This fall Vermont completed a 5 year housing needs assessment. Here are some takeaways:
Vermont’s rental vacancy rate is only 3.2%, one of the lowest in the U.S., and far below the 5% considered healthy. In Chittenden County, it’s just 1%!
15% of Vermont’s homes are seasonal or vacation properties. While great for tourism, it limits year-round housing for residents.
Vermont’s housing stock grew by just 0.6% annually between 2010 and 2020, compared to 1.8% in the 1980s.
Rising construction costs are a barrier. Developing a single low-income apartment in Vermont now costs $500,000.
Chittenden County has Vermont’s highest share of rental homes (36%), while Orange County leads in owner-occupied homes (71%).
Grand Isle and Essex counties have the highest percentage of seasonal homes at 37% and 38%, respectively.
Finding a rental in Vermont is tough. The state needs 7,000 more homes to normalize rental and owner vacancy rates.
Vermont may need 24,000–36,000 new homes by 2029 to address growth, repair losses, and normalize vacancy rates.
Since 2015, over 40% of Vermont’s new building permits have been for multifamily housing.
Seasonal homes have been a significant part of Vermont’s housing stock since 1960.
Vermont issued just 2,302 building permits in 2022, far below the 5,000–7,000 homes needed annually.
Vermont’s aging housing stock contributes to affordability challenges, especially for low-income households.
“Vermont housing stock is among the oldest in the country. Nationally, only 12% of the housing stock was built
before 1940, compared to more than 25% of Vermont’s housing stock.”
