The Vermont Agency of Natural Resources is seeking input from the business community about their experiences with permitting and environmental regulation in Vermont. Please share your insights at one of the "listening tour" meetings the Agency is holding over the next two weeks at locations around the state.
Economy
New fact sheets show impact and need for housing tax credits in VT
In Vermont, the federal Low-Income Housing Tax Credits allocated by VHFA have financed 6,513 apartments, providing affordable homes to 15,175 low-income Vermont households and supporting 7,360 jobs. However, 15,061 households in Vermont still pay more than half of their income towards rent, and the average minimum wage worker has to work 89 hours per week in order to afford a modest-two bedroom apartment, underscoring the need to expand the Housing Credit.
Vermont home sales market steady in first half of 2016
The median price of non-vacation Vermont homes sold during the first six months of 2016 was $200,000, virtually unchanged from 2015. Like prices, the number of sales also held steady compared to the first six months of 2015.
Over the past five years, Chittenden County is the only county in the state to experience consistently rising median home prices. The volume of 2016 sales in Chittenden County is below 2015 levels. However, neighboring Franklin County is experiencing higher sales volumes this year. Franklin County sales are up 20% in 2016 compared to the first six months of 2015.
Chittenden County leaders call for increased production of housing over next 5 years
Building Homes Together was launched yesterday. It is a collaboration of organizations and communities seeking to remedy some of the most pressing challenges in Chittenden County’s housing market.
“The housing shortage in Chittenden County has been well noted with unhealthy vacancy rates and high rents,” added Charlie Baker, Executive Director of the Chittenden County Regional Planning Commission. “Employers can’t find workers, and workers themselves spend more time in commutes and with a higher percentage of their paychecks on housing costs.”
Together over 100 individuals representing local municipalities, institutions, employers, bankers, builders, and others -- including VHFA -- have signed on to support this effort.
Vermont’s condominium prices remain level between 2010 and 2015
Although most non-vacation condominiums sold each year in Vermont are near Burlington, several towns in other parts of the state also play an important role in this segment of the housing market. About 80 percent of all primary residence condo sales in Vermont each year take place in 10 towns--7 inside Chittenden County and 3 beyond its boundaries.
Business leaders consider housing challenges in Chittenden County
Chittenden County Regional Planning Commission Executive Director Charlie Baker joined area business leaders this week to discuss the region's growing jobs-housing imbalance. Although the number of people working in Chittenden County has grown to approximately 99,800, there are 11,300 fewer employees living here than in 2002.
Check out Baker's presentation for more information.
Vermont homeownership rate hovers well above declining U.S. rates
Although Census surveys show a clear decline in the national homeownership rate, they don’t show a similar decline for Vermont. At least not yet. Second quarter 2015 estimates show Vermont’s rate at 72 percent, nearly eight and a half percentage points higher than the national 64 percent rate.
Economists expect the national homeownership rate to reach a turning point soon, as the economic recovery and gradual credit standard loosening bring first-time buyers back to the market.
Housing is a “silent crisis” says new bi-partisan foundation
The lack of affordable housing in the U.S. has become a “silent crisis” says a new report from the J. Ronald Terwilliger Foundation for Housing America’s Families. The foundation, formed just last month, is led by a bi-partisan group of business leaders, policy makers and financial and housing experts.