Demographics & Housing Market Conditions
KEY FINDINGS FROM THE DEMOGRAPHIC AND HOUSING MARKET CONDITIONS
NASHUA IS A GROWING CITY.
Nashua’s population has risen rapidly since 1970, adding
nearly 30,000 new residents. Growth is projected to
continue through the year 2030 with the city adding
another 8,000 residents between 2018 and 2030.
Nashua’s fastest growing age cohort are those residents
55 years and older, while middle age residents 35 to 54
are shrinking.
NASHUA’S POPULATION IS DIVERSIFYING AND WITH IT COMES
INCOME DISPARITY.
The number of Black, Asian, and Hispanic/Latino
residents increased between 2013 and 2018 but White
and Asian households continue to earn 2.5+ times the
income as Black and Hispanic/Latino households. This
has impacts on affordability, ability to pay for housing,
and concentrations of lower income households in
certain parts of the city.
ONE- AND TWO-PERSON HOUSEHOLDS ARE DRIVING GROWTH.
Single-person and two-person households increased 12%
and 22%, respectively between 2013 and 2018. These
two categories brought in nearly 1,500 new households
to the city. Larger households are not increasing at nearly
the same rate. This is translating into demand for smaller
units, particularly smaller rental units.
Nashua Housing Study - 7
NASHUA’S RESIDENTS ARE MORE EDUCATED AND HAVE HIGHER
HOUSEHOLD INCOMES THAN IN DECADES PAST.
Nashua saw its number of households earning over
$200,000 a year increase by over 60% from 2013 to
2018. In fact, nearly every income cohort grew except
those earning less than $50,000 per year. This correlates
with the rapid rise in educational attainment. Residents
with Bachelor's degrees or higher increased 11%.
HOUSEHOLD INCOME FOR RENTERS IS GROWING AT THE HIGHEST
INCOME LEVELS.
The number of renter households earning $75,000 or
more jumped significantly between 2013 and 2018. This
is likely fueling demand for newer, higher priced rental
units across the city and pushing prices upward as these
households can afford rents at the top of Nashua’s
market.
NASHUA’S HOUSING STOCK IS PREDOMINATELY SINGLE-FAMILY.
Single family housing comprises 86% of the residential
land area in Nashua. These units comprise 52% of all
housing units in the city. Buildings with less than 10 units
account for 93% of residential land area and 74% of all
housing units.
HOME VALUES IN NASHUA ARE RISING, RAPIDLY.
The demand for owner-occupied housing units in Nashua
has driven prices up significantly over the last ten years.
From 2010 to 2019, home values have appreciated 19%.
The median sales price for a newly constructed home in
Nashua is $407,439 while the median sales price of an
existing home is $321,198.
RENTS ARE ALSO INCREASING IN NASHUA.
Over the last five years, median gross rent rose 19% to a
high of $1,287 per month. The number of rental units
priced between $1,500 - $1,999 range grew 24% in five
years, the fastest of any rent range. Rent growth has
been driven by demand for smaller units, typically 1-
bedroom units.
DOWNTOWN NASHUA SHOULD BE A HOUSING FOCUS AREA.
The combination of high rental percentages, lower
incomes, racial and ethnic diversity, lower assessed
values, and older housing stock creates challenges for
stabilizing the housing in Downtown and maintaining its
general affordability. A balanced approach is required to
both introduce new market rate and affordable housing,
as well as strategic investments to improve the quality of
existing housing in the Downtown area.
RKG
ASSOCIATES INC
