In the world of real estate, we often talk about interest rates, inventory shortages, and rising home values. But there’s one critical piece of the housing puzzle that doesn’t get enough attention: wages—specifically, New Hampshire’s minimum wage, which hasn’t increased in over a decade.

Frozen in Time: NH’s Minimum Wage Since 2009

New Hampshire is one of just a few states that continues to rely solely on the federal minimum wage of $7.25 per hour, a rate that hasn’t increased since 2009. Over 15 years have passed without a single adjustment, despite significant increases in the cost of housing, food, energy, and healthcare. Meanwhile, neighboring states like Massachusetts and Maine have steadily raised their minimum wages, acknowledging that $7.25 simply doesn’t cut it in today’s economy.

Why Hasn't This Changed?

Efforts to raise the minimum wage in New Hampshire have faced repeated legislative pushback, largely due to concerns about government overreach in business operations. Some argue that wage increases should happen naturally through market demand, not government mandates.

However, the reality is this: the market has moved on, but wages haven’t. And the consequences are visible—especially in the housing market.

What’s a Livable Wage in Carroll County?

Using data from the MIT Living Wage Calculator, the living wage for a single adult living in Carroll County, NH, is $18.70 per hour. That jumps significantly for families:

• One adult + one child: $36.20/hour

• Two working adults + two children: $23.67/hour per adult

Compare that to the current $7.25 minimum wage, and the gap becomes painfully clear.

Why Real Estate Cares About Wages

At first glance, wages might seem like a political or economic issue—but it directly affects the housing market. Here's how:

• When wages stay flat while home prices rise, fewer people qualify for mortgages.

• This increases demand for rental housing, driving rents even higher.

• The American dream of homeownership becomes further out of reach for working families.

• We risk creating a class of permanent renters, dependent on assistance programs just to survive.

The irony? We often hear about how state or federal aid should be expanded to help first-time buyers or low-income families afford homes. But the real solution lies in empowering people to stand on their own feet—through fair wages that reflect the real cost of living.

Inflation and the Natural Rise of Home Prices

Inflation affects everything—groceries, gas, construction materials, and yes, real estate. A certain amount of home price inflation is natural and expected as the economy grows. But when wages remain stagnant while home prices surge, we create a dangerous disconnect.

You can’t expect a person earning $7.25 an hour to save for a down payment, qualify for a mortgage, or compete in today’s competitive market. Relying on government programs to bridge that gap isn’t sustainable. What’s needed is economic policy that enables financial independence, not dependence.

It’s Time to Align Wages with Reality

As real estate professionals, investors, and homeowners, we must recognize the importance of fair wages in creating a healthy, functioning housing market. Economic independence—being able to purchase a home, build equity, and invest in your future—starts with earning enough to live.

Raising New Hampshire’s minimum wage isn’t just a workers' rights issue—it’s a housing issue, a community stability issue, and a long-term economic health issue.

Let’s support policies that strengthen our market from the ground up—because everyone deserves a fair shot at homeownership, and it starts with being paid a livable wage.