HomeNew HampshireHillsborough County
Hillsborough County, New Hampshire: commercial real estate data.
Hillsborough County, New Hampshire has a population of 426,378 across 876 square miles, up 1.8 percent since the 2020 census base. County output reached $38.13 bn in 2024, 11,028 establishments operate here, and the SBA record carries 840 7(a) approvals worth $262.0 m.
123 sourced county values · tier FULL · 11 sections
Hillsborough County
How many people live in Hillsborough County
- Population426,378
- Households168,740
- Average household size2.53
- Median household income$103,545
- Median age41.0
- Median gross rent$1,623 per month
- Median owner-occupied home value$421,100
- Home value to household income4.1 times
- Annual rent as a share of median income18.8 percent
- Adults 25 and over with a bachelor degree or higher41.5 percent
- Adults 25 and over with a graduate degree16.1 percent
- Adults 25 and over307,804
- Population under 1883,696
- Share under 1819.6 percent
- Population 65 and over73,818
- Share 65 and over17.3 percent
- Working age population, 18 to 64268,864
- Civilian labor force248,267
- Unemployment rate3.1 percent
- Labor force participation, adults 18 and over72.4 percent
- Rank by population among New Hampshire counties1st of 10
- Rank by population among US county-equivalents172nd
Hillsborough County is the 1st largest of 10 New Hampshire counties by population. A median home costs 4.1 times median household income, which is an affordable ownership market by national standards. Residents under 18 outnumber those 65 and over, at 19.6 percent against 17.3 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Hillsborough County
Is Hillsborough County growing
- Population change since the 2020 census base1.78 percent
- Census 2020 base population422,944
- Births, 20244,131
- Deaths, 20243,896
- Natural change, 2024235
- Net domestic migration, 2024-65
- Net international migration, 20242,566
- Total net migration, 20242,501
- Cumulative net domestic migration, 2021 to 202485
- Rank by growth among US county-equivalents1245th
The county has grown 1.78 percent since the 2020 census base. Migration contributed more to 2024 change than births over deaths, so demand here follows people arriving rather than families forming.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Hillsborough County
Where people moving to Hillsborough County come from
- Tax returns filed by households arriving12,116
- People arriving, from those returns18,963
- Adjusted gross income arriving$1.12 bn
- Net adjusted gross income movement$0
- Average income of an arriving household$92,223
- Largest single originHillsborough County Non-migrants (177,392 households)
- Largest single destination (177,392 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Hillsborough County Non-migrants | 177,392 | 337,405 | $20.41 bn |
| Other flows - Different State | 2,528 | 4,155 | $229.0 m |
| Middlesex County | 2,333 | 3,620 | $231.4 m |
| Rockingham County | 1,715 | 2,648 | $137.6 m |
| Merrimack County | 1,083 | 1,649 | $73.1 m |
| Other flows - South | 1,018 | 1,737 | $85.8 m |
| Essex County | 761 | 1,237 | $61.8 m |
| Other flows - Northeast | 729 | 1,126 | $73.7 m |
The largest single source of arrivals is Hillsborough County Non-migrants, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Hillsborough County
What the Hillsborough County economy runs on
- County GDP, 2024$38.13 bn
- County GDP, 2023$36.88 bn
- GDP change, 2023 to 20243.4 percent
- GDP change over five years32.1 percent
- Rank by GDP among New Hampshire counties1st
- Rank by GDP among US county-equivalents156th
- GDP per resident$89,434
Output grew 3.4 percent in the latest year and 32.1 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Hillsborough County
Who employs people in Hillsborough County
- Covered employment, annual average201,342
- Establishments reporting12,730
- Average annual pay$79,660
- Average weekly wage$1,532
- Sector 62, employment31,630
- Sector 62, average annual pay$71,467
- Sector 44-45, employment25,113
- Sector 44-45, average annual pay$46,933
- Sector 31-33, employment25,111
- Sector 31-33, average annual pay$113,247
- Sector 72, employment15,875
- Sector 72, average annual pay$29,611
- Sector 54, employment14,329
- Sector 56, employment10,777
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 62 | 31,630 | 1,294 | $71,467 |
| Sector 44-45 | 25,113 | 1,485 | $46,933 |
| Sector 31-33 | 25,111 | 582 | $113,247 |
| Sector 72 | 15,875 | 984 | $29,611 |
| Sector 54 | 14,329 | 1,604 | $130,925 |
| Sector 56 | 10,777 | 986 | $62,676 |
| Sector 52 | 9,220 | 623 | $139,390 |
| Sector 23 | 9,122 | 1,424 | $87,431 |
The largest sector is the biggest private employer group at 31,630 jobs, 15.7 percent of covered employment. Average pay per job sits below median household income, so households here typically need more than one earner.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Hillsborough County
What businesses operate in Hillsborough County
- Establishments, all industries11,028
- Employment at those establishments186,868
- Annual payroll$13.44 bn
- Establishments per 1,000 residents25.9
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against.
