New Hampshire Mortgage Company
New Hampshire is a state with a healthy, robust and stable
housing market. While the state's market may be smaller than the markets in
other states, it maintains a vigor that keeps prices appreciating at a rate
that pleases both buyers and sellers. This stable market is based on the
exceptional job market that New Hampshire enjoys.
The US census showed that in 1999, New Hampshire had 6.5% of
its population living below the poverty line, which is almost half as much
as the national average of 12.4%. The median household income for that year
was $49,467, compared to the national average of $41,994. This demonstrates
that New Hampshire enjoys a economic vitality that can afford the slightly
higher prices in housing in the state. The 2000 census data shows that the
median value of an owner occupied home in New Hampshire was $133,300, while
the national average was $119,600. The home ownership rate in New Hampshire
for 2000 was 69.7%, compared with the national average of 66.2%. The census
data, while older than industry estimates, is a more reliable data set for
tracking housing trends as it is free from the biases that industry data
holds.
New Hampshire was found to be the nation's most livable
state, the second healthiest state, is in the top five safest states and is
high on the list of states committed to education. Therefore it is hardly
surprising that the state has been experiencing a housing boom as people
flock to purchase homes in New Hampshire.
Like a growing number of the nation's top, hot and popular
housing markets, New Hampshire is in the geographic middle of what many
consider a housing market bubble. With so much pressure from ever rising
housing prices could cause the bubble to pop and prices to fall.
In the past year, the state has been twelfth in the list of
states with the quickest growing home prices. Housing prices have grown by
more than 12 percent. In the past five years, only Rhode Island has a faster
growing rate of appreciation.
Local economists are guessing that a price-correction period
starting in late 2006 could result in a 5 percent to 25 percent drop in home
prices. A drop of that size in home prices would be a boon to potential
buyers, while being worrying for those looking to sell.
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