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New Housing Market Report Data Shows Inadequate Supply To Meet State’s Housing Needs

November 7, 2017

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.

NHHFA 2017 Housing & the Economy Conference
Wednesday, November 8, 2017 | 8 AM – 12:30 PM
Radisson Hotel Manchester Downtown

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.

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