New Hampshire’s newest graduates are stepping into a job market filled with both opportunity and uncertainty. Even with low unemployment, many young people are beginning adulthood already in the red, as housing, health care, and child care costs continue rising faster than wages. At the same time, slowing job growth and persistent underemployment are reshaping the workforce and forcing young Granite Staters to grapple with difficult choices about where they can afford to build their futures. 

In this episode of New Hampshire Uncharted, host Gene Martin unpacks these challenges with: 

• Nicole Heller, Senior Policy Analyst, New Hampshire Fiscal Policy Institute 

• Marc Lewis, Professor of Accounting, Franklin Pierce University 

• Aria Caputo, Junior, Franklin Pierce University 

What the Numbers Say About Affordability 

Nicole Heller sets the stage with NHFPI’s Affordability Eroded findings. A typical four-person family in 2024 with two working parents, two young children, and the median household income has $17,000 less left over per year after covering just a few essential costs like a mortgage, food, gasoline, child care, and health care than a decade ago. 

The gap is driven largely by housing and child care. Heller notes that a median mortgage that would have cost about $1,500 a month in 2015 now costs $4,000 per month. Child care is another major factor. For a family with two young children, NHFPI’s analysis found that the total cost of care from infancy through age 13 can reach roughly $300,000. 

The cumulative effect: more families living paycheck to paycheck, even with two earners. 

What Students Are Seeing as They Enter the Workforce 

From the classroom perspective, Professor Marc Lewis sees financial stress top of mind for students preparing to launch their careers. Housing is a particular concern.  

Lewis also says students aren’t just anxious about finding a job: they’re worried about finding one that provides a suitable income to afford the essentials. And while graduates remain optimistic about entering the job market, the math is daunting. As Gene notes in the conversation, being able to afford a median-priced house in New Hampshire now requires an income approaching $200,000 a year to avoid being cost-burdened. 

Lewis underscores the importance of building strong technical skills, completing internships, and developing adaptability: “You really have to distinguish yourself… and make yourself hireable.” 

The Student Perspective: Hopeful, but Worried 

For junior Aria Caputo, affordability is a defining factor shaping her post-graduation plans. While she’s excited to start her career, she’s blunt about the challenges ahead: “I will newly be entering the workforce… I’ll have student loans, limited savings, and an entry-level salary.” 

She expects she may need to move back home despite wanting independence, something many young people share. Rising rents and home prices, she says, “determine everything for me after graduation,” from where she’ll live to how fast she’ll be able to pay off student loans. 

Why It Matters for New Hampshire’s Economy 

New Hampshire has one of the oldest populations in the country, and the only reason the state’s population is growing at all is because people move here from other states and from abroad. As Heller explains, “New Hampshire’s population growth is entirely based on people coming to New Hampshire… and settling here.” 

If young people can’t afford to stay, the consequences ripple outward. A shrinking workforce means businesses struggle to hire, older adults lack the care and services they need, and local economies weaken. 

What Young People Say Would Help 

When asked what policymakers should prioritize, Aria doesn’t hesitate: “We could make housing more affordable.” She mentions first-time homebuyer support, more affordable apartments, and more entry-level jobs with reasonable pay. “Paid internships and clearer career pathways would also help young adults stay in New England instead of moving to larger, more distant cities,” she says. 

“We need support with achieving affordable housing and managing student debt… This would give us the chance to build a happy, successful life.” 

Practical Advice for Graduates 

Professor Lewis offers clear guidance: build technical skills, embrace internships, and learn to network. Technology is reshaping every field, and adaptability is essential. As he puts it, graduates who can “pivot within that industry and adapt to technology” become invaluable. 

Signs of Hope 

Despite the sobering trends, Heller sees reasons for optimism. Eight out of ten New Hampshire voters support greater investment in early care and education, an area where high costs put enormous pressure on young families. And recent legislative progress on housing, including expanding accessory dwelling units and streamlining permitting, could help “increase housing units and lower housing costs.” 

Even in a polarized climate, Heller says, seeing Granite Staters come together on these issues “give me hope.” 

To request a full transcript, contact info@nhfpi.org.