Local Housing Crisis: Challenges and Solutions

Local Housing Crisis: Challenges and Solutions

Our communities are facing a shortage of both residential and commercial properties, a scenario that’s squeezing locals and newcomers alike. Housing, particularly affordable options, is in short supply, an issue that’s amplified during the tourist season when rentals are at a premium. For many residents, the dream of owning a home in the Lakes Region is growing increasingly elusive.

 

According to the New Hampshire Association of Realtors, For September 2023, Belknap County saw an increase in the median home sale price of 5.6% to $470,000. Carrol County saw an increase of 4.2% to $482,000. Statewide, we saw an 11.4% increase to $490,000.

 

Due to the cost of a mortgage, it’s creating more competition for lower cost homes, even among middle-income earners, making it even harder for first-time home buyers to compete.

 

Additionally, the cost of rent is rising due to investment costs and restrictive building codes, resulting in less available properties. It should also be noted that short-term rentals are taking a larger share of available homes and rental units.

 

The result is that most of our younger generations are living at home longer or moving to other, more affordable locations. Moreover, local businesses are feeling the pinch. Many local companies rely on the younger generations to fill jobs, especially for the summer when tourism is at its peak. If the rising cost of living forces them to relocate due to unsustainable living expenses, this further shifts our local demographic towards retirement age. This has already had a substantial impact on local businesses in shortened hours due to lack of workers and higher costs in wages.

 

Yet, the call for development is not a call for unchecked expansion. We stand at a unique juncture where our actions will determine the future character and health of our region. Sustainable development strategies, such as low-impact development, green building practices, and cluster development, offer paths to growth that respect our environmental responsibilities. By utilizing these approaches, we can increase our residential and commercial capacity without compromising the lakes, forests, and mountains we cherish. The state of NH has addressed this issue on a larger scale by creating policies to promote development, but many towns remain hesitant and have passed local ordinances, creating further roadblocks for development.

 

The Lakes Region is also ripe for the exploration of mixed-use developments. These spaces, which combine residential, commercial, and recreational uses, foster vibrant, dynamic communities. These are extremely popular in areas like central Florida with high population growth but limited available land for development. Currently, there is a great example of this in Lakeport with the project Scott Everett has accomplished on Elm Street. There are many older structures that are ripe for redevelopment. A good example would be the completed redevelopment of the brick commercial buildings into condominiums on Beacon Street West and Water Street by Chinberg Builders. Another example was the conversion of the Scott and Williams knitting machine mill on Union Avenue at Normandin Square (the old Keewaydin building) into 60 apartments and 23,000 square feet of commercial space and a park by the Laconia Housing Authority.

 

We must also advocate for policies and initiatives that support this kind of thoughtful, sustainable development. It’s imperative to engage with local planning boards and government entities to encourage regulations and incentives that align with these goals. Public-private partnerships can also be instrumental in funding and spearheading projects that individual stakeholders might struggle to undertake alone.

 

The Lakes Region is at an inflection point. Thoughtful, sustainable development is no longer just an option; it’s a necessity. By embracing innovative solutions and collaborative efforts, we can ensure that the region grows in a way that benefits both our population and the natural landscapes that we hold dear. The future is in our hands, and it’s up to us to shape it responsibly.

Randy Miller is a Sales Associate with Roche Realty Group in Meredith, NH

This article was written by Randy Miller. Randy is a sales associate at Roche Realty Group with offices in Meredith and Laconia, NH, and can be reached at (603) 279-7046. Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market

Lakes Region Real Estate Comparisons Year-to-Date

Lakes Region Real Estate Comparisons Year-to-Date

I thought I would take a look at our local real estate market and see ...
Read More →
Merrymeeting Lake New Durham

Four Years of Sales Activity at Merrymeeting Lake

Merrymeeting Lake is one of the most desirable lakes in New Hampshire, known for its ...
Read More →
Moultonborough’s Attraction and Waterfront Sales Activity

Moultonborough’s Attraction and Waterfront Sales Activity

There’s a wide selection of communities to consider when purchasing in New Hampshire’s Lakes Region. ...
Read More →
13 Spring Home Maintenance Tips for Homeowners

13 Spring Home Maintenance Tips for Homeowners

I’ve never seen the snow melt so fast in the Lakes Region. As warmer weather ...
Read More →
Five Years of Sales Activity at Samoset Condominiums

Samoset Condominium: A Five-Year Sales Market Overview

For individuals looking for an attractive water access community on the “Big Lake,” Samoset Condominiums ...
Read More →
Robust Commercial Sales Activity Over the Past Four Years

Robust Commercial Sales Activity Over Four Years

In the Lakes Region, we have seen an uptick in commercial sales activity over the ...
Read More →
Crystal Lake, Locke Lake, Sunset Lake & Halfmoon Lake – Which One Feels Like Home?

