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.

• Housing and Utilities: $9,367

• Health Care: $9,526

• Food and Beverages: $4,402
• Gas and Energy Goods: $1,139

• All Other Personal Expenditures: $24,661

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

Image Credit: DenisTangneyJr/istockphoto.

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.

Typical Home Price by New Hampshire City:

• Manchester: $426,918
• Concord: $389,743
• Keene: $314,019
• Laconia: $408,582
• Berlin: $217,063

(Learn more at Home Affordability Calculator). 

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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.

• Electricity: $120
• Gas: $119
• Cable and Internet: $112
• Water: $20

Image Credit: Yevhenii Podshyvalov/istockphoto.

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 Item Index 

• Manchester: 105.2

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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.

Average Annual Transportation Cost by Family Makeup:

• One adult, no children: $4,470
• Two working adults, no children: $8,040
• Two working adults, three children: $12,675

(Learn more at Top 10 Fun Things to Do When Visiting Atlanta).

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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.

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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 Childcare by Average Cost Per Month, Per Child:

• Infant Classroom: $1,150
• Toddler Classroom: $943
• Preschooler Classroom: $839
• Home-based Family Child Care: $1,060

Image Credit: Caiaimage/Robert Daly/istockphoto.

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.

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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.

Image Credit: haveseen/istockphoto.

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.

Image Credit: DenisTangneyJr/istockphoto.

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).

This article originally appeared on Sofi.com and was syndicated by MediaFeed.org.

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