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I've always thought of Portsmouth as a college town (i.e -Burlington VT, Amherst MA) without a college. The bar-party scene is a big part of town life. Plus the tourist aspect of it all. Exeter is the blueprint of a (mostly) white, staid, upper middle class suburb -but with more outdoor recreational opportunities. Both are great places, but as other posters have stated, they each have their own identity. Either way, it's a 15-20 minute drive from one to the other.