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In many parts of the state zoning restrictions make it impossible to build small homes on small lots. Builders should focus on homes with smaller footprints. Thibeault suggested that neither group will be looking for 4-bedroom colonials on 5 acres. The two largest groups driving the housing market will be first-time buyers age 35-44 and downsizers age 65-74. Photo/Kathy Staub New homes need to match the marketĭemographic predictions by the state of New Hampshire indicate that the state’s population of people under 65 will decline by 52,000 over the next 10 years while the population of people over 65 will increase by over 105,000. Everyone wants a ranch, but they have to settle for their second choice, a colonial.” she said Housing panelists James Gallagher of Merrimack County Savings Bank, Ignatius MacLellen of NH Housing, Jen Hopkins of NH Community Loan Fund, and Rachel Eames, Eames Realty Service. They are vying with downsizing boomers for the exact same properties. “Young first time homebuyers are finding themselves completely blocked out of the market. “Homes are selling so fast we can barely plant the signs,” said Concord real estate broker Rachel Eames.Įames went on to say that buyers have no leverage and are forced to take whatever they can find, even if it is not what they want. This is historically low and it has led to rapid turnover. Currently the inventory of homes for sale is about 2.2 months, meaning it would take about that long to sell all the homes on the market at the current rate of sales. The prospects for homebuyers are equally challenging. Landlords because rents didn’t really drop during the recession, and boomers who are selling their homes in an extreme “sellers market”. From the 2020 Housing Report/NH HousingĪccording to Thibeault the winners in this scenario are landlords and baby boomers. “The pain is focused on low and moderate-income people,” said Thibeault. A whopping 90.8 percent of people making less than $20,000 a year are rent-burdened, 70 percent of renters making $20-$35,000 a year are also rent-burdened, and 49 percent of people making $35-$50,000 are rent-burdened. Across the state 44 percent of renters are rent-burdened, which means they spend 30 percent or more of their income on rent. The median sales price of a home in New Hampshire reached a new high of $300,000 in June of 2019. The lack of new housing and rental vacancy rates under 1 percent have led to rising house prices and escalating rents. Thibeault estimated that the state has a deficit of about 21,000 units. Since then the country as a whole has seen a slow but steady increase in the number of permits issued, but New Hampshire has remained relatively flat. Much of the country saw a severe decline in the number of permits issued for new housing construction during the recession. Russ Thibeault of Applied Economic Research. “If we want people to move here we need to have someplace to put them,” he stated. The shortage of affordable housing is preventing people from moving to the state to take those jobs and is contributing to a slowing of economic growth. The state has added 68,000 new jobs since 2010, but the population has only grown by 40,000 people.
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He noted that the New Hampshire economy is doing well. No VacancyĮconomist Russ Thibeault of Applied Economic Research presented a housing needs assessment to the audience. New Hampshire Housing’s March 2020 Housing Market Report indicates that the median sale price of a house in NH has reached $300,000, the inventory of houses for sale is critically low, and permits for new construction lag behind national rates. At the top of everyone’s mind was the critically low inventory of homes for sale in the state. Photo/Kathy StaubīEDFORD, NH – More than 200 real estate agents, developers, and housing advocates gathered on March 3 at the Manchester Country Club for New Hampshire Housing’ s 2020 Homeownership Conference.
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Ben Frost of NH Housing addresses the crowd at the 2020 Homeownership Conference.