This article takes a look at the 12 best places to retire in New Hampshire. If you wish to skip our detailed analysis on preparing for an aging population, you may go to 5 Best Places to Retire in New Hampshire.
Preparing for an Aging Population
According to Citizens Count, New Hampshire has the second-oldest population in the United States. One out of every five residents in the state is 60 years or older. The Office of Energy & Planning states that this demographic group is expected to increase by 129%, while it is projected that the increase in population age 85+ will be an estimated 243% by 2040. Even though the population in the state is aging drastically, it is being reported that the state isn’t quite ready to take care of the burgeoning population. According to NH News, the population in New England is graying, but homes are less “age ready” than other places in the US.
A report by the US Census Bureau confirms this, stating that only an estimated 20% of homes in New England meet the basic standards for seniors. And what seems to be the basic standard of an age-ready home? A step-free entry way, a bedroom, and a bathroom on the entry level. The 2023 New Hampshire Statewide Housing Needs Assessment further reveals that the state is currently short of 24,000 housing units. Moreover, this shortage will increase to 90,000 units within the next two decades.
“There's a mismatch on a number of levels between the existing housing stock and the needs of the population”.
According to NHPR, this means that seniors have limited options as to where they should be living.
“Some seniors don't have a choice between their single family home with no services and a more sort of facility environment like a nursing home. There's a lot of alternatives in the middle of that that I think more aligns with people's needs and is more cost effective, but we just unfortunately don't have that built yet.”
Evidently, the real estate market is demonstrating some impacts as well. According to Redfin Corporation (NASDAQ:RDFN), the median price of a home in New Hampshire is $447,400, which is higher than the national median. These prices have increased 12.5% since last year. Redfin Corporation (NASDAQ:RDFN) also notes that nationwide, 24% of home buyers searched to move to a different metro area between Dec '23 - Feb '24. Also, February 2024, there were 3,179 homes for sale in the state of New-Hampshire. This demonstrates an increase of 4.3% year over year. The number of newly listed homes was 1,144, going up 23.0% year over year. Moreover, the average months of supply is 2 months, down year over year.
The state of home-supplies aside, New Hampshire is quite a retirement friendly destination. Ranked as one of the states that don’t tax retirement income, retirees who choose to live here get to enjoy their retirement income tax-free. The state currently does tax interests and dividends, and will be repealed for taxable periods beginning after December 31, 2024. The cost of living is 14.1% higher than the national average, but the upside is that the state doesn’t have a sales tax. For those who wish to retire to this state, it’s essential to know what the best places this state has to offer.
12 Best Places to Retire in New Hampshire
Methodology
To compile the list of best places to retire in New Hampshire, we we used several prominent sources as well as forums like Reddit and Quora. We also conducted our own cost of living analysis for different cities and towns within the state to come up with an exhaustive list of places that can be ideal to live for retirees. Subsequently, we assessed them based on their cost of living index, median home price, and livability scores. Each location was assigned scores for these factors, which were then combined to generate a distinctive Insider Monkey score. Then, places were ranked on the final Insider Monkey score in ascending order.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best places to retire in the state:
12. Rye
Insider Monkey Score: 6
Cost of Living Index: 118.9
Median Home Price: $1,200,000
Livability Score: 70
Nestled along the magnificent New Hampshire seacoast, Rye is our 12th pick for the best places to retire in New Hampshire. This charming town in New Hampshire is appreciated by retirees for its coastal charm, vibrant culture, and natural beauty. From picturesque beaches and scenic vistas to historical landmarks across town, this town is packed with action. Rye’s proximity to the ocean is a plus for seniors who get to enjoy a myriad of activities such as swimming, sunset strolls, and beach-combing. For those who wish to indulge in some retail therapy, this town is brimming with antique shops, boutiques, and art galleries as well. All in all, Rye is the perfect place for seniors to enjoy natural beauty, history, and the outdoors. The housing market is quite competitive here, making Rye a good option for those who have fat nest eggs to lean back on.
