Cost of Living in New Hampshire

cost of living in New Hampshire 2021

On this page:

    (Last Updated – 04/2023)

    New Hampshire offers residents close proximity to stunning nature, rich history, and culture. All of the perks of residing in New Hampshire may be why it’s one of the most expensive states to live in.

    To better understand the New Hampshire cost of living and how your budget would be affected by a move to the Granite State, keep reading.

    What’s the Average Cost of Living in New Hampshire?

    Average Cost of Living in New Hampshire: $56,727 per year

    If you’re considering relocating to this New England state, the cost of living could affect your monthly budget.

    According to MERIC data gathered in 2022, New Hampshire has the 43rd lowest cost of living in the country. If New Hampshire exceeds your budget, don’t bank on finding an affordable nearby state to move to. All of the states around New Hampshire — Maine, Massachusetts, Connecticut, Rhode Island, and New York — are some of the most expensive in the country to live in. What would it cost you to live a bit farther south? Residents of South Carolina can expect to spend less, as the state came in three spots ahead of North Carolina when looking at the least expensive states to live in.

    What would it cost you to live a bit farther south? Residents of South Carolina can expect to spend less, as the state came in three spots ahead of North Carolina when looking at the least expensive states to live in.

    So, what is the cost of living in New Hampshire? According to 2021 data from the Bureau of Economic
    Analysis
    , the average total personal consumption cost in New Hampshire comes to $56,727 per year. Here’s where that spending is going, specifically.

    Category

    Average Annual Per-Capita Cost in New Hampshire

    Housing and Utilities

    $9,367

    Health Care

    $9,526

    Food and Beverages (non-restaurant)

    $4,402

    Gas and Energy Goods

    $1,265

    All Other Personal Expenditures

    $32,168

    That works out to $4,727 in average monthly expenses for each Granite Stater.

    Housing Costs in New Hampshire

    Average Housing Costs in New Hampshire: $937 to $1,678 per month

    New Hampshire has only 643,981 housing units, according to the latest census data from 2021, and a typical home value of about $417,207 in February 2023, Zillow noted.

    Here’s what you can expect to spend monthly on housing in New Hampshire, per 2021 census data:

    •  Median monthly mortgage cost: $2,062

    •  Median studio rent: $937

    •  Median one-bedroom rent: $997

    •  Median two-bedroom rent: $1,387

    •  Median three-bedroom rent: $1,514

    •  Median four-bedroom rent: $1,678

    •  Median five-bedroom or more rent: $1,544

    •  Median gross rent: $1,263

    How much the average home costs depends on where it is, of course. Let’s take a look at the typical home values for major New Hampshire cities, according to Zillow, in January 2023.

    New Hampshire City

    Typical Home Price

    Manchester

    $426,918

    Concord

    $389,743

    Keene

    $314,019

    Laconia

    $408,582

    Berlin

    $217,063

    Utility Costs in New Hampshire

    Average Utility Costs in New Hampshire: $401 per month

    What should you expect to spend on utilities monthly in New Hampshire? Here’s a breakdown of the average utility spending across major categories.

    Utility

    Average New Hampshire Bill

    Electricity

    $125

    Gas

    $108

    Cable & Internet

    $140

    Water

    $28

    Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price, 2021; Inspirecleanenergy.com; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report 2022; and Rentcafe.com, What Is the Average Water Bill?

    Groceries & Food

    Average Grocery & Food Costs in New Hampshire: $366.83 per person, per month

    So you can budget accordingly, let’s take a closer look at how much you’d likely spend on food on average in New Hampshire. The Bureau of Economic Analysis puts the average annual (non-restaurant) food cost per person at $4,402, or about $367 a month.

    The Council for Community and Economic Research ranks the food costs in major American cities. The only major New Hampshire city the council examined was Manchester. This is Manchester’s grocery costs ranking for 2022.

