The cost of living in New Hampshire has risen in recent years, increasing the financial burden on Granite State families.
According to 2024 statewide cost of living estimates from the Massachusetts Institute of Technology, a family of two working adults and one child needed an annual income of around $97,877 to afford to live comfortably in New Hampshire. While the state’s median household income was approximately $96,838 in 2023, half of New Hampshire households had incomes lower than the median. About one in four households reported an income of less than $50,000 per year in 2023, while about one in six had annual incomes below $35,000.
Available economic resources vary with family composition. Between 2019 and 2023, the state’s median income for a married-couple family with at least one child was $152,054, while single male and female householders with children reported median incomes less than half of that, at $73,233 and $49,587, respectively. For a single-headed household with one adult and one child, the estimated cost of living in New Hampshire was approximately $88,074 in 2024.
When combined, housing, child care and health care costs represented about 44% of expenses for New Hampshire families with two working adults and one child. In 2024, purchasing a median-priced single-family house in New Hampshire with an average mortgage interest rate and average property taxes would have resulted in a monthly mortgage bill of nearly $4,000, a 143% increase from the estimated monthly mortgage payment in 2017. Child care costs have also increased; in 2023, the annual cost for both an infant and a four-year-old in center-based care averaged about $31,868.
While more than 95% of Granite Staters have health insurance coverage, costs may prevent families from seeking care.
In 2024, approximately 71% of adults reported delaying or going without needed health care due to cost.
While incorporating other household expenses, these cost-of-living estimates do not account for factors that may further constrain a household’s budget, including student loan debt. In 2020, graduates from New Hampshire’s four-year colleges and universities had the highest average student loan debt in the nation, at about $39,950.
As the cost of living continues to increase, many New Hampshire families may struggle to keep up with rising expenses. Addressing these financial challenges can help ensure that Granite Staters have the resources they need to live securely and contribute to the state’s economy.
Jessica Williams is a policy analyst with the NH Fiscal Policy Institute. The NHFPI Policy Memo is a partnership of the NH Fiscal Policy Institute and NH Business Review.
