Mar 3, 2015 5:47 PM

NH ranks 10th as most expensive state to rent

New Hampshire ranks the 10th most expensive place to rent when you tie housing rental rates to local wages.

The rule of thumb is, and traditionally has been, rent needs to be no more than 30% of your income to be considered affordable. A new fair market rent study by the National Low Income Housing Coalition compared rental rates and income levels in the U.S. from 2012. It shows in New Hampshire, on average, you would need to make $19.29 an hour, or 40,121 a year, to afford a two bedroom apartment with what the study found is a fair market rent of $1,003 per month.

Here's the breakdown of the high, middle, and lowest cost rental areas:

"Western Rockingham County"
$1,142 / 2 bdrm
$21.96 hr
120 hrs per wk

$1,007 / 2 bdrm
$19.37 hr
108 hrs per wk

"Hillsborough County"
$855 / 2 bdrm
$16.44 hr
92 hrs per wk

Click here to see the complete study.

Source: National Low Income Housing Coalition


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