The Future of Household Formation and Homeownership in New Hampshire

Forecasting State Homeownership Trends

Trends in household formation and homeownership have important implications for states’ housing markets and broader economies. They also reveal who has benefited from homeownership and who has been shut out of this critical wealth-building tool. To better understand the past and future of household formation and homeownership in New Hampshire, we look at trends by age, race, and ethnicity. Our projections, using data from decennial censuses and the American Community Survey, show what will happen over the next two decades if current policies stay the same. For more details on the methodology, see our report.

Household Formation

We look at changes in the number of households (defined as one or more people who live in a housing unit) for four racial and ethnic groups: Hispanic, non-Hispanic white, non-Hispanic Black, and people of other races, which includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people (all of whom are non-Hispanic). We also examine household formation trends for people younger than 65 and people ages 65 and older.

Number of Households and Household Growth

Number of Households in New Hampshire, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 410,287 474,609 518,950 547,056 583,160 595,640
White 401,137 456,364 490,670 505,589 523,162 515,554
Black 2,265 2,894 4,300 5,518 8,084 10,706
Hispanic 3,725 5,702 9,520 18,009 28,309 39,783
Other 3,160 9,649 14,460 17,940 23,606 29,596
  Household Growth: New Hampshire Household Growth: Nationwide
2010–2020 2020–2030 2030–2040 2010–2020 2020–2030 2030–2040
Total 5.4% 6.6% 2.1% 5.9% 6.4% 5.4%
White 3.0% 3.5% −1.5% 0.1% 0.5% −1.3%
Black 28.3% 46.5% 32.4% 9.9% 10.1% 8.8%
Hispanic 89.2% 57.2% 40.5% 22.1% 19.2% 17.3%
Other 24.1% 31.6% 25.4% 20.9% 20.0% 18.4%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Number of Households in New Hampshire, by Age


 

Number of Households in New Hampshire, by Age, Race, and Ethnicity
 
  Younger than 65 65 and older
White Black Hispanic Other White Black Hispanic Other
1990 324,373 2,126 3,607 3,005 76,764 139 118 155
2000 364,252 2,672 5,289 8,568 92,112 222 413 1,081
2010 381,680 3,940 8,890 13,070 108,990 360 630 1,390
2020 349,682 4,684 16,225 15,330 155,907 NA 1,784 2,610
2030 311,908 6,749 25,343 19,842 211,254 NA 2,966 3,764
2040 299,981 8,333 34,520 24,234 215,573 2,374 5,264 5,362
Number of Households in the United States, by Age, Race, and Ethnicity
 
  Younger than 65 65 and older
White Black Hispanic Other White Black Hispanic Other
2000 60,344,232 9,972,344 8,293,773 4,728,999 18,748,904 1,835,658 928,629 627,564
2020 55,784,880 11,872,258 14,733,722 7,456,779 26,591,297 3,379,648 2,550,232 1,616,708
2040 48,524,107 13,051,680 19,825,205 10,817,807 33,236,589 5,553,598 6,026,735 3,088,951

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020 and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Household Racial and Ethnic Composition, by Age, in New Hampshire, and Nationwide

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Homeownership

We look at changes in homeownership for four racial and ethnic groups: Hispanic, non-Hispanic white, non-Hispanic Black, and people of other races, which includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people (all of whom are non-Hispanic). We also examine trends in the number of homeowners and renters younger than 65 and people 65 and older.

New Hampshire Homeownership Rates, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 68.1% 69.7% 71.0% 71.4% 71.1% 70.4%
White 68.6% 70.8% 72.4% 73.5% 74.0% 74.1%
Black 35.7% 38.4% 38.4% 29.0% 32.3% 29.5%
Hispanic 40.6% 38.0% 39.5% 39.9% 40.0% 40.6%
Other 56.9% 48.5% 53.8% 57.5% 59.5% 60.9%
National Homeownership Rates, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 65.3% 66.2% 65.1% 64.7% 63.6% 62.2%
White 70.1% 72.4% 72.2% 73.0% 72.5% 71.4%
Black 45.2% 46.3% 44.3% 41.9% 41.1% 40.6%
Hispanic 43.3% 45.7% 47.3% 49.0% 50.2% 51.3%
Other 53.7% 53.0% 56.3% 58.1% 57.9% 57.4%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Homeowners and Renters, by Age, in New Hampshire and Nationwide

New Hampshire Homeownership Rates, by Age
 
  1990 2000 2010 2020 2030 2040
Younger than 65 67.1% 68.7% 69.5% 67.9% 57.8% 40.5%
65 and older 72.3% 74.2% 76.5% 81.2% 78.8% 77.7%
National Homeownership Rates, by Age
 
  1990 2000 2010 2020 2030 2040
Younger than 65 62.3% 63.0% 61.6% 59.5% 57.5% 56.5%
65 and older 75.8% 78.1% 77.5% 78.4% 76.0% 73.0%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Note: Values for 2020, 2030, and 2040 are projected values.

Millions of Owners and Renters in New Hampshire and Nationwide, by Age

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Note: Values for 2020, 2030, and 2040 are projected values.