VHFA released its annual "Between a Rock and a Hard Place: Housing and Wages in Vermont" report today.
The report found, in spite of the softening real estate market, Vermonters earning the median income still cannot afford the median priced home.
“The real estate market was helped this year by low interest rates and a generous federal tax credit,” said VHFA Executive Director Sarah Carpenter.
“The problem was those low rates weren’t available to many buyers and the tax credit wasn’t available at closing to help pay for the higher down payments and fees lenders now require. Few first time buyers can save up the down payment and closing costs needed to buy a home even if the median price dropped.”
This is the ninth year of the report.
Download a PDF copy of the report. And read our full press release about it.