If you live in the state of New Hampshire, you should be familiar with New Hampshire Housing. This public corporation promotes, finances, and supports affordable housing. If you are a renter, they provide assistance via the Housing Choice Voucher Program or help through finding assisted housing.
Housing Choice Voucher Program
This program is more commonly known as Section 8 Housing. Funded by HUD, the Housing Choice Voucher Program will provide financial assistance to participants provided eligibility requirements are met, including gross household income cannot exceed 50% area median income.
New Hampshire Housing offers numerous resources on their website, including the Residential Rental Cost Report. This annual survey of renters in NH started in 1980. The 2022 version highlights the scarcity of affordable units, finding that:
- The statewide median rent of a 2-bedroom unit is $1584 /month, an increase of 5.7% since 2021.
- The statewide vacancy rate of that same 2-bedroom unit is 0.3%. This means that for every 1000 units that exist, only 3 are available to rent at any given time
- In order to afford the statewide median rent, you would need a household income of $63,400. This is assuming you keep housing costs to 30% of gross household income.
- NHHFA estimates that we need another 20,000 units built across the state to support the need for renters
I encourage you to check out New Hampshire Housing. There are great resources available for financial assistance and those seeking homeownership, as well as updates on programs, legislation, and grant opportunities throughout the year.