With a healthy economy and low unemployment, New Hampshire is thriving on many fronts. Its housing market, however, continues to be challenging for many renters and homebuyers. In particular, current data points to a great demand for additional housing to meet the needs of an expanding workforce.
Housing and economic data from New Hampshire Housing’s November Housing Market Update show that Granite Staters are faced with an inadequate supply of single and multi-family housing to meet the needs of younger workers, families and older residents. The data reflect:
- Close to full employment in the state
- A relatively low inventory of homes for sale, particularly under $300,000
- Home prices still rising in most areas of the state
- Mortgage delinquencies are down
- Low vacancy rates and a shortage of units in rental housing in most regions of the state
- Affordability for renter households (paying no more than 30% of income towards housing costs) remains a problem in most areas of the state
- Renters and homeowners who wish to move – whether to larger or smaller quarters – but who have limited options due to the low turnover of housing and a competitive market
- Businesses in the state are seeking workers – and housing for those workers
These indicators show that having an adequate and balanced supply of housing in New Hampshire is essential to our economic growth and development. It is equally important to ensure that all of New Hampshire’s citizens have access to housing that meets their needs.
New Hampshire Housing continues to do its part to address the housing needs of our state. It has targeted resources to encourage multi-family, mixed-income housing development, and helped finance more than 600 new rental units and preserve 300 others statewide in the last year.
On the homeownership side, New Hampshire Housing helped nearly 2,000 households purchase a home last year; this accounted for about 10% of all home purchases in the state. And in September, it launched the nation’s first low downpayment, conventional fixed-rate financing loan program for manufactured housing in resident-owned communities, in partnership with Fannie Mae.
New Hampshire Housing remains committed to collaborating with public and private partners to meet the housing needs of our state’s residents and businesses, as we all work to ensure New Hampshire’s economic vitality.
Ways to address the Granite State’s affordable housing and economic development needs is the focus of New Hampshire Housing’s annual fall conference on Wednesday, November 8th at the Radisson Hotel Manchester Downtown from 8 AM – 12:30 PM. Walk-in registration is $60 on a seating-available basis, and includes breakfast.
Nationally known economist Elliot Eisenberg will talk about the economy, housing trends, and the impact government regulations have on housing development. Also presenting will be Manchester Connects consultant and city planner Susan Silberberg of Civic Moxie, who will offer case studies from New England communities working through housing and development concerns.
Dean Christon, executive director of New Hampshire Housing, will provide an overview of the state’s housing market. And, a panel will discuss zoning and housing opportunities in the state: Theresa Kennett of the Mt. Washington Valley Housing Coalition, Kevin Lacasse of New England Family Housing, Londonderry Town Administrator Kevin Smith, and Ken Viscarello, Esq., of Sheehan Phinney.
- DOWNLOAD the NHHFA November 2017 Housing Market Update (PDF) >>
- ATTEND the NHHFA 2017 Housing & the Economy Conference, November 8 at Radisson Manchester (PDF - agenda) >>
More NHHFA News:
- Follow #NHHFAHousing and keep up with housing issues in New Hampshire, the region and nationally.
- Download the 2017 New Hampshire Residential Rental Cost Survey report >>
- Find New Hampshire housing market, economic and demographic data and research at
About New Hampshire Housing: As a self-supporting public benefit corporation, New Hampshire Housing Finance Authority promotes, finances and supports affordable housing. The Authority operates a number of rental and homeownership programs designed to assist low- and moderate-income persons with obtaining affordable housing. Since its inception, New Hampshire Housing has helped more than 44,000 families purchase their own homes and has been instrumental in financing the creation of more than 14,500 multi-family housing units. NHHFA.org