    New Hampshire City

    Grocery Items Index

    Manchester

    105.2

    Transportation

    Average Transportation Costs in New Hampshire: $4,470 to $12,675 per year

    How many people you need to schlep to work, school, and recreation activities will affect how much you spend on transportation each year. To give you a better idea of what your family may spend on transportation in New Hampshire, here’s a breakdown of average spending, according to MIT’s Living Wage Calculator for 2023.

    Family Makeup

    Average Annual Transportation Cost

    One adult, no children

    $4,470

    Two working adults, no children

    $8,040

    Two working adults, three children

    $12,675

    Health Care

    Average Health Care Costs in New Hampshire: $9,526 per person, per year

    How much you’d need to budget for health care in New Hampshire depends on medical needs and type of coverage. That said, the average annual per-person cost of health care in New Hampshire is $9,526, according to the 2021 Bureau of Economic Analysis Personal Consumption Expenditures by State report.

    Child Care

    Average Child Care Costs in New Hampshire: $839 to $1,150 or more per child, per month

    Parents know that child care is a major expense.

    Those who meet certain income requirements and are working, searching for work, or participating in a training program might catch a break with child care scholarships .

    This is what many parents can expect to spend on child care costs in New Hampshire, per 2021 data from costofchildcare.org .

    Type of Child Care

    Average Cost Per Month, Per Child

    Infant Classroom

    $1,150

    Toddler Classroom

    $943

    Preschooler Classroom

    $839

    Home-based Family Child Care

    $1,060

    Taxes

    Tax Rate in New Hampshire: 4% on interest and dividends

    New Hampshire taxes interest and dividend income and is the only state to do so, says the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2023 . The rate is 4% but will be phased out by 2027.

    If you’re looking to save on taxes before then, you might consider moving to a state with no income tax: Alaska, Florida, Nevada, Washington, South Dakota, Tennessee, Texas, or Wyoming.

    Miscellaneous Costs

    If personal expenditures in New Hampshire average $32,168 per person each year, some of that could be spent on fun. Here are a few ideas (costs are accurate as of March 2023):

    •  Learn more about architecture and the work of Frank Lloyd Wright at the Currier Museum of Art in Manchester: $15 (kids), $20 (students), or $35 (adults) for regular admission.

    •  Get the kids’ imagination flowing in the city of Glen at Story Land, where fairytales come to life: Single-day tickets start at $39.99.

    •  Enjoy some time in nature at Franconia Notch State Park in Lincoln: $2 (kids) to $4 (adults) per day.

    How Much Money Do You Need to Live Comfortably in New Hampshire?

    Your family size, lifestyle, and other unique factors will influence how accessible a comfortable style of living is in New Hampshire, but let’s just say that comfort will come at a price.

    New Hampshire ranks 38th on U.S. News & World Report’s Affordability Rankings , which measure the average cost of living in a given state against the average amount of money that state’s households have.

    MERIC’s ranking agrees: It found that New Hampshire has the 43rd lowest cost of living in the country among the 50 states and Washington, D.C.

    What City Has the Lowest Cost of Living in New Hampshire?

    The Council for Community and Economic Research singled out Manchester as the major New Hampshire city with the lowest cost of living.

    Manchester

    With a cost-of-living index of 116.1, Manchester is a relatively affordable city. (It’s all relative, right?) Manhattan has a staggering cost-of-living index of 228, which makes Manchester seem like a bargain.

    Even though Manchester is relatively small, with 115,462 residents as of the last census check in 2021, the homes here aren’t cheap (see above).


    SoFi Home Loans

    New Hampshire is a beautiful state with a lot to offer. If you’re ready to face the New Hampshire cost of living and put down roots, it might be time to shop for a home and a mortgage.

    Although there are many home loans on the market to choose from, SoFi offers a range of home loans at competitive interest rates and with as little as 5% down.

    You can check your rate in just two minutes.

    View your rate


    Photo credit: iStock/DenisTangneyJr

    SoFi Loan Products
    SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


    SoFi Mortgages
    Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.


    Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

    External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


    SOHL1021039