Updated 3 months ago on . Most recent reply
Housing Affordability in NH
For those that live in NH, especially on the eastern half of that state, we are all too familiar with rising prices and housing becoming very expensive. WMUR recently conducted a survey showing 85% of young Granite Staters believe New Hampshire is worse on housing than other places in the United States. This is forcing many young people to leave the in search of more affordable options. For context I'm about to turn 21 and myself and my peers acknowledge this reality. I think the state has obviously recognized this issue, and has been implementing polices which will incentivize more housing to be built, to help with the supply and demand problem the state faces. This includes zoning reform through NH housings HOP grants. Many cities like Manchester have adopted new land use laws that will be implemented this year. Again, this helps with the supply and demand, but the cost to build is still significant.
To help combat this issue for the younger generation, I typically advise that they try to house hack in some way, whether it be a multifamily or a SFH where they rent out the rooms to lower living expenses. So while I can suggest this idea on an individual level, what are some ways on a state wide scale to address the problem?
What incentives should the state offer to keep young people here?
What advise would you give to people under 25 yrs old in NH?
Most Popular Reply
Advice for young people that I wish had been pushed on me. Set a hard rule of saving/investing 25% of your weekly incoming with no exceptions, that will help you get to the place of of a down payment as well as just creating good money habits. Don't buy fancy cars, motorcycles, so on just because you've just started making money and feel you deserve it and have the budget for it. Drive a used Corolla or something, if you're a handy diy'er like myself maybe a cheap older truck. A little discipline and thoughtful sacrifices could be huge propulsion. Buy property earlier than later as the appreciation/inflation train is almost always rolling so get on early to receive the gains rather than wait to try and catch up. Even for someone not interested in real estate investing. Buy a house, not your dream house, stay for a few years and make it a little nicer sell for a gain and roll into the next one. Not saying don't have fun and experience life but a little delayed gratification can have a big impact.
This is coming from someone that was dumb for most of my 20's doing all the things I just said not to do. Have parents with hardly any financial intelligence that I wish could have explained to me when interest rates were at 2% to go buy. I had a child when I was 18, worked a construction job that will hire almost anyone. I'm now 32 and own 2 properties in the NH seacoast area. Proof that with some sacrifice it can be done. 2022 at 28 I bought my first one right about at the same time I discovered learning about finance and good money habits.