What Is The Cost Of Living In New Hampshire?
March 14, 2023Considering a move to New Hampshire? If yes, you must go through the cost of living in New Hampshire before moving there. You might know that living in denser, urban metro areas is more expensive than living in more rural areas. New Hampshire is the home to just one metropolitan area. New Hampshire is a state located in the New England region of the United States. It is commonly known as the Granite States. Why? Because there are extensive granite formations and quarries. It also has three other nicknames namely Mother of River, the White Mountain state, and Switzerland of America. Without further delay let’s come to the cost of living in New Hampshire.
What Is The Cost Of Living In New Hampshire?
The cost of living in New Hampshire is more expensive than it is on the average across the United States as a whole. According to the data from the Bureau of Economics Analysis, goods, and services in New Hampshire cost around 6% more than they do on average nationwide. Below we have given you the cost of living index in the state as compared to the national average cost of living. How to read the table given below? If you found the average monthly cost of living in NH more than 100, it means New Hampshire is more expensive than the national average, and vice versa. After going through the table, you may get that, is New Hampshire expensive.
| Cost Of Living For | New Hampshire | USA |
|---|---|---|
| Housing | 122.4 | 100 |
| Grocery | 107 | 100 |
| Transportation | 87.6 | 100 |
| Utilities | 120.5 | 100 |
| Health | 82.9 | 100 |
| Miscellaneous | 109.5 | 100 |
| Median Home Cost | $357,000 | $291,700 |
| Overall | 105.8 | 100 |
Home Rent
Housing or home rent is one of the bigger parts of the cost of living. In New Hampshire, you need more money for housing because the state is expensive in terms of housing. In New Hampshire, the typical renter spends around $1,077 a month on housing, which is $54 more than the national average of $1,023 per month. For further clarification, refer to the table given below shows the breakdown of the cost of housing in different cities in the state including, the cost of living in Portsmouth New Hampshire.
| City | Approx 1 Bedroom Rent | Approx 2 Bedroom Rent |
|---|---|---|
| Portsmouth | $1,788 | $2,900 |
| Hanover | $1,349 | $2,100 |
| Manchester | $1,487 | $1,700 |
| Dover | $1,545 | $1,955 |
| Concord | $1,487 | $1,635 |
Food Cost
The cost of living in Hanover New Hampshire may be more because it is one of the most expensive cities in New Hampshire, in terms of food cost. Food costs in some parts of the state are high. But that is not really the case for the state. The average single New Hampshire resident spends around $3,981 per year on food or roughly $331.75 per month. And a family of four needs around $11,710 per year, roughly $975.83 per month. Below, we have given a table showing the approximate cost of dinner for two in different cities in the state.
| City | Approx Dinner Cost For 2 |
|---|---|
| Portsmouth | $57.50 |
| Hanover | $48 |
| Manchester | $75 |
| Dover | $45 |
| Concord | $65 |
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Travel Cost
The cost of living in Manchester New Hampshire due to transportation costs is considerable. Getting around the state can add up, with average per-year transportation costs of around $3,655 for a single adult. While a family of four with two working adults and two children, you need around $9,988 per year in transportation. In New Hampshire, every county has public transportation, with a wide range of services.
Other Expenses
There are multiple expenses included in the overall cost of living. Some are major and some are minor. Let’s take a look at some such minor expenses in New Hampshire.
Health Care
In terms of health care cost, the cost of living in New Hampshire vs Massachusetts has many inequalities because New Hampshire is costlier than Massachusetts. Therefore, when considering a move to New Hampshire, do not overlook healthcare costs. A single adult needs around $2,858 for medical care in one year.
Utility Bills
In New Hampshire, the average utility bills can vary, depending upon your area, but fall below the national average of $237.93 per month. Here you can save some money. When you compare the cost of living in New Hampshire vs Texas due to utility bills then you find that New Hampshire is cheaper than Texas.
Internet Bills
The cost of the internet in the state is not fixed but changes as per data, speed, and provider. The internet data pack from HughesNet will cost you around $59.99 for a month.
Fitness
In New Hampshire, there is no shortage of fitness clubs and gyms. Remember to account for some of your fitness expenses in your budget, too. In the state, winters are freezing and filled with snow each year. So, to maintain your fitness through the harsh winters, you might want to consider a gym membership which will cost you around $33.33 per month in Dover.
Entertainment
The state does not have national parks, but it is home to 93 state parks with unique outdoor activities and recreation. Besides the state parks, you can also consider visiting museums.
Taxes
The state demands a flat 5% individual income tax rate which is levied only on interest and dividends income. The state also has a 7.06% corporate income tax rate.
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FAQ
How Much Money Do You Need To Live Comfortably In New Hampshire?
An article at GoBankingRates.com states that a resident of New Hampshire would need to make approximately $69,920 per year in order to afford a single-family residence without having their monthly rent consume more than 30 percent of their total income.
Is It Cheaper To Live In NH Or NY?
Think Carefully… The cost of living in New York, NY is 55.1% higher than in Portsmouth, NH. You would have to earn a salary of $93,070 to maintain your current standard of living. Employers in New York, NY typically pay 14.0% more than employeers in Portsmouth, NH.
Is Rent Expensive In New Hampshire?
New Hampshire housing prices
The cost of housing in most New Hampshire cities and towns is higher than the national average. This is especially true of major cities like Manchester, Nashua and Concord. Housing costs in Manchester run 12.9 percent above the national average.
Is It Worth Moving To New Hampshire?
New Hampshire has been listed as the number two state to live in America by U.S. News and World Report’s list. The state is predominantly known for its pristine wilderness, high quality of life, and excellent job market.
Is It Cheaper To Live In MA Or NH?
The cost of living in Boston, MA is 38.7% higher than in Manchester, NH. You would have to earn a salary of $83,243 to maintain your current standard of living. Employers in Boston, MA typically pay 9.8% more than employeers in Manchester, NH.
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Conclusion
In this article you found everything regarding the cost of living in the state of New Hampshire. But, your concern may be, why is New Hampshire so expensive? Well, the state of New Hampshire is more expensive than the national average because of its huge housing cost. In the state, housing costs are always on the rise. To know about the cost of assisted living in New Hampshire you can also take help from the New Hampshire cost of living calculator. This is all about the cost of living in New Hampshire.
