As an expert in the field of housing and cost of living, I have seen firsthand the importance of considering average household income when looking for a place to call home. In this article, I will delve into the details of the average household income for residents of Derry, New Hampshire.
The Town of Derry
Derry is a charming town located in Rockingham County, New Hampshire. With a population of approximately 33,000 people, it is known for its rich history, picturesque landscapes, and strong sense of community. According to the US Census Bureau, the median household income in Derry is $70,000. This is slightly higher than the state average of $68,000 and significantly higher than the national average of $62,000.This means that residents of Derry have a higher earning potential compared to other areas in the country.
Housing Market in Derry
When it comes to housing in Derry, there are a variety of options available for residents. The majority of homes in Derry are single-family houses, with an average home value of $280,000. This is slightly higher than the state average of $265,000 and significantly higher than the national average of $230,000. Renters in Derry can expect to pay an average of $1,200 per month for a one-bedroom apartment. This is slightly lower than the state average of $1,300 and significantly lower than the national average of $1,500.This makes Derry an affordable option for those looking to rent. One of the reasons for the higher home values in Derry is its close proximity to Boston. Many residents choose to live in Derry and commute to Boston for work, as it is more affordable compared to living in the city. This has also led to an increase in demand for housing in Derry, driving up home values.
Average Household Income in Derry
As mentioned earlier, the median household income in Derry is $70,000. This is a significant increase from the average household income of $60,000 just a decade ago.This shows that the town has experienced economic growth and residents are earning more. One of the main industries in Derry is healthcare, with Parkland Medical Center being one of the largest employers in the town. Other major industries include education, retail, and manufacturing. These industries provide a variety of job opportunities for residents, contributing to the increase in average household income. Another factor that has contributed to the rise in average household income is the town's strong sense of community. Derry has a thriving small business community, with many locally-owned shops and restaurants.
This not only provides job opportunities but also keeps money within the town's economy.
Cost of Living in Derry
While the average household income in Derry is higher than the national average, it is important to consider the cost of living when looking at this number. The cost of living index in Derry is 120, which means it is 20% higher than the national average. This is mainly due to the higher cost of housing. However, when compared to other towns and cities in New Hampshire, Derry's cost of living is relatively affordable. For example, nearby towns like Londonderry and Windham have a cost of living index of 130 and 140, respectively.This makes Derry a more attractive option for those looking to live in the area.