Crystal, Locke, Sunset & Halfmoon Lakes – Which One Feels Like Home?

Nestled in the heart of New Hampshire, several stunning lakes offer a unique blend of ...
Read More →
Housing Market Trends to Watch in 2025

Housing Market Trends to Watch in 2025

A lot of friends and clients have been asking me recently regarding my thoughts on ...
Read More →
Four Seasons Condominiums, located at 883 Weirs Boulevard and Paugus Bay.

5 Years of Sales Activity at Four Seasons Condominiums

When you navigate the shores of Lake Winnipesaukee and Paugus Bay, there are many water-access ...
Read More →
5 Years of Sales Activity at Paugus Bay Racquet Club

5 Years of Sales Activity at Paugus Bay Racquet Club

When you navigate the shores of Lake Winnipesaukee and Paugus Bay, there are many water-access ...
Read More →
Waldron Bay on Lake Winnisquam with 3,482 feet of shorefront.

Exclusive Waldron Bay Market Report: Is It Time to Cash In?

There are so many water-access communities in the Lakes Region to consider when looking for ...
Read More →
Winter Wonders in New Hampshire’s Lakes Region: A Season of Adventure and Tradition

Winter Wonders in New Hampshire’s Lakes Region: A Season of Adventure and Tradition

As snow covers the Lakes Region of New Hampshire, the area becomes a winter destination ...
Read More →
Balmoral – One of Winnipesaukee’s Original Water Access Communities

Balmoral – One of Winnipesaukee’s Original Water Access Communities

There are so many water-access communities in the Lakes Region that provide great memories. Let’s ...
Read More →
Four Years of Sales Activity at the Village of Winnipesaukee

Four Years of Sales Activity at the Village at Winnipesaukee

The Lakes Region of New Hampshire is known for its rural communities, quaint towns, scenic ...
Read More →
Suissevale on Lake Winnipesaukee – a Popular Community in Moultonborough

Suissevale on Lake Winnipesaukee – a Popular Community in Moultonborough

When you navigate the shores of Lake Winnipesaukee, there are 71 square miles of water ...
Read More →
Gunstock Acres in Gilford: 7 Years of Sales Activity

Gunstock Acres in Gilford: 7 Years of Sales Activity

We have so many interesting communities in the Lakes Region. Let’s take a look at ...
Read More →
Lakeside Setting at Long Bay and South Down Shores

Four Years of Sales Activity at South Down Shores and Long Bay

South Down Shores and Long Bay on Lake Winnipesaukee are two very popular water access ...
Read More →
Real Estate Goals: From Dream to Reality in 2025

Real Estate Goals: From Dream to Reality in 2025

As we approach the new year, it’s the perfect time to turn your real estate ...
Read More →
Wolfeboro New Hampshire Community Bandstand

New Hampshire’s Real Estate Data to Date

The excitement of the holiday season and Christmas approaching this week often comes from the ...
Read More →
Why Home Inspection by Licensed Home Inspectors are Critical

Why Home Inspections Are Critical

We have a competitive market here in the Lakes Region due to the lack of ...
Read More →
Lakes Region's Future: Balancing Natural Beauty and Urban Growth

Lakes Region’s Future: Balancing Natural Beauty and Urban Growth

When you drive around the Lakes Region, you will see a considerable amount of new ...
Read More →
12 Essential Winter Home Maintenance Tips for New Hampshire Homeowners

12 Winter Home Maintenance Must-Dos for New Hampshire

Winter in New Hampshire brings its unique set of challenges for homeowners. From freezing temperatures, ...
Read More →
Roche Realty Group Launches Toys for Tots Drive in Meredith

Roche Realty Group Launches Toys for Tots Drive in Meredith

Spreading Holiday Cheer in the Lakes Region! Roche Realty Group is happy to announce its ...
Read More →
Shop Local at Small Business Saturday in NH’s Lakes Region

Shop Local at Small Business Saturday in New Hampshire’s Lakes Region

We have so many things to be thankful for here in New Hampshire: plenty of ...
Read More →
Emily Brock Joins Roche Realty Group

Emily Brock Joins Roche Realty Group

MEREDITH – Frank Roche, President of Roche Realty Group, Inc, is pleased to announce that ...
Read More →
Inflated Asset Classes and the National Debt

Inflated Asset Classes and the National Debt

A question all of us get asked is have we gotten ahead of ourselves in ...
Read More →
Waterfront Home Sales Activity on 10 of our Lakes Region Area Lakes

Waterfront Home Sales Activity on 10 of our Area Lakes

Most of the leaves have fallen, and political signs are disappearing in the Lakes Region. ...
Read More →
Woman hiking at Artist's Bluff in autumn. View of Echo Lake. Fall colours in Franconia Notch State Park. White Mountain National Forest, New Hampshire, USA

New Hampshire Named Second Safest State in America

In recent years, the country has faced increasing public safety challenges and severe climate events. ...
Read More →
Lots Of Activities Left in The Lake’s Region heading towards the end of fall

Lots Of Activities Left in The Lake’s Region Before Winter Arrives

A burst of warm weather & the crisp air of autumn has extended our fall ...
Read More →
join us for a festive celebration at Twin Barns in Meredith on Sunday, October 20th starting at noon as we raise a glass to the release of the Official Beer of the NH Pumpkin Festival!

