34 / 100

Hillsborough County, NH

RANK #656 / 1001 NAT  ·  POP 426,378

1YR FORECAST: +0.2%

5YR OUTLOOK: +26%

Our model projects Hillsborough County's housing market at +0.2% over the next year, underperforming most U.S. counties.

[01] Why Hillsborough County?

Hillsborough County, New Hampshire, is defined by its blend of urban centers and natural landscapes, with its two county seats, Manchester and Nashua, serving as the state's largest cities. Located in south-central New Hampshire, bordering Massachusetts, the county offers a commute to Boston that typically takes around 1 hour and 24 minutes by car. Residents have access to extensive outdoor recreation, including hiking trails at Mount Monadnock State Park, one of the most climbed mountains globally, and Miller State Park. The county's geography features a hilly upland region with rivers and numerous small lakes.

Life in Hillsborough County balances suburban and rural living, attracting families and commuters. The public school systems in towns like Bedford and Amherst are considered above average. While many residents drive alone to work, carpooling and bus services are available. The economy, historically rooted in manufacturing and healthcare, is working to diversify. Efforts are underway to attract new businesses and industries through incentives and infrastructure investment, aiming to broaden job opportunities beyond traditional sectors.

MARKET PROFILE

Educated Suburban Growth

Hillsborough County is one of 110 U.S. counties in this market profile — weaker than typical on the BoomTown Index. Within this cohort, its recent home-price change of +2.3% matches the profile's typical +2.4%.

See all 110 Educated Suburban Growth counties →

[02] Market Snapshot

Housing Ratio
10.8x

Overvalued relative to economy

Home Prices
+2.3%

Above national median

Climate & Terrain
0.1

Moderate climate & terrain

Price/Rent
17x

Above national median (15x)

Housing looks overvalued at 10.8x — home prices are high relative to local economic output. The typical U.S. county is 4–6x.

[03] Top Employers

  1. 1
    Southern New Hampshire University (SNHU) Education
    5,000+
  2. 2
    Elliot Health System Healthcare
  3. 3
    BAE Systems Manufacturing
    2,500+
  4. 4
    Saint Anselm College Education
    1,000+
  5. 5
    Fidelity Investments Finance
  6. 6
    Anheuser-Busch Manufacturing
  7. 7
    Velcro Companies Manufacturing
  8. 8
    DEKA Research & Development Technology
  9. 9
    OSRAM SYLVANIA INC Manufacturing
    500+

Estimated local headcount ranges. Larger employers shown as floor + "+"; smaller employers show exact counts where reported.

[04] Home Value Growth vs National

Hillsborough County U.S. National

Bars show trailing 12-month growth. The dashed Forecast bars are the model's next-12-month projection; the whisker marks the ±1% range (cooling–accelerating).

The Numbers

DEMOGRAPHICS
Population
426,378
+0.39% YoY
Median Household Income
$103,545
Median Home Value
$421,100
+2.33% 12mo
Median Rent
$1,623
Average Annual Pay
$83,687
+5.1% YoY
Employment
199,131
-1.1% YoY
Income-to-Home-Value
0.2459
Near national average
Migration Inflow
1.53%
of pop. from another state
Bachelor's Degree+
41.5%
of residents (national avg: 33%)

Market Activity

REAL ESTATE
Median Sale Price
$535,000
Days on Market
29
Active market
Months of Supply
1.8
Seller's market
Sale-to-List Ratio
102.1%
Homes selling above asking
Sold Above List
60.6%
Listings w/ Price Drops
18.9%
Building Permits (2025)
632
Single-Family Permits
380

Source: Redfin · Census BPS — Browse sales on Redfin →

[05] Crime & Safety

A
SAFETY
GRADE
Homicide Rate
1.6
per 100K · nat avg 6.3
Firearm Fatalities
9.8
per 100K · nat avg 14.8
Injury Deaths
88.2
per 100K · nat avg 76.3
vs National Average
Well below national avg
based on homicide rate

Source: CDC/NCHS vital statistics via County Health Rankings (2020–2022 avg). Rates per 100,000 population. Grade based on homicide rate relative to national average (~6.3). Learn more →

[06] Air Quality

B
AIR QUALITY
GRADE
Median AQI (3yr)
38.3
Good
Good Air Days
88%
962 of 1,095 days
Unhealthy+ Days (3yr)
7
Sensitive groups affected
Primary Pollutant
Ozone
Ground-level ozone
Yearly Trend
2021
37
2022
39
2023
39
Median AQI · lower is better

Source: EPA Air Quality System (2021–2023). Grade based on 3-year average median AQI. Learn about AQI →

[07] Score Breakdown

Population Growth +0.4% 39 percentile
Income Growth +3.1% 60 percentile
Vacancy Rate 0.6% 82 percentile
Home Price Change +2.3% 60 percentile
Rent Growth +2.4% 41 percentile
Price/Rent 17x 37 percentile

Bars show percentile rank among all 1001 counties.

[08] Frequently Asked Questions

Is Hillsborough County, NH a good place to move to?

At 34/100, Hillsborough County faces headwinds that place it in the lower third of the 1001 counties we track. Median income of $103,545 combined with job growth of -1.1% suggests the local economy is struggling to keep pace with national trends.

Is Hillsborough County affordable?

Hillsborough County leans toward the expensive side. A median home value of $421,100 against an income-to-home-value ratio of 0.25 means housing eats a bigger share of local earnings than the national norm. Renters face $1,623/month on average.

Is Hillsborough County growing or shrinking?

Hillsborough County's job market is contracting (-1.1% YoY) while population is roughly stable (+0.4% change). Home values are +2.3% over the past 12 months. Hiring headwinds without an offsetting exodus — residents are staying, but local employers are shedding payroll.

Are many people relocating to Hillsborough County?

Not particularly — 1.53% of Hillsborough County's population moved in from another state, which is below the national average. Most residents are long-term locals rather than recent transplants.

[09] Similar Counties by Size & Score

Merrimack County, NH 32 Belknap County, NH 38 Rockingham County, NH 21 Strafford County, NH 12 Grafton County, NH 58 Cheshire County, NH 66 Chesterfield County, VA 34 Westmoreland County, PA 34