As a real estate expert, I have witnessed firsthand the impact of housing expenses on individuals and families. One area that has been gaining attention in recent years is Derry, New Hampshire. Located in Rockingham County, Derry is a charming New England town with a population of just over 33,000 people. It is known for its quaint atmosphere and its close proximity to major cities like Boston and Manchester.
The Housing Market in Derry
When it comes to housing in Derry, there are various options available.The town offers a range of properties from single-family homes to apartments and condominiums. The median home value in Derry is around $280,000, which is slightly higher than the national average. However, this number can vary greatly depending on the specific neighborhood and type of property. One of the most sought-after neighborhoods in Derry is East Derry. This area offers a mix of historic homes and newer developments, with a median home value of around $300,000.
Another popular neighborhood is West Running Brook, which boasts larger homes and a more suburban feel. The median home value here is closer to $400,000. For those looking for more affordable options, there are also several apartment complexes and condominiums scattered throughout the town. These typically range from $1,000 to $1,500 per month for rent.
The Cost of Utilities
When considering the cost of housing in Derry, it's important to also factor in the cost of utilities. These include electricity, gas, water, and sewer services.According to recent data from Numbeo, the average monthly cost for utilities in Derry is around $200. This is slightly lower than the national average of $220. However, it's important to note that these costs can vary greatly depending on the size of the home and the specific utility providers. For example, larger homes with more square footage will likely have higher utility costs. Additionally, some neighborhoods may have access to different utility providers, which can also impact the overall cost. One thing to keep in mind is that New Hampshire has some of the highest electricity rates in the country.
This is due to the state's heavy reliance on natural gas and nuclear power. On average, residents in Derry can expect to pay around 20 cents per kilowatt-hour for electricity.
Other Factors to Consider
While housing and utility costs are two major factors when it comes to the cost of living in Derry, there are other expenses that should also be taken into account. These include property taxes, insurance, and transportation costs. Property taxes in Derry are relatively high compared to other areas in New Hampshire. The average effective property tax rate is around 2.3%, which is higher than the national average of 1.07%.This means that homeowners in Derry can expect to pay around $6,500 per year in property taxes for a home valued at $280,000. Insurance costs can also vary depending on the type of property and its location. For example, homes located in flood zones may require additional flood insurance, which can significantly increase monthly expenses. Transportation costs should also be considered when looking at the overall cost of living in Derry. While the town itself is relatively small and walkable, many residents commute to nearby cities for work. This means that they may have additional expenses for gas and car maintenance.
In Conclusion
Overall, the cost of housing in Derry, New Hampshire is slightly higher than the national average.However, this is balanced out by lower utility costs and a lower cost of living in other areas such as food and healthcare. It's important for individuals and families to carefully consider all of these factors when deciding if Derry is the right place for them to call home.
