First published in New Hampshire Business Review, October 4, 2024

New data released by the U.S. Census Bureau provides insight into the economic well-being of Granite Staters. According to 2023 state-level American Community Survey data, the median household income in New Hampshire was $96,838, an increase from its estimated $89,992 in 2022 and, adjusting for inflation, a rebound to about the 2021 level after dropping in 2022. The state’s 2023 median household income was also higher than before the COVID-19 pandemic, reflecting a quicker post-pandemic financial recovery compared to the 2007-2009 Great Recession recovery.

Despite the increase in median income, about 25% of Granite State households had annual incomes below $50,000, and about 17% lower than $35,000, while about 16% of households had over $200,000.

According to the Official Poverty Measure, approximately 98,000 Granite Staters lived in poverty in 2023, contributing to a statewide poverty rate of 7.2%, which was consistent with rates in 2021 and 2022. Poverty rates for children and older adults were at about 8% and 7.6%, respectively, representing approximately 20,000 children and 21,000 older adults. While statewide poverty and poverty among children remained similar to 2019 rates, older adults faced a higher rate in 2023 compared to before the pandemic.

While New Hampshire had the lowest poverty rate in the nation based on the Official Poverty Measure, other measures of hardship provide additional insights into the challenges facing Granite Staters and indicate more significant challenges for those with limited incomes.

According to the Supplemental Poverty Measure, which adjusts for certain expenses, taxes, benefits, household compositions and regional housing costs, about 7.4% of the state’s population lived in poverty during the 2021-2023 period, which was statistically indistinguishable from several other states and higher than the rate in neighboring Maine.

Other recently released data from the U.S. Department of Agriculture provides insight into economic hardship faced by families across the state. During the 2021-2023 period, approximately 7.4% of New Hampshire households were food insecure. Food insecurity increased from its 2019-2021 level, which was 5.4%, the lowest rate in the past two decades.

Economic aid provided during the COVID-19 pandemic likely contributed significantly to declines in both food insecurity and poverty, as measured by the Supplemental Poverty Measure. While rebounding median incomes in New Hampshire are a sign of economic recovery, poverty and food insecurity highlight persistent hardships faced by Granite State families with low incomes.

Jess Williams is a policy analyst with the Fiscal Policy Institute. The NHFPI Policy Memo is a partnership of the NH Fiscal Policy Institute and NH Business Review.