House Impossible: How the real estate rush pushed homeownership out of reach for many Vermonters
BURLINGTON, Vt. (WCAX) - The median sales price of Vermont homes rose by 19 percent in 2020 and 2021, according to the Vermont Housing Finance Agency, which promotes and subsidizes affordable housing.
Salaries, though, have simply not kept up. In the three decades that ended in 2019, median household incomes in Vermont rose by 108 percent, lagging well behind a 143.3 percent jump in median home prices, VHFA data show. A growing number of Vermonters can’t afford a whopping down payment and a hefty mortgage, though they earn too much to be eligible for subsidized housing. For them, the American dream is no longer in reach. They’re trapped in the rental market, where prices also have marched relentlessly higher, paralleling real estate costs.
Darren Perron spoke with Seven Days’ Matthew Roy, who covered the story in this week’s issue.
Copyright 2022 WCAX. All rights reserved.