New Hampshire
High number of NH households lack emergency savings – Valley News
A broken furnace, medical bill, or car repair could quickly become a financial crisis if it were to happen in any one of over 120,000 New Hampshire households with very little savings. An analysis recently published by the Urban Institute found that nearly one in four New Hampshire households lacked at least $2,000 in non-retirement savings in 2022, representing a basic financial cushion for weathering emergencies. According to the analysis, about 23% of New Hampshire households did not have non-retirement savings, such as money in a checking or savings account, totaling more than $2,000 in 2022. That figure rose to 30% for Granite Staters in rural northern and western New Hampshire, 32% for Manchester residents, and 31% for Granite Staters of color statewide.
The Urban Institute published this analysis in November 2025 using the latest consistently available data for each type of financial well-being measured. A previous version of the analysis, published in 2022, found about 26 percent of New Hampshire households lacked $2,000 in emergency savings in 2019, although the $2,000 threshold was not adjusted for inflation between those two years. The researchers also measured overall wealth, income relative to key expenses, and certain other metrics.
Unpaid debt
Researchers at the Urban Institute also found that about 16% of Granite Staters had some form of debt that was at least 60 days past due in 2023. Two percent of all residents specifically had delinquent student loan debts.
Housing expenses
About 87% of all households with less than $50,000 in annual income, which was about one in four New Hampshire households in 2023, paid more than 30% of their incomes for their housing costs, such as rent or mortgage payments, utilities, property taxes, and insurance costs. For Granite Staters of color, about 96% of households with these lower incomes were cost-burdened, or paying at least 30% of income, by housing costs.
This percentage varied for different areas within the state as well. While about 78% of all residents with lower incomes in Coos, Grafton and Sullivan counties combined were cost-burdened by housing, about 95% of Manchester residents and 91% of Strafford County and northern Rockingham County residents were cost-burdened in this manner.
Utility costs
About one in five New Hampshire households paid more than 10% of household income solely on utility costs, including electricity, water, gas, and heating fuels. While the lowest percentage of households facing these utility costs were near Nashua and a few other relatively urban parts of the state, about 46% of households in Coos, Grafton, and Sullivan counties, and 41% in eastern central New Hampshire encompassing Carroll and Belknap counties, paid more than 10% in utility costs.
Access to emergency savings varies throughout New Hampshire
Savings can be difficult to accumulate for a variety of reasons, and the primary factors include income and expenses. Both lower incomes and higher expenses make saving more difficult, while their opposites enable more opportunities to set money aside for a time of need. Some of the variations in savings across New Hampshire could be rooted in both factors.
The approximately 23% of Granite State households without at least $2,000 in savings during 2022 represents about 129,600 households of the estimated 557,200 in New Hampshire that year. In Coos, Grafton, and Sullivan Counties, which include the two counties (Coos and Sullivan) with the highest poverty rates in the state, about 30% of households lacked that level of savings. Coos County also had a median household income that was only slightly more than half of Rockingham County in southeastern New Hampshire. The cost of buying a house has also increased fastest in rural parts of New Hampshire, although the overall cost is still lower than in southeastern New Hampshire.
In Manchester, where 32% of households did not have at least $2,000 in emergency savings (the highest rate of the measured areas in the state) in 2022, the cost of renting the median two-bedroom apartment increased 31% from 2020 to 2024 to $1,838 per month. Median household income, at about $77,000, was below the statewide median of about $95,600 during the 2019 to 2023 period. Increasing costs, particularly regional housing costs, likely made saving very difficult for households in Manchester and elsewhere, particularly the families that are more likely to see incomes fall short of expenses than ten years ago.
Wealth is a critical factor and difficult to measure
Most common measures of financial well-being are based on income. Income is often measured through surveys and tax returns, and income from employment is also reported by businesses and other employers. As a result, income is more commonly measured than wealth. Income measures the money coming into a household in a given time period, while wealth measures the assets owned by the members of a household.
Wealth provides a form of economic security that promotes resilience, including the ability to weather a job loss or an unexpected expense, such as a car repair or medical costs from an illness. Even a higher income does not provide the security of having a substantial amount of money in a bank account, as that income could change, or new costs could appear, relatively quickly. Wealth provides a financial cushion that can be critical for individuals and families in times of need.
Local data difficult to access
While national measures provide insights into wealth and wealth inequality, which has risen substantially over the last six decades, local data are much harder to collect than data about the income of residents in states and counties. Researchers at the Urban Institute used publicly-available data and collaborated with a major credit bureau, employing anonymized data, to get a sample of about 10 million people nationwide. They also utilized models to understand the likely conditions facing people in less-populated areas and in smaller population groups when the sample sizes themselves were too small to create reliable estimates.
These data and methods allowed the Urban Institute researchers to estimate the percentage of households that had less than $2,000 in their bank accounts, stocks, mutual funds, and other non-retirement assets. However, the data were not granular enough to allow for consistent town- or county-level analyses in New Hampshire. The data were organized by regions of the state (and country) with a total of 100,000 people or more. While data for Manchester can be separated from the rest of the state with this strategy, every other city or town is combined with at least one other community in these data.
Different than other surveys
This methodology is notably different from a commonly-cited national-level survey conducted by the U.S. Federal Reserve Board’s Survey of Household Economics and Decisionmaking, which asks U.S. residents nationwide a series of questions. These questions include asking about the methods the individual would use to pay for an unexpected $400 expense.
