The number of homeless living in the U.S. who are over the age of 50 has jumped recently, and now comprises 31 percent of the nation's total homeless population, according to the New York Times. This is creating "daunting challenges for social service agencies and governments already struggling with this crisis of poverty."
Data and Statistics
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.
Fair Market Rents revised up 16 percent in Burlington metro area
Thanks to a local survey commissioned by Vermont State Housing Authority, the Fair Market Rent standards used for HUD's Section 8 Housing Choice Vouchers in Chittenden, Franklin and Grand Isle counties will be revised upward effective today. The levels established in December 2015 by HUD were 16 percent lower than the new levels.
The survey of rents in the Burlington metro area was funded by VHFA and other partner agencies. Read more.
Study Finds Affordable Housing Reduces Health Care Costs
A study conducted by the Center for Outcomes Research and Education (CORE) found affordable housing reduced overall health care expenditures by 12% for Medicaid recipients. By comparing individuals' Medicaid claims in the year prior to moving into affordable housing to their Medicaid claims in the year after moving in, researchers found an average total savings of $576 a year. Seniors and people with disabilities as well as permanent supportive housing reaped the greatest benefit by saving an average of $84 per month ($1,008 per year).
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.
New study confirms young Vermonters move most, both in and out of state
About 4 percent of Vermont's households move out of the state each year, replaced by about the same number of people moving into Vermont, according to a new study of IRS data from the Public Assets Institute. This new data confirms that younger households are the most likely to move, but that those moving out are replaced by about the same number of young households moving into the state.
2015 shows impact of VHFA tools for making homes affordable
HUD’s 2016 Fair Market Rent standards are effective tomorrow
Earlier this week, HUD published the final 2016 Fair Market Rent standards that will take effect as of tomorrow, December 11, 2015. FMRs are intended to represent the dollar amount below which 40 percent of the standard-quality rental housing units in an area are rented. They are used in HUD rental assistance programs, including the Section 8 and HOME programs.
In half of Vermont’s counties, the new FMRs are slightly higher than last year. However, in the more densely populated Burlington-South Burlington metropolitan area, FMRs decreased by about 8 percent due to a change in the methodology used there.
First-time home buyers face similar challenges in local housing markets across the state
Despite the recovery taking place in most of Vermont's local housing markets, relatively high rents and home purchase prices continue to prevent many younger residents from buying their first home.
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.