How Is The Economy In LEBANON, NH?

Are you looking to settle in a quaint community in western New Hampshire? Then, I have found the ideal relocation destination for you and your family! Lebanon in Grafton County is located south of Hanover, NH, near the Connecticut River. Though its size (41.27 square miles) and population (16,430 in 2023) are relatively small, this charming town has a fantastic natural backdrop and promising economic prospects to revitalize your life in every aspect! So, why don’t you join me in discovering the local economy in Lebanon, NH?

Turn to an expert housing agent in Lebanon, New Hampshire for the best deals in town!

Moving to Lebanon, New Hampshire is a no-brainer! If the idea fascinates you, please contact me! I am an established and expert local real estate agent in Lebanon, New Hampshire who can bring you up to speed with the most affordable housing options in town. Buying, investing, or selling property in Lebanon has never been more comfortable! 

Do you want to buy or sell a house in Lebanon, New Hampshire? Learn about your perspectives!

In October 2023, the median home sale price in Lebanon NH was approximately $311,000. Lebanon property prices have decreased by about 12 percent since 2022. Regarding the big picture, Lebanon’s real estate is much more affordable than the national average of $412,000 but slightly higher than the New Hampshire median.

Lebanon has a very competitive housing market; in other words, it’s a seller’s market. The demand for homes surpasses the supply. For this reason, homes for sale in Lebanon receive multiple offers, some with waived contingencies. Properties sell fast, on average, after seven days on the market. 

Based on the evolution of real estate prices in the last couple of years, the last quarter of 2023 marks the perfect time to buy or invest in a Lebanon property!

The local economy in Lebanon, New Hampshire is rolling!

Let’s start with the most important economic aspect: the unemployment rate in Lebanon is meager. During the last few years, it kept shrinking from 3.5 (2021) to 2 percent and 1.7 percent in 2023. Therefore, unemployment in Lebanon is lower than the national average of 3.9 percent (October 2023.) Yet, the good news doesn’t stop here! The local economy and job market are progressive. Analysts expect another employment boom in the next decade. 

Learn about wages and cost of living in Lebanon NH 

Another financial perk of living in Lebanon is the high-income factor. The average yearly salary in Lebanon, NH, was about $66,000, and the median household income was $88,000 in October 2023. In both regards, Lebanon ranks above the national average. Another draw for newcomers to Lebanon is that sales and income tax rates are zero percent. Moreover, the cost of living in Lebanon is about 5.6 percent lower than the US average and equals the New Hampshire median.

Employment opportunities in Lebanon New Hampshire

What used to be a small mill town, by the 21st century, Lebanon has become part of the thriving Claremont–Lebanon Micropolitan Area. The local economy centers around healthcare services, with the town’s most significant employer, the Dartmouth Hitchcock Medical Center & Hitchcock Clinic and Alice Peck Day Lifecare Center. 

Other noteworthy economic domains in Lebanon are retail, high-technology, industrial waterjet, laser, and plasma cutting systems (represented by Hypertherm), and industrial inkjet printheads (Fujifilm Dimatix). 

By all means, education takes center stage in Lebanon with some of the finest establishments nationwide, such as the Lebanon School District, River Valley Community College, and Dartmouth College’s Geisel School of Medicine.

Tourism is thriving in Lebanon.

Tourism forms a substantial source of income for Lebanon’s local government. Numerous travelers visit our lovely town yearly to explore the breathtaking natural beauties, such as Mascoma Lake, Whaleback Mountain, Moose Mountain, and the Connecticut River. Besides open-air adventures, you’ll find many enthralling indoor activities in Lebanon, for instance, at the Lebanon Opera House and the Mall or visiting Dartmouth College Green.

Conclusion

Lebanon New Hampshire is the finest example of how a little community can exceed expectations and become a key economic player in the region. No wonder the city’s population has grown significantly in the last ten years. Many have found affordable home prices and a flourishing economy appealing to their relocation dreams. 

If you want to give Lebanon a chance, I can guide you through its complex real estate market! Moving here will prove to be the best choice!