The latest survey indicates that 37% of U.S. adults would not have paid for an unexpected $400 expense with cash, savings, or a credit card to be paid off by the end of the month. While that indicates more than one in three U.S. adults do not have the savings to easily cover this expense, 13% said they would be unable to pay it by any means; others indicated they would carry a balance on a credit card, borrow money from a friend, family member, bank, or payday lender, or sell something to help pay for the expense. That suggests many adults would not spend their bank account down to zero, perhaps to preserve some wealth cushion for other unexpected expenses or to avoid fees.
While these survey data offer key insights and annual updates allowing for helpful comparisons over time, the Urban Institute’s methods seek to measure the actual balances in household accounts. The Urban Institute’s data also provide insights into the financial resilience of New Hampshire residents specifically.
Financial situations fragile for many Granite State families
Without $2,000 in savings, a Granite Stater could quickly spend their liquid assets to pay for an unexpected car repair, needed fixes for a house or an appliance, the deductible on their health insurance after an injury or illness but before coverage begins, losing a job, or other factors that could effectively require immediate, unforeseen costs. That would potentially lead to debt that could be difficult to pay off, unpaid bills, or forgone health or housing needs.
Housing, utility, health care, and child care costs have increased across New Hampshire. These rising costs have made building emergency savings increasingly difficult. With nearly one in four New Hampshire households in this fragile situation, small changes in physical or financial well-being, expenses facing families, public policy, or the economy overall could have big impacts on many Granite Staters.
The New Hampshire Fiscal Policy Institute is sharing these articles with the partners in The Granite State News Collaborative. NHFPI is an independent nonprofit organization that explores, develops and promotes public policies that foster economic opportunity and prosperity for all New Hampshire residents. For more information visit nhfpi.org. These articles are being shared by partners in The Granite State News Collaborative. For more information visit collaborativenh.org.
The federal government has activated the New Hampshire National Guard’s 157th Air Refueling Wing in connection with the war with Iran.
“I’ve had a briefing myself, a classified briefing, but it’s really important on the messaging on this that we really coordinate with the Pentagon,” Gov. Kelly Ayotte told reporters during a press briefing following Wednesday’s Executive Council meeting.
Ayotte said she was unable to share additional details about the nature of the New Hampshire National Guard’s activity related to the conflict, including how many guard members have been activated or what role they are playing.
“We’re going to respect what messaging comes out of the Pentagon just to make sure that our men and women in uniform are fully protected and that we aren’t providing any information that could be used in a way that would be harmful to them,” Ayotte said.
In a statement Thursday, Ayotte said the unit had been deployed in late February to the U.S. Central Command area of responsibility in support of the operation.
Earlier this week, Pentagon officials confirmed that members of the Vermont National Guard were involved in attacks against Iran over the weekend, though our news partners at Vermont Public were not able to confirm additional details on the nature of the operation.
During the briefing with local reporters, Ayotte also stressed her support for servicemembers and those close to them.
“I have such respect for our men and women in uniform,” Ayotte said. “As you know, I come from a military family, and they have our full support, and we appreciate them and their families, and obviously anyone who is serving right now, and my thoughts and prayers go out to those who have lost someone that they love.”
By PAULA TRACY, InDepthNH.org
CONCORD – While Republican Gov. Kelly Ayotte has said she opposes increasing highway toll rates across the state, the Senate voted Thursday to increase rates for out-of-state license plate holders.
It now goes to the House for consideration.
This would be a $1 increase for those who have out of state plates going through the tolls at Hooksett, Hampton and Bedford for out-of-state plates, a 75 cent hike for those taking Hampton’s Exit 2 and on the Spaulding turnpike at Rochester, and a 50 cent hike for those taking the exit off I-93 to Hooksett.
An analysis in the bill shows that this would increase toll revenue by $53.3 million in fiscal year 2027 and go up each year to generate $81.4 million a year in 2036.
Senate Bill 627 passed on a voice vote with two Republicans, Senators Regina Birdsell of Hampstead and William Gannon of Sandown opposing.
Senator Mark E. McConkey, R-Freedom, moved to take the bill off the table and offered an amendment.
He said the last time there was a systemwide increase to the turnpike toll was 19 years ago.
“I am sure we could all agree the cost of operations…has continued to escalate when revenue is not rising with it,” and he noted that with an enterprise fund, the state can only spend what it takes in.
The state has just completed a 10-year highway plan and there was a $400 million shortfall in projects that could not be paid for under the current income.
McConkey said the measure would not increase tolls for New Hampshire drivers with a state license plate.
“Why don’t we ask our neighbors,” to pay a toll increase. “We are getting the best of all worlds,” by passing the bill, he said, including “protecting our residents” and having resources for improvements to the turnpike system.
Sen. Gannon, R-Sandown, asked McConkey if there are any studies on impacts near the border on businesses.
If implemented, McConkey said the state will be the 27th lowest in per mile cost still. McConkey said the bill would also increase from seven to 14 days the amount of time for those with NH license plates to pay for a toll adding there are other states that also have different rates for out-of-state users.
The Hampton toll cost would go from $2 to $3, while Hooksett and Bedford would rise from $1 to $2 for out-of-state plates.
New Hampshire currently has the lowest rate per mile among states with tolls roads.
The governor said she does not support a toll increase.
“We are not going to put a burden on drivers for a toll increase,” Ayotte said. “Families are struggling.”
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