Manchester-Nashua, NH
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.84×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs New Hampshire
- 3.84×=
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
moderate
Rent to income
25.4%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs New Hampshire
- 25.4%=
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.30%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs New Hampshire
- 4.30%=
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.09%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs New Hampshire
- 0.09%=
- vs U.S.
- 0.03%+0.06
Benchmark
IRS net migration ÷ population
tight
Permit pipeline
1.52
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs New Hampshire
- 1.52=
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.3%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs New Hampshire
- 3.3%=
- vs U.S.
- 3.9%-0.6
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+61.6%
homeValues.yearOverYear
+5.4%
Median home value
$385,500
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,673 | $20,076 | 20.0% |
| 2 BR | $2,127 | $25,524 | 25.4% |
| 3 BR | $2,822 | $33,864 | 33.7% |
Labor market direction
Unemployment
3.3%
Median household income
$100,436
What's being built
Total TTM
644
Single-family
377
2–4 unit
71
5+ unit
196
All 1 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Hillsborough County | 422,733 | $385,500 | $100,436 | 644 |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Manchester | 422,733 | $100,436 | 3.84× | 4.30% | +61.6% | 1.52 | 3.3% |
| Vallejo, CA | 450,995 | $99,994 | — | — | +27.0% | — | 5.2% |
| Santa Maria-Santa Barbara, CA | 445,213 | $95,977 | — | — | +53.1% | — | 4.9% |
| Salinas, CA | 437,609 | $94,486 | — | — | +42.3% | — | 9.1% |
| Anchorage, AK | 399,335 | $95,918 | — | — | +41.1% | — | 4.3% |
| Trenton-Princeton, NJ | 383,732 | $96,333 | — | — | +69.2% | — | 4.5% |
Where people are moving in from
Net migration
+383
+0.09% of population
| Origin county | Tax returns |
|---|---|
| Middlesex County, MA | 2,333 |
| Rockingham County, NH | 1,715 |
| Merrimack County, NH | 1,083 |
| Essex County, MA | 761 |
| Suffolk County, MA | 331 |
| Worcester County, MA | 317 |
Who lives in Manchester
- Median age
- 41
- Bachelor's+
- 40.6%
- Owner-occupancy
- 67.5%
- Vacancy rate
- 5.1%
- Rent burdened (30%+)
- 47.2%
- Median household income
- $100,436
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.