Sky High Housing Costs for Granite Staters
- Amplify NH
- Jul 14
- 4 min read
In the wake of Republicans in Concord passing a state budget that will raise costs on Granite Staters, it’s clear that Republicans couldn’t care less about recognizing the stresses of higher costs on hardworking Granite Staters and working to address them.
And as the cost of living increases, our state’s housing crisis continues to put a strain on New Hampshire communities. Let’s take a look at the status of New Hampshire’s housing crisis, as well as some recent action to try and lessen its burden on working class families:
NH’s Housing Crisis Continues, Amplified by Republican State Budget
Last month, New Hampshire median home prices hit a record high, soaring to $565,000, according to the New Hampshire Association of Realtors. This increase continues a more than five-year streak of climbing home prices in New Hampshire, indicating high demand for available housing as well as a reduction in the construction of new housing. However, this high demand poses daunting challenges for Granite Staters looking to buy a home.
“The idea of owning a home is becoming more challenging for too many New Hampshire residents, especially young families and first-time home buyers,” said Susan Cole, the association president, in a statement. “Demand for housing in our state is still very high, and these numbers suggest that trend is not going away soon.”
The lack of housing availability and affordability is not helped by the fact that New Hampshire has the lowest minimum wage in New England, which already has one of the highest costs of living in the country. According to a report from the non-partisan New Hampshire Fiscal Policy Institute (NHFPI), in 2021, 47% of households in New Hampshire were paying more than 30% of their income on rent and utilities. These price points are pushing Granite Staters to their financial breaking points.
According to a UNH poll conducted earlier this year, New Hampshire residents marked housing as “the most important problem facing New Hampshire.” Yet Republicans in Concord opted to pass a state budget that neglects the housing crisis. The budget will cut funding for important programs that help our cities and towns meet their housing challenges and overlook opportunities to help developers build housing that Granite Staters can afford.
Young people and families across New Hampshire want to stay where there are opportunities to live and work, but for too many that’s simply not possible with these crushing costs. Younger families and individuals are opting not to live in New Hampshire — and not by choice, but necessity.
Nick Taylor, director of Housing Action NH, an advocacy group for affordable housing, said the price increases indicate more action is needed to address this crisis.
“When teachers, first responders, and hardworking Granite Staters can’t find homes they can afford, it threatens the strength of our communities and economy,” he said. “A bipartisan group of lawmakers took meaningful steps this legislative session to allow more attainable housing options, but with record high prices, it’s clear the work is far from done.”
Proposed Solutions Still Falling Short
While the state budget neglects housing solutions, some legislators are still trying to map out potential solutions. One potential option being explored is establishing a new funding option for affordable housing: the housing investment trust.
Supporters of this type of funding are pushing for a law allowing for a trust that could operate as a 501(c)(3) nonprofit organization, accept donations and other funds, and develop or restore buildings for housing development. Ideally, supporters say such housing trusts could allow for the production of both long and short term housing arrangements such as traditional rental units, cooperative housing, supportive housing, and others.
However despite this potential action, housing advocates maintain that those in power aren’t yet moving with enough urgency.
"Are we moving fast enough? I would say probably not for the families that are struggling with housing costs and everything else that's affecting them," said Rob Dapice with New Hampshire Housing last month on CloseUp.
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Thank you,
Ryan Mahoney
Executive Director