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There's a reason New Hampshire is one of the best places for retirees, this New England state has some of the most affordable places to call home.
With New Hampshire's life expectancy on the rise, HomeSnacks thought we would create the ultimate guide for all retirees and anyone else wishing to live in New Hampshire on a budget. So, we set out to determine the top ten most affordable places to live in the Granite State for 2020.
How did we determine the most affordable place in New Hampshire? We took a look at the US Census and the cost of living data for the Beehive State. We were especially interested in home and rental prices. We also looked at safety, education, and amenities in the 25 cities with more than 5,000 residents.
We determined that New Hampshire has affordable retirement communities in Suncook, hip millennial cities like Manchester, and family oriented places like Portsmouth. More importantly, we determined that when you choose one of New Hampshire's most affordable places to call home, you free up money on your cost of living; thus, leaving more money for the fun things to do and see in New Hampshire. Like, a Saturday tee time at Mystic Meadows in Laconia or a family staycation at Wallis Sands State Beach in Rye.
So, want to know where you can get the most bang for your buck in New Hampshire? Keep reading.
It's simple economics, folks. When you choose to live in one of New Hampshire's cheapest places, you're choosing to live where you won't have general sales tax or personal income tax. You're choosing to live where your New Hampshire dollar will go the furthest.
So, what's the most affordable place to live in New Hampshire for 2020? The most affordable place in New Hampshire is Somersworth.
To see how your favorite place compared, take a look at the list below or head to the bottom.
And if you already knew these places were cheap, check out some more reading about New Hampshire and the cheapest places in the country:
The 10 Cheapest Places To Live In New Hampshire For 2020
The median income in Suncook comes in at $64,151 and the median home value is $194,000 for 2020.
Somersworth is a city in Strafford County, New Hampshire, United States. The population was 11,766 at the 2010 census. Somersworth has the smallest area and third-lowest population of New Hampshire's 13 cities.
The median income in Somersworth comes in at $64,786 and the median home value is $179,800 for 2020.
Rochester is a city in Strafford County, New Hampshire, United States. As of the 2010 census, the city population was 29,752, and in 2016 the estimated population was 30,345. The city includes the villages of East Rochester, Gonic, and North Rochester. Rochester is home to Skyhaven Airport
The median income in Rochester comes in at $58,427 and the median home value is $167,400 for 2020.
Franklin is a city in Merrimack County, New Hampshire, United States. At the 2010 census, the population was 8,477, the lowest of any of New Hampshire's 13 cities. Franklin includes the village of West Franklin.
The median income in Franklin comes in at $50,750 and the median home value is $164,600 for 2020.
Berlin is a city along the Androscoggin River in Cos County in northern New Hampshire, United States. The population was 10,051 at the 2010 census. It includes the village of Cascade. Located on the edge of the White Mountains, the city's boundaries extend into the White Mountain National Forest. Berlin is home to the Berlin and Cos County Historical Society's Moffett House Museum & Genealogy Center, Service Credit Union Heritage Park, the Berlin Fish Hatchery, and the White Mountains Community College, member of the Community College System of New Hampshire.
The median income in Berlin comes in at $38,315 and the median home value is $88,300 for 2020.
Claremont is the only city in Sullivan County, New Hampshire, United States. The population was 13,355 at the 2010 census.
The median income in Claremont comes in at $48,099 and the median home value is $131,000 for 2020.
Laconia is a city in Belknap County, New Hampshire, United States. The population was 15,951 at the 2010 census, and an estimated 16,470 as of 2016. It is the county seat of Belknap County. Laconia, situated between Lake Winnipesaukee and Winnisquam Lake, includes the villages of Lakeport and Weirs Beach. Each June for nine days beginning on the Saturday of the weekend before Father's Day and ending on Father's Day, the city hosts Laconia Motorcycle Week, also more simply known as 'bike week', one of the country's largest rallies, and each winter, the Laconia World Championship Sled Dog Derby. The city is also the site of the state's annual Pumpkin Festival since 2015, having organized it after its former home of Keene rejected it due to riots in their neighborhoods in 2014. The city also includes one of the colleges of the Community College System of New Hampshire.
The median income in Laconia comes in at $57,046 and the median home value is $187,000 for 2020.
The median income in South Hooksett comes in at $87,717 and the median home value is $257,800 for 2020.
Pinardville is a census-designated place in the town of Goffstown in Hillsborough County, New Hampshire, United States. The population was 4,780 at the 2010 census. Pinardville has existed since 1906.
The median income in Pinardville comes in at $70,250 and the median home value is $203,300 for 2020.
Keene is a city in Cheshire County, New Hampshire, United States. The population was 23,409 at the 2010 census. It is the seat of Cheshire County.
The median income in Keene comes in at $56,307 and the median home value is $187,900 for 2020.
How We Determined The Most Affordable Places To Live In The Granite State For 2020
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2014-2018 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in New Hampshire to figure out which is the least expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 25 places in New Hampshire that have more than 5,000 people.
The place with the lowest cost of living in New Hampshire according to the data is Suncook. You can download the data here.
There You Have It Mr. Or Mrs. New Hampshire Cheapskate
If you're looking at the cost of living numbers in New Hampshire, this is an accurate list of the most affordable places to live in New Hampshire for 2020.
Here's a look at the most expensive cities in New Hampshire according to the data:
For more New Hampshire reading, check out:
- Safest Places In New Hampshire
- Best Counties To Live In New Hampshire
- Best Places To Buy A House In New Hampshire
Where Are The Most Affordable Places To Live In New Hampshire?