11. Portsmouth
Insider Monkey Score: 12
Cost of Living Index: 118.9
Median Home Price: $900,000
Livability Score: 85
Similar to Rye, Portsmouth is a bit on the expensive end but well worth every penny. This port city on the Piscataqua River is a hub of all shopping, dining, and cultural activities. Blend it in with its coastal beauty and historic charm, and you have the ideal destination to spend your golden years. There are numerous museums, art galleries, and theaters to explore here as well, a historic downtown that is brimming with shops, cafes, and restaurants, and a coast that allows seniors to relax and unwind in their golden years. Houses are expensive to own here, but seniors who wish to spend their life here can rent instead.
10. Amherst
Insider Monkey Score: 12
Cost of Living Index: 110.7
Median Home Price: $607,000
Livability Score: 74
Most cities and towns in New Hampshire have a cost of living that is higher than the national average. However, the state doesn’t tax most of retirement income, and comes with a number of other perks that still makes it a favorable retirement state. One city that has landed on our list of best places to retire in New Hampshire is Amherst. This historic village town is brimming with historic architecture, cozy cafes, and locally owned shops. The cultural attractions are abundant here as well, and the charming downtown area adds further to Amherst’s appeal. Amherst may be a small town, but it is fully equipped with all the amenities a senior might need to live comfortably, including healthcare. Reliable hospitals can be found in close proximity to Amherst as well.
9. Peterborough
Insider Monkey Score: 14
Cost of Living Index: 110.7
Median Home Price: $410,000
Livability Score: 69
Peterborough is a town situated in Hillsborough County, New Hampshire. This idyllic retirement destination seeks to offer the best balance between cultural richness, natural beauty, and a tranquil small-town vibe. It is ideally tucked in the western part of New Hampshire, away from the hustle and bustle of big cities. Retirees will find everything here to their liking, enjoying its vibrant cultural scene, historic downtown area, and even the nearby lakes and rivers. There are quality healthcare facilities available as well. The cost of living in Peterborough is an estimated 11% higher than the national average.
8. Wolfeboro
Insider Monkey Score: 14
Cost of Living Index: 105.4
Median Home Price: $506,000
Livability Score: 65
Wolfeboro is one of the many best places to retire in New Hampshire that stands out because of its unparalleled scenic beauty and small-town new England character. Nestled along the shores of Lake Winnipesaukee, Wolfeboro is the epitome of beauty, history, and cultural vibrancy. Seniors get to enjoy the town’s scenic waterfront, engage in lakeside strolls, and even hike and bike in the surrounding mountains and forests. The best thing about Wolfeboro is probably its charming downtown area, buzzing with quaint shops, historic buildings, and vibrant cafes. The cost of living is a tad higher than the national average. Overall, seniors can enjoy a good quality of life here.
7. Exeter
Insider Monkey Score: 16
Cost of Living Index: 118.9
Median Home Price: $519,900
Livability Score: 88
The picturesque town of Exeter is one the most senior-friendly places on our list. This charming retirement destination is a keeper because of its historical charm, small-town vibe, and cultural richness. According to Smart Asset, there are 0.43 retirement communities per 1,000 residents, and 1.63 recreation centers per 1,000 residents. The downtown is brimming with local eateries, boutiques, quaint shops, and art galleries.
6. Manchester
Insider Monkey Score: 20
Cost of Living Index: 110.7
Median Home Price: $400,000
Livability Score: 79
One of the most populous cities in New Hampshire, Manchester is next on our list of best places to retire in New Hampshire. Featuring scenic surroundings, urban amenities, and lots of culture, this city is another happening destination to retire to. The cost of living isn’t the most affordable our list, standing 10.7% higher than the national average. Situated in proximity to the Merrimack River, seniors get to enjoy abundant recreational activities here as well. Finally, there are various clubs, organizations, and community events to be a part of.