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|NH's Housing Stock Inadequate to Meet Needs|
|Published Wednesday, November 8, 2017|
With a healthy economy and low unemployment, NH 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 NH 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 shows:
• 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 percent 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.
New Hampshire Housing will hold its annual fall conference on Nov. 8, focusing on ways to address the Granite State’s affordable housing and economic development needs. The event, being held at the Radisson Hotel Manchester Downtown from 8 a.m. to 12:30 p.m., will feature economist Elliot Eisenberg talking 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 NH Housing, will provide an overview of the state’s housing market. And a panel will discuss zoning and housing opportunities in the state.
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