The New Hampshire House Ways and Means Committee meeting on January 14, 2025, highlighted the pressing issue of housing affordability in the state, revealing significant challenges that residents face in securing homes. The median sale price for single-family homes in New Hampshire reached an unprecedented $514,000 at the end of 2024, marking a 105% increase since 2016, while median incomes have only risen by 50%. This disparity has left many residents feeling priced out of the housing market.

The committee discussed the ongoing decline in housing inventory, which has dropped significantly since 2016. Currently, there are only 1.9 months of housing inventory available, far below the six months needed for a balanced market where buyers and sellers can negotiate fairly. The lack of available homes is exacerbated by restrictive local regulations that limit the types of housing that can be built, making it difficult for families to find affordable options.

A recent statewide poll indicated that 60% of residents believe there is a significant lack of housing inventory in their communities. Nearly half of those surveyed reported that their rent or mortgage payments put a considerable strain on their budgets, a sentiment that has grown since 2019. Furthermore, about half of the respondents expressed uncertainty about their ability to afford housing in their own communities if they needed to move.

The committee emphasized the importance of addressing these housing challenges to retain residents and support local economies. With many individuals and families feeling the pressure of rising costs and limited options, the discussions underscored the need for legislative action to improve housing availability and affordability in New Hampshire. As the state grapples with these issues, the outcomes of this meeting may shape future policies aimed at creating a more balanced and accessible housing market for all residents.