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HOUSING AND THE ECONOMY
A REGIONAL PERSPECTIVE
Regional Issue Series – Keene, NH
February 28, 2017
About New Hampshire Housing
Established by the state legislature in 1981 as a
public benefit corporation
New Hampshire Housing is an independent self
sustaining authority, not a state agency
New Hampshire Housing is an instrumentality of the
state
About New Hampshire Housing
Single Family Mortgage Program
Approximately 1,000 mortgages each year
Homebuyer Counseling
HomeHelpNH
Housing Choice Voucher Program
About 3,500 vouchers administered by New Hampshire Housing (of approximately 9,500 in NH)
Rental Housing Production Program
Finance the construction or rehabilitation of multi-family rental projects (200-300 units/year)
About New Hampshire Housing
Research and Advocacy
Primary Housing Data Resource in New Hampshire
- Data gathering and analysis of market trends
- Annual Rent Survey
- Available at wwww.nhhfa.org
Housing Advocacy
- New Hampshire Housing actively promotes the need for an
adequate and balanced supply of housing in the state
- Support for local organizations/efforts (Technical
Assistance/mini-grants)
Housing and the Economy
Housing and the Economy
Housing and the Economy
48,000
49,000
50,000
51,000
52,000
53,000
54,000
55,000
56,000
57,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Civ
ilia
n L
ab
or
Fo
rce
Month
Labor Force by Type
Total Unempolyed
Total Employed
Southwest Regional Planning Commission
Housing and the Economy
Southwest Regional Planning Commission
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1.0
2.0
3.0
4.0
5.0
6.0
7.0
Jan
-96
Ju
l-96
Jan
-97
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Jan
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Jan
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-01
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l-16
Unemployment Rate
2.4% as of December, 2016
Housing and the Economy
Cheshire County
Median Income
Owner Occupied: $70,000
Renter Occupied: $30,921
Housing and the Economy
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
Re
nt
Median Gross Rental Cost
All Units 2-Bedroom Units
2016: All Units=$1,007 2-Bedroom=$1,040
Southwest Regional Planning Commission
Housing and the Economy
4.1%
3.9%
0%
2%
4%
6%
8%
10%
12%
Vacancy Rate of Rental Housing Units
All Units 2-Bedroom Units
Southwest Regional Planning Commission
Housing and the Economy
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
Median Home Purchase Price
All Homes Existing Homes New Homes
Existing home sales: $175,266
Cheshire County
Cheshire County
Cheshire County
Millennials and our Aging Population
16Fry, Richard. 2016. “For First Time in Modern Era, Living With Parents Edges Out Other Living Arrangements for 18- to 34-Year-Olds.” Washington,
D.C.: Pew Research Center, May.
Median Age Belies Our Relative Youth
2015 Median Age
1. Maine 44.5
2. NH 42.8
2. Vermont 42.8
4. W. Virginia 42.1
5. Florida 41.9
…
50. Utah 30.7
American Community Survey
By this measure, NH is closer to
the middle of the pack
Expected Increase in Older Population
Population by Age Group
178,166
144,472
179,178
225,961
178,243
96,762
56,745
24,761
160,495 160,633 159,044
201,565
184,617
102,676
35,808
177,249
0
50,000
100,000
150,000
200,000
250,000
15 to 24 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75 to 84 85 & older
History 2010 Base Year
2025New Hampshire
First Time Home Buyers EldersFamilies
Source: NH Center for Public Policy Studies, 2014; “Housing Needs and Preferences in New Hampshire.”
Housing Needs and Preferences
NH Center for Public Policy Studies 2014 reports:
“Housing Needs and Preferences in New Hampshire”
Slower population growth; aging population
Mismatch of housing stock and needs and desires of
changing population-young and old
Older adults want to “age in place” or “age in
community”
What Does It Mean?
What are the housing implications of these
demographic changes?
We need to house an aging population
We need to attract and retain a younger workforce
Housing options/Transportation/Broadband access
Do these different populations want the same (or
similar) things?
Better Living in Less Space?
https://makespace.com/blog/posts/carmel-place-nyc-micro-apartment-building-kips-bay/
What are the Policy Implications?
State
Workforce Housing Law
Accessory Dwelling Unit Law
Affordable Housing Fund
Regional
Housing Needs Analysis
Public / Private Collaboration
Local
Master Plan
Zoning / Land Use Regulations