US Census Bureau, County Business Patterns, 2023.
Hillsborough County
What is being built in Hillsborough County
- Housing units authorised by permit, 2024872
- Declared construction value permitted$245.6 m
- Single family units authorised427
- Multifamily units authorised445
- Multifamily share of units51.0 percent
- Average declared value per unit$281,602
- Units authorised per 1,000 households5.2
Multifamily is 51.0 percent of units authorised, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Hillsborough County
How much SBA lending happens in Hillsborough County
- 7(a) approvals recorded840
- 7(a) gross approval dollars$262.0 m
- Average 7(a) approval$311,888
- Median 7(a) approval$100,000
- 10th percentile approval$25,000
- 90th percentile approval$595,000
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)7,260
- Jobs per approval8.6
- Distinct 7(a) lenders active72
- Distinct industries receiving approvals247
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer3.9 percent
- Loans on real estate terms33
- Loans on working capital terms, 120 months or shorter790
- Franchise loans52
- Franchise share of approvals6.2 percent
- Leading industry by approval countFull-Service Restaurants (38)
- Most active lenderTD Bank, National Association (225)
- 504 approvals recorded414
- 504 gross approval dollars$224.9 m
- Average 504 approval$543,217
- Median 504 approval$308,000
- Distinct CDCs active5
- 504 jobs per approval9.5
- 504 jobs per million dollars approved17.5
- Most active CDCGranite State Economic Development Corporation (275)
- 7(a) share of SBA approvals67.0 percent
- Combined SBA approval dollars$486.9 m
The average approval of $311,888 sits well above the median of $100,000, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually gets. Only 3.9 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Hillsborough County
Do SBA loans in Hillsborough County get paid back
- Loans with a final outcome recorded168
- Paid in full160
- Charged off8
- Charge off rate on resolved loans4.8 percent
- Status: Paid in full160
- Status: Exempt from disclosure488
- Status: Cancelled105
- Status: Charged off8
- Status: Committed, not yet disbursed79
Of the 168 loans that have reached a final outcome, 4.8 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Hillsborough County
Which parts of Hillsborough County get the lending
- Places in the county with recorded lending30
- MANCHESTER, approvals207
- NASHUA, approvals155
- Bedford, approvals91
- Merrimack, approvals48
- HUDSON, approvals44
- Amherst, approvals42
| Place | Approvals | Gross approval dollars |
|---|---|---|
| MANCHESTER | 207 | $75,530,800 |
| NASHUA | 155 | $51,899,200 |
| Bedford | 91 | $25,021,200 |
| Merrimack | 48 | $19,352,900 |
| HUDSON | 44 | $21,832,600 |
| Amherst | 42 | $9,649,800 |
| Milford | 33 | $6,265,500 |
| Weare | 30 | $2,899,600 |
MANCHESTER accounts for 207 approvals against 155 in NASHUA. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Hillsborough County
How big is Hillsborough County
- Land area876 sq mi
- Rank by land area among New Hampshire counties5th of 10
- Width, east to west41.3 mi
- Height, north to south35.2 mi
- Geographies sharing a boundary4
- Residents per square mile of land487
- Establishments per square mile12.59
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No NFIP communities are listed for this county in the FEMA Community Status Book.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
Feasibility studies
When a Hillsborough County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Hillsborough County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population426,378
- Households168,740
- Average household size2.53
- Median household income$103,545
- Median age41.0
Common questions
Hillsborough County questions, answered from the record.
How many people live in Hillsborough County, New Hampshire?
426,378, in 168,740 households, ranking 1st of 10 New Hampshire counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Hillsborough County growing?
The population has grown 1.78 percent since the 2020 census base. In 2024 there were 4,131 births against 3,896 deaths, with net migration of 2,501. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Hillsborough County?
$103,545. The median owner-occupied home is valued at $421,100, which is 4.1 times income, and median gross rent is $1,623 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Hillsborough County?
11,028 establishments, employing 186,868 people with an annual payroll of $13.44 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is the average wage in Hillsborough County?
Average annual pay is $79,660, or $1,532 a week, across 201,342 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Hillsborough County?
840 7(a) approvals totalling $262.0 m since FY2020, across 72 lenders, with a median approval of $100,000, plus 414 504 approvals worth $224.9 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Hillsborough County get paid back?
Of the 168 loans that have reached a final outcome, 160 were paid in full and 8 charged off, a charge off rate of 4.8 percent. Loans still running are excluded, because they have not yet succeeded or failed.
What is being built in Hillsborough County?
872 housing units were authorised by permit in 2024, with a declared construction value of $245.6 m. Multifamily was 51.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Hillsborough County?
Zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Hillsborough County come from?
The largest single origin is Hillsborough County Non-migrants, with 177,392 households. Arriving households report an average income of $92,223 against null for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Hillsborough County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Hillsborough County?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.