As New Hampshire ages, opportunity emerges for millennials

With a median age of 42.8, New Hampshire has the second oldest population in the United States, which can sometimes be alienating for young job seekers who don’t have a lot of work experience.

That said, opportunity will emerge for the younger generation as previous generations (particularly Baby Boomers) retire out of the workforce.

An older population in the state should also be a catalyst for employment gains in social assistance and health care. Young New Hampshire residents involved in the medical field and “caretaker” industries should expect to see their services in high demand, providing the job security needed to purchase a home with confidence.

Young people left the state for job opportunities in the past, but the future looks bright for millennials planning to stay in New Hampshire.

Rock bottom interest rates make now a great time to buy

In the shadow of student loans, debt continues to be a four letter word for millennials. The sticker shock of buying a home can be intimidating, causing many young professionals to rent or stay with mom and dad. New Hampshire Housing’s 2016 Residential Rental Cost Survey revealed the statewide median gross rent (including utilities) at $1,206 a month and vacancy rates at an extremely low 1.5 percent.

rentalcost

At the same time, interest rates for a 30-year mortgage remain low. Expensive rental costs and low interest rates together make a strong case for why buying a home in New Hampshire can save millennials money over time. Owning a home can let you pay your own mortgage, build equity, and sidestep expensive rental costs.

Interest rates have increased less than one percentage point since their low point of 3.35 percent in December of 2012. For those looking to purchase a house in New Hampshire and live here long-term, now is a fantastic time to finance.

interestrateIt pays to stay

A commitment to New Hampshire can pay big time. Young New Hampshire residents who want to stay in the state long-term can build a ton of equity by purchasing a home early. With vacancies so low and rental costs so high, homeowners can save money by paying their own mortgage each month. Owning can ground someone against inflation and be advantageous as incomes rise and the job market continues to recover.

As always, we’d love to hear your feedback and suggestions for housing-related topics to cover. You can reach us at home@stayworkplay.org.

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