As inventory continues to trend historically low and prices historically high, the affordability for single family residential homes in New Hampshire has unsurprisingly reached a 13-year low, according to the March release of NH Monthly Indicators.
The state's Affordability Index, which measures housing affordability based on median household income as compared to the median price of homes, was 112 in May, the lowest it has been since June 2008. Specifically, an index of 112 means the median household income is 112 percent of what is necessary to qualify for a median priced home at the current interest rate.
By contrast, the state's residential Affordability Index has been as high as 220 in February 2012, and there was a seven-year period between 2009 and 2016 during which the Index never dropped below 150.
For a two-minute review of the March data with NHAR Communications Director Dave Cummings, click here.
For our detailed March 2021 market report, click here or download the attached PDF. For 2021 Q1 data, click here.
For statewide and county level data from 1998 to 2020, click here.
Questions? Please email Communications Director Dave Cummings (dave@nhar.com), or call 603-225-5549.