VPR and Vermont PBS have released the results of the annual Vermont Rural Life Survey, which polls households from all across Vermont about life in their communities and the daily challenges they face. Vermont has the second highest percentage of its population living in rural areas in the United States. The survey revealed challenges in affording decent quality housing, as well as concerns about the future of Vermont’s rural towns and cities.
Economy
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.
New reports show housing unaffordable for many Vermont workers
Two new reports show that rental housing in Vermont is unaffordable for many workers, not only for those earning minimum wage, but also for skilled middle-income workers.
Home building is key to helping improve affordability market-wide
A recent study illustrates how new market-rate housing construction in one part of town, especially in markets with low vacancy rates, improves housing affordability for lower income residents in other parts. This occurs because newly built homes and low-income neighborhoods are connected to each other via a complex housing ecosystem, according to economist Evan Mast’s recent study for the Upjohn Institute. Through address matching, Mast traced the chain of moves triggered when new homes are purchased.
Vermont towns can improve housing affordability
With town meeting day behind us and many new faces elected to local office across the state, this post shares a few key housing resources for towns.
A growing number of Vermont communities seeking economic and community vibrancy through housing have taken foundational steps of conducting local needs assessments and appointing housing commissions. These commissions are typically charged with recommending policy changes that will ensure the local housing stock offers options affordable at a range of income levels.
Interim Zoning in South Burlington likely to reduce housing affordability
Due to its upward pressure on home prices, VHFA urged the South Burlington City Council this week to end the ban on home building known as Interim Zoning. South Burlington adopted the Interim Zoning Bylaw on November 13, 2018 after protests about future home building proposed within the City.
Next to Burlington, South Burlington has been the largest community in Vermont for many years. Since 2010, South Burlington experienced modest annual housing stock growth of 2%, similar to Essex, Shelburne and Williston. With other parts of the state facing population and economic decline, allowing for growth near jobs is considered by many to be essential for local and regional economic vitality.
Vermont's improving economy helps some but leaves other behind
Vermont’s economy is growing but not in every county, and its gains have disproportionately benefited higher income Vermonters, according to the 2018 update of “State of Working Vermont” from Public Assets Institute. Poverty is distinctly more prevalent among younger Vermonters and Vermonters of color, the report notes.
The northwestern part of the state accounted for all job growth in Vermont in the last decade, according to the Public Assets Institute report. While employment grew in Chittenden, Franklin and Washington counties, the remaining counties lost 15,000 workers.
Affordable housing key to economic prosperity in Vermont towns
With jobs to fill in Vermont’s Upper Valley towns, the lack of housing affordable to potential employees is becoming an obvious economic challenge, according to Vermont Business Magazine.
The article acknowledges the clear benefit of several recent rental housing renovation and construction projects in White River Junction, including the VHFA-supported mixed-income apartment building on Sykes Mountain Avenue and mixed-used complex at the corner of Bridge and Main streets.
Chittenden County leads state in jobs to homes imbalance
Chittenden County has the biggest imbalance between its share of VT jobs and homes, according to recent VHFA analysis. Although 33% of the state's jobs are in Chittenden County, the state is home to only 28% of the state’s workers and only 25% of the state’s homes. This is likely caused in part by workers living in Franklin County, where the share of homes outnumbers the share of jobs, who commute to Chittenden County for work