Cost of living in New Hampshire: Average Housing Costs. Grocery Prices. Transportation Expenses. Utility Costs. Healthcare Fees. Property Taxes. Income Tax Structure. Education Costs. Entertainment Prices. Average Salary Benchmarks.
Average Housing Costs
In New Hampshire, the average housing costs vary significantly, with rental prices ranging from $937 for a median studio to $1,678 for a median four-bedroom. The state's median gross rent stands at $1,263 per month. Additionally, those looking to purchase a home will find the median home value to be approximately $417,207, with a median monthly mortgage cost of $2,062. For more detailed insights on these expenses, the Cost of Living in New Hampshire provides comprehensive information on housing and other expenses in the region.
Grocery Prices
New Hampshire has notably lower grocery costs, with an average monthly cost per person of $183, which is 49% below the national average. Residents typically spend between $266 and $300 on food each month, making it one of the more affordable states for groceries despite higher overall costs for other goods and services. For more information on this, visit the Cost Of Living In New Hampshire article.
Transportation Expenses
In New Hampshire, transportation expenses are noteworthy, with individuals spending approximately $4,470 annually, whereas a family comprising two working parents and two children incurs about $11,821 each year. Gas prices fluctuate by city yet tend to remain below the national average. While public transportation is accessible in every county, having a personal vehicle is frequently essential. For more insights into managing living costs in the state, visit the informative article on the Cost Of Living In New Hampshire available online.
Utility Costs
In New Hampshire, the average monthly utility costs are approximately $401, broken down into $125 for electricity, $108 for gas, $140 for cable and internet, and $28 for water.
Healthcare Fees
The average cost of health insurance in New Hampshire is $7,302 per person, translating to $29,208 for a family of four. Healthcare costs vary significantly, with average annual per-person expenditures totaling $9,526. Medical care spending per person, including public and private insurance, was $11,793 in 2020. For more information on healthcare expenses in the state, visit ValChoice, which provides detailed insights into the factors affecting health insurance rates in the region.
Property Taxes
In New Hampshire, property taxes are assessed, levied, and collected by municipalities based on the assessed valuation of the property. The state has an effective property tax rate of 1.61 percent on owner-occupied housing value. Tax rates vary by municipality and are updated annually in the fall. For detailed information about property taxes, you can refer to the comprehensive guide on the New Hampshire Department of Revenue Administration's website.
Income Tax Structure
New Hampshire provides an attractive tax environment as it imposes no state income tax on wages and salaries, setting it apart from many other states. However, there is a 5% tax on interest and dividends, which includes exemptions of $2,400 for single filers and $4,800 for married persons filing jointly. Excitingly, this tax rate is set for a reduction to 3% in 2024. Moreover, for taxable periods beginning after December 31, 2024, this tax will be entirely repealed, marking significant tax relief. For more detailed information on these tax changes, you can explore the New Hampshire Tax Calculator.
Education Costs
In New Hampshire, the average operating cost per pupil for the 2022-2023 school year has reached a record $20,323, marking a 4.8% increase from the previous year, with total expenditures exceeding $3.8 billion. This cost is significantly higher than the national average of $14,295 and reflects rising costs despite declining student enrollment. For further details about this financial update, you can visit the announcement on the New Hampshire Department of Education's website.
Entertainment Prices
Entertainment prices in New Hampshire, such as those at FunWorld in Nashua, include costs for video games, bowling, and other activities, with promotions like getting $5 in free tokens for using a $20 bill in their token machines, indicating relatively affordable entertainment options.
Average Salary Benchmarks
The average salary in New Hampshire is approximately $62,986 per year, or $30.28 per hour, with most salaries ranging between $43,250 (25th percentile) and $81,303 (75th percentile) annually. For a more detailed breakdown of the salary landscape, you can explore the ZipRecruiter website.