AFFORDABLE HOUSING

Housing Market Sl...

An article in the October 5, Manchester Union Leader says that NH's housing market "may be cooling a bit," and that should be good news for people who are looking to buy.

We have a lack of affordable housing in this state and it affects the ability for us to keep and attract people to fill the many jobs that are going unfilled right now.

The stat in this article that really sticks out is that 44.2 percent of New Hampshire millennials, those age 18 to 24 were living with at least one relative in 2015, higher than the national average of 39.6 percent.

The article also says that a survey indicated that 86 percent of millennials planned to buy a home in the next two years, but that generation is also juggling student loans.

Cheryl Young, senior economist at the online residential website Trulia, said the millennials, "are really saddled with a lot of debt."

With housing prices as high as they are in New Hampshire and young people carrying "a lot" of debt, our state needs to examine and actively develop more affordable housing so that our young people are more likely to stay, work and start their families in NH. This is an important economic development issue because without qualified workers who can afford to live here, our growth rate will slow and perhaps taper off in the next couple of years.