NH Pumpkin Festival’s Beer Release Party at Twin Barn in Meredith

The peak foliage and perfect fall weather is as good as it gets in the ...
Read More →
Wolfeboro Waterfront New Hampshire Lakes Region Market Update for 9 Months

Lakes Region Market Update for 9 Months

It’s Columbus Day weekend, with lots of visitors enjoying the fall spectacle of color. I ...
Read More →
The Evolution of the Lakes Region: Balancing Growth and Tranquility

The Evolution of the Lakes Region: Balancing Growth and Tranquility

The Lakes Region of New Hampshire, known for its picturesque landscapes, serene waters, and small-town ...
Read More →
Mountain Bliss: Hiking the Peaks of New Hampshire in Autumn

Mountain Bliss: Hiking the Peaks of New Hampshire in Autumn

This past Tuesday was a bright, sunny autumn day, and I had no appointments scheduled, ...
Read More →
Why Fall is the Perfect Time to Sell Your Home in the Lakes Region

Why Fall is the Perfect Time to Sell Your Home in the Lakes Region

The fall season in New Hampshire’s Lakes Region offers a unique and strategic opportunity for ...
Read More →
Important Fed Decision and The Fall Market in The Lakes Region

Important Fed Decision and The Fall Market in The Lakes Region

On Wednesday, we received the much-anticipated Federal Reserve decision to slash its key overnight borrowing ...
Read More →
New Hampshire Housing Market Trends Broadview Condos in Gilford, New Hampshire

New Hampshire Housing Market Trends

New Hampshire’s housing market has been hitting the national airwaves and the Granite State has ...
Read More →
Second Home Market in The Lakes Region

Second Home Market in The Lakes Region

While practicing real estate in the Lakes Region during the past 48 years, I’ve always ...
Read More →
Meredith, New Hampshire. As summer fades into fall, the Lakes Region bids farewell to another season of sun-soaked days and bustling activity.

Goodbye Summer, Hello Fall

This summer has been one for the books in the Lakes Region. The area saw ...
Read More →
Disadvantages of Lockboxes and Unassisted Showings

Disadvantages of Lockboxes and Unassisted Showings

I was talking with one of our agents the other day, and she showed a ...
Read More →
Price Drops and Hot Sales: Inside New Hampshire’s Housing Market

Price Drops and Hot Sales: Inside New Hampshire’s Housing Market

On August 10th, I was reading an article on SmartNews called “If you live in ...
Read More →
Lakes Region Market Update for 7 Months

Lakes Region Market Update for 7 Months

Summer has been flying by, so I researched the closed real estate market activity for ...
Read More →
New Restaurant Hotspots You Need to Visit in the Lakes Region

New Must-visit Restaurants in the Lakes Region

The restaurant industry is a driver of economic growth and an integral part of the ...
Read More →
New Hampshire Housing Trends and Forecast

New Hampshire Housing Trends and Forecast

The New Hampshire housing market in 2024 is marked by increasing home prices and a ...
Read More →
Significant Land Sales in New Hampshire

Significant Land Sales in New Hampshire

As the summer of 2024 unfolds, the New Hampshire real estate market has seen a ...
Read More →

Inventory Shortage Impacts New Hampshire Housing Affordability

Real estate prices have continued to accelerate in New Hampshire after we saw a historic ...
Read More →
New Hampshire Advantage and Lakes Region Accolades

The New Hampshire and Lakes Region Advantage

We had a great Fourth of July in the Lakes Region, where we celebrated our ...
Read More →
New Hampshire's Fourth of July and Real Estate Boom

New Hampshire’s Fourth of July and Real Estate Boom

The Summer season is off and running, and it’s time to break out those fireworks! ...
Read More →
Summer in the Lakes Region on Little Squam

Ready, Set, Summer in the Lakes Region!

As the rumble of motorcycle engines fades into the background, the Lakes Region of New ...
Read More →
Manchester, New Hampshire, USA Skyline on the Merrimack River at dusk.

New Hampshire Cities in Top Hottest Housing Markets

New Hampshire keeps showing up on the radar as one of the hottest housing markets ...
Read More →
South Down Shores & Long Bay: Real Estate Market Analysis

South Down Shores and Long Bay: Market Trends

South Down Shores and Long Bay on Lake Winnipesaukee are two very popular water access ...
Read More →

Leave a Comment