
As with many locations across the country, it is increasingly difficult to find affordable housing in the area, especially for those that are first-time home buyers or individuals that hope to downsize their existing situation.
What to Expect for New Hampshire Housing
The New Hampshire housing market is expected to do better than Vermont, but the loss of deduction thanks to the tax reform will influence the way the market continues to perform.
New Hampshire compared to Vermont will still be more attractive to potential buyers because New Hampshire is an income tax-free state.
Limitations of the New Hampshire Housing Market
The tax reform will influence a lot of home ownership choices because of the limitations that have been placed upon New Hampshire buyers.
One of the most significant limitations within the New Hampshire housing market is the way that the new tax law has reduced the deductible limit on what can be claimed for income tax.
Limiting reduction means that there is a lesser incentive for potential home buyers because they can no longer use as much towards a tax deduction.
A Variety of Places to Live in New Hampshire
New Hampshire is a state that has honest to goodness seasons. Trees turn different colors in the fall, there’s snow in the winter, things bloom in the spring, and summers are mild. Keep these places in mind when looking for affordable homes in New Hampshire to experience the same things. When buyers are looking for something more upscale, there are also towns and cities that will meet those demands.
Berlin is a little off the beaten path, but the town is gorgeous like something out of a Hallmark movie. Housing costs are also more than 40% less than the national average, making housing more affordable here than in other places.
The only downside to moving to Berlin is the cost of everything else. Groceries are expected to cost right around the national average, healthcare is slightly more expensive, while transportation is almost 30% more than the national average.
Even still, part of the town includes a portion of the White Mountain National Forest. There is also an affordable community college to help residents move forward in their career paths.
Laconia tends to rank a little higher when it comes to the cost of living, but it does come close to the national average. The only thing that is significantly higher than the national average is the cost of utilities.
This smaller town has a lot to offer. For one, every June, they host a bike week where motorcyclists from all over convene for a bike rally. Additionally, every winter, Laconia hosts a World Championship Sled Dog Derby.
Residents can also take advantage of the community college that is part of the Community College System of New Hampshire located here in Laconia.
Hanover boasts the most expensive cost of living in New Hampshire, but the area is quite picturesque. With a smaller population of close to ten thousand people, the cost of homes in the New Hampshire housing market here is over twice the national average.
All other expenses are much more reasonable with groceries being right around the national average as well as transportation.
Of course, Hanover was also rated the sixth best place to live in the U.S. back in 2011 and continues to be considered a top place to raise a family.
Located in Rockingham County, Londonderry is more affordable than Hanover but not as affordable as Berlin. Buyers can expect housing costs to come close to 1.5 times higher than the national average.
Other cost of living expenses are also higher, but there are some benefits to living in Londonderry. As an example, Stonyfield Farm calls Londonderry its home, and the area is also known for its apple orchards.
Along with plenty of outdoor activities available, Londonderry could be perfect for someone that enjoys the outdoors and wants to live somewhere with a small town feel.
Housing Statistics in New Hampshire
The median home value in New Hampshire is around $271k with the majority being between $231k to $347k.
Appreciation rates have been on the rise for the past several years and are expected to continue to grow, although it is likely to slow down. According to Neighborhood Scout, the appreciation was only 2.75% compared to the year before that was at 5.88%.
The vast majority of homes available on the market are single-family homes, making up over 60% of the market share in New Hampshire.