The median Vermont primary home sold for $229,000 in 2019, according to Property Transfer Tax records, a 6.5% increase from 2018. This is the largest single year increase in median home prices since before the Recession, and a substantial increase over recent years’ home price growth. Since 2014, Vermont median home prices have increased by an average of 2.7% per year.
Homeownership
Homeownership declines among young Vermonters
This commentary by VHFA Executive Director Maura Collins appeared recently in VTDigger
New estimates show fewer young Vermonters are buying homes. Vermont currently has the sixth highest homeownership rate in the nation, with 71 percent of households owning their home, but a downturn among young buyers could have lasting negative effects on Vermont’s economy.
Vermont home prices continue to increase in 2019
Vermont home prices continued to climb in the first six months of 2019, based on the latest data from Vermont Property Transfer tax records. The median home sold for $219,500, a roughly 2% increase from 2018.
Sale prices increased for every home type in Vermont during the last six months. The median single family home sold for $226,500, the median condominium sold for $209,950, and the median mobile home with land sold for $80,000.
Housing recovery leaves black households behind
The economic recovery is being felt among many households, with home equity wealth rising and more Millennials becoming homeowners. However, gains in homeownership have not been equally distributed among all Americans. Homeownership among black households has risen at a slower pace any other group, and the rate is currently the lowest it has been since 1970.
VHFA is hiring!
Vermont Housing Finance Agency (VHFA) is seeking a Manager of Business Development for its Homeownership programs. This position is responsible for developing, implementing and promoting Homeownership loan programs and services, working closely with our network of participating lenders, real estate professionals, home building organizations, housing non-profits, consumers, and other state housing partners.
Governor approves down payment assistance increase
Last week, the state increased funding for affordable homeownership when Governor Phil Scott signed a bill passed by the Legislature which will add over a million dollars for homeowners in Vermont.
Revenue Bill H.541 increases the Vermont Affordable Housing Tax Credit program by $250,000 for FY20. This increase is expected to result in just under $1.2 million more for affordable homeownership initiatives once the tax credits are sold to investors.
Survey highlights concerns over housing affordability among young professionals
The annual Burlington Young Professionals (BYP) survey conducted by the Lake Champlain Regional Chamber of Commerce reveals that 33 percent of young adults surveyed plan to move out of the area within the next four years. Among the most common challenges cited were the high cost of living, lack of job growth opportunities, and a lack of affordable housing.
Vermont homebuyers can receive up to $2,000 in tax credits with VHFA
Great news! A Mortgage Credit Certificate provides a mortgage interest tax credit benefit for homebuyers whether or not deductions are itemized.
A Mortgage Credit Certificate is a federal tax credit for up to $2,000 and unlike a tax deduction, a Mortgage Credit Certificate reduces federal tax liability dollar for dollar for homebuyers.
How is a Mortgage Credit Certificate obtained?
Record Vermont home prices highlight affordability concerns
Vermont home prices reached new highs in 2018, continuing a four year trend of growth. However, household incomes have not kept pace, making it increasingly difficult for low and middle-income Vermonters to become homeowners.
2018 VHFA Single Family Homeownership Program Top Performers
VHFA is pleased to announce the 2018 Top Performers across the local Vermont banks, credit unions and mortgage companies who participate in the VHFA single family homeownership program. VHFA's participating lenders are essential to meeting VHFA's mission to provide homeownership opportunities for low to moderate income Vermont households.
Please join VHFA in congratulating the following organizations and individuals who originated the highest VHFA mortgage loan production volume in 2018: