Builders Patch | HousingCount: Vermont affordable housing data and latest news

Vermont

Summary

Vermont state is facing an acute affordable housing crisis. For every 100 low-income renter households, there are 52 units available that are affordable to them. The median rent in the state has risen by 34% since 2010, while median household incomes have grown by 35%. Currently, the state is short over 8,920 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.

27.9% share of renter households
40.8% share of low-income households
46.7% share of rent-burdened households

Renter population data

Renters vs homeowners

Households	% share
Renter households	73,362
Homeowner households	189,152
Total households	262,514

Low-income renter households

Renter households by income group	Households	% share
Extremely low-income (≤30% AMI)	9,127	12.4%
Very low-income (31-50% AMI)	9,565	13.0%
Low-income (51-80% AMI)	11,205	15.3%
All low-income households (<80% AMI)	29,897	40.8%

Rent-burdened households

Share of income spent on rent	Households	% share
Moderately rent-burdened	17,487	23.8%
30.0–34.9%	6,891	9.4%
35.0–39.9%	4,949	6.7%
40.0-49.9%	5,647	7.7%
Severely rent-burdened	16,737	22.8%
≥50.0%	16,737	22.8%
All rent-burdened households	34,224	46.7%

Affordable housing shortage

Rent vs median household income

Median household income	Amount ($)
in 2010	29,580
in 2021	39,931
Increase (2010–2021)	35.0%

Median rent

Median rent	Amount ($)
in 2010	697
in 2021	932
Increase (2010–2021)	33.7%

Affordable housing stock

Supply, demand & shortage	Units
Supply (current stock)	9,772
Demand (total units needed)	18,692
Shortage	8,920

Availability of affordable rental units per 100 household

Income Level	Units per 100
Moderate, middle & upper-income (>80% AMI)	107
Low-income (51-80% AMI)	149
Very low-income (31-50% AMI)	55
Extremely low-income (≤30% AMI)	49

Finance institutions

Vermont Housing Finance Agency

Address: 164 Saint Paul Street, Burlington, VT 05401-4634

List of loan programs

QAP document (Qualified Allocation Plan)

The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria. Each QAP must spell out a housing finance agency’s (HFA’s) priorities and specify the criteria it will use to select projects competing for tax credits. The priorities must be appropriate to local conditions.

Housing news

September 19, 2024 - Fast Company
How Fed Rate Cuts Impact the Housing Market
The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate.

Lower Mortgage Rates: Fed rate cuts have reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%.
Home Sales: More homeowners might be encouraged to sell.
Ongoing Supply Issues: Housing supply shortages will persist despite lower rates.

June 26, 2024 - New York Post
Housing market won’t come ‘unstuck’ until 2026, economists predict — here’s why
The US housing market won't recover until at least 2026 due to continued demand and high interest rates.
May 15, 2024 - US News
States With the Largest Homeless Populations
In 2023, the number of homeless individuals in the U.S. reached approximately 653,000, a 12% increase compared to 2020.
June 11, 2024 - NBC News
The homebuying affordability gap is widening across the country, creating 'an impossible market'
The affordability crisis is highlighted by the gap between median home prices and what the average household can afford.
July 15, 2024 - The Washington Post
Homelessness, already at a record high last year, appears to be worsening among workers
Rising costs are forcing employed individuals into homelessness due to high rents.