New Hampshire Cost Of Living Statistics


Steve Goldstein
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New Hampshire Cost Of Living Statistics 2023: Facts about Cost Of Living in New Hampshire reflect the current socio-economic condition of the state.

new-hampshire

LLCBuddy editorial team did hours of research, collected all important statistics on New Hampshire Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a New Hampshire LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will New Hampshire Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top New Hampshire Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 6 New Hampshire Cost Of Living Statistics on this page 🙂

New Hampshire Cost Of Living “Latest” Statistics

  • Based on the most recent estimates from 2017, approximately 47% of New Hampshire renters were spending greater than 30% of their income on rental costs.[1]
  • Along with the continued increase in the cost of renting the vacancy rate of units across the state has continued to drop and currently sits below 1%.[1]
  • Food, housing, utilities, transportation, and health care are the five main consumer categories that the index takes into account; health care is the most costly of these in New Hampshire when compared to national pricing, costing roughly 15.8% more than the national average.[2]
  • According to the Missouri Economic Research and Information Center’s composite cost of living index, New Hampshire has a cost of living that is 9.9% greater than the national average.[2]

New Hampshire Cost Of Living “Be” Statistics

  • The U.S. median household income was predicted to be $60,336 per year in 2017, whereas the median household income in New Hampshire was estimated to be $73,381 per year.[1]

New Hampshire Cost Of Living “Other” Statistics

  • According to estimates, the percentage of senior residents in the state will reach roughly 34% by 2035.[1]

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How Useful is New Hampshire Cost of Living

While the cost of living in New Hampshire may indeed be lower than in states such as California or New York, it is essential to consider what exactly is being compared. Factors like housing, groceries, transportation, healthcare, and taxes are typically taken into account when calculating the cost of living index. However, the usefulness of this metric can vary depending on individual circumstances.

For example, a single professional living in a small apartment in downtown Manchester may find the cost of living in New Hampshire to be relatively affordable compared to other urban centers in the US. On the other hand, a family of four living in a rural part of the state may not see the same benefit, as housing costs outside of major cities can still be high.

Additionally, the cost of living index does not take into account other crucial factors that impact quality of life, such as income levels, job opportunities, and access to essential services. While New Hampshire may have a lower cost of living on average, it also has a higher median household income compared to the national average. This means that residents in the state may have more disposable income to cover their expenses, even if the cost of living is slightly higher than in other states.

Furthermore, job opportunities and career growth potential also play a significant role in determining the overall usefulness of the cost of living index. While it may be cheaper to live in New Hampshire compared to other states, if there are limited job opportunities or stagnant wage growth, the lower cost of living may not necessarily translate to a higher quality of life.

Another important aspect to consider is access to essential services such as healthcare and education. While New Hampshire may have a lower cost of living compared to other states, healthcare costs can still vary significantly depending on the type of coverage individuals have and the availability of providers in their area. Similarly, the quality of education and access to higher education institutions can greatly impact the overall well-being of residents.

In conclusion, while the cost of living index can be a useful tool for comparing expenses across different regions, it should not be the sole determining factor when assessing the overall quality of life in a particular state. Individual circumstances, such as income levels, job opportunities, access to essential services, and overall well-being, should also be taken into consideration when evaluating the usefulness of the cost of living index in New Hampshire.

Reference

  1. nhfpi – https://nhfpi.org/resource/new-hampshires-workforce-wages-and-economic-opportunity/
  2. 247wallst – https://247wallst.com/state/how-the-cost-of-living-in-new-hampshire-compares-to-the-nation/

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