What is the average income in New Hampshire for 2023?
As of 2023, the average income in New Hampshire is approximately $79,246, which places it among the higher-end states for median household income in the US
New Hampshire has a relatively low unemployment rate, typically around 2.7%, which is significantly lower than the national average, indicating a stable job market.
The state is known for its high cost of living, especially in areas such as housing and healthcare, which impacts disposable income despite high average wages.
New Hampshire has no state income tax and no sales tax, which can make the effective tax burden lower compared to neighboring states.
The economy relies heavily on sectors like healthcare, manufacturing, and tech, with Durham and Manchester seeing substantial growth in tech startups.
Real estate values in New Hampshire have surged, with a median home price around $400,000 as of 2023, illustrating a demand for housing that can outpace income growth.
Education plays a crucial role in the New Hampshire economy, with more than 90% of high school graduates continuing onto higher education, contributing to a skilled workforce.
The average salary in healthcare professions like nursing exceeds $70,000, emphasizing the importance of the healthcare sector in the state's economy.
New Hampshire’s demographic profile is predominantly white, with a growing number of Latino and Asian residents influencing cultural perspectives and economic dynamics.
The state consistently ranks high in health metrics, often cited for its low rates of obesity and high life expectancy, which correlates with lower healthcare costs per capita.
Agriculture, while a smaller sector compared to services, produces significant crops such as apples, blueberries, and dairy, contributing to the local economy.
As of 2023, New Hampshire’s minimum wage is $7.25, which hasn’t changed since 2009, reflecting broader national trends and raising discussions on living wages.
The Granite State's economy is bolstered by tourism, which brings in over $4 billion annually, making it a key aspect of job creation in hospitality and retail.
The state's high percentage of homeowners, at around 75%, influences its economic resilience and regional wealth distribution.
New Hampshire ranks consistently in the top five states for safety and quality of life, which can affect housing demand and, consequently, income statistics.
The strong sense of community and civic engagement in New Hampshire is reflected in its high voter turnout, often exceeding 70% in local elections.
Many New Hampshire residents commute to jobs in nearby Massachusetts, affecting income levels and contributing to the state’s economic integration with the broader New England region.
The state is known for its lack of regional urban centers, leading to a unique economic landscape that balances rural and suburban dynamics.
New Hampshire has made substantial investments in renewable energy, particularly in solar energy, which, while thriving now, offers future job potential that could influence income levels.
Lastly, the state's gift for fostering a robust entrepreneurial ecosystem is supported by various business-friendly policies, including a supportive network for startups, which enhances economic opportunities.