Posted in New Hampshire
July 25, 2019
Here’s How Much Money You Need To Make To Live Comfortably In New Hampshire
Like everywhere else in America, and across the world, New Hampshire features both good and bad news when it comes to cost of living, salaries, and affordability. If you’ve ever wondered what it takes to live comfortably in New Hampshire, we have the numbers for you as compared with the rest of the country, but just a warning: you might not like it.
We’re aware that these uncertain times are limiting many aspects of life as we all practice social and physical distancing. While we’re continuing to feature destinations that make our state wonderful, we don’t expect or encourage you to go check them out immediately. We believe that supporting local attractions is important now more than ever and we hope our articles inspire your future adventures! And on that note, please nominate your favorite local business that could use some love right now: https://www.onlyinyourstate.com/nominate/
While the cost of living in New Hampshire is higher compared to America as a whole, compared to nearby metro areas like Boston, Massachusetts and Albany, New York, living in New Hampshire is quite reasonable. Salaries in New Hampshire also tend to be less, but the tax advantages are considerable, and our state has some of the highest standards of living in the country.
Many online costs of living calculators use 100 as the average measure of the cost of living in the United States, with amounts higher than 100 indicating a cost of living higher than average and amounts lower than 100 representing less expensive costs of living.
The average across New Hampshire is 117 (according to Movoto), factoring in the cost of housing, groceries, healthcare, transportation, utilities, and miscellaneous expenses. This does differ depending on where within New Hampshire you call home, with Portsmouth being the most expensive at a 146 index.
The average across New Hampshire is 117 (according to Movoto), factoring in the cost of housing, groceries, healthcare, transportation, utilities, and miscellaneous expenses. This does differ depending on where within New Hampshire you call home, with Portsmouth being the most expensive at a 146 index.
According to GoBankingRates.com, in an article titled "The Salary You Need to Afford Rent in Every State," a resident of New Hampshire would need to make approximately $69,920 per year in order to afford a single-family residence without having your monthly rent consume more than 30 percent of total income.
With a median rent of $1,748 across the state, it would be difficult for someone earning the average annual income in New Hampshire to comfortably afford rent. Why? Because the average annual wage in the state is $51,040 — more than $18,000 less than what you would need to afford rent.
Of course, housing costs aren’t the only factor in determining whether you can live comfortably or not. New Hampshire ranks at No. 6 on HowMuch’s list of States with the Highest Total Cost for Utilities, costing an average of $477.02 per month. Utility figures include electricity, natural gas, internet, cable, and water.
But it’s not all bad: New Hampshire residents have the third-lowest automobile insurance premiums in the country, as well as poverty and unemployment rates below the national average.
We must also remember that while wages might be low and the cost of living might be high, the quality of life is unlike any other you’ll find in America — in a good way. New Hampshire is a wonderfully charming and beautiful state, and we are so, so lucky to call it home.
Tell us, do you think you live comfortably in New Hampshire? Is living in NH worth the cost for you and your family? Share your opinions in the comments below, then click here to remind yourself of what makes the Granite State the best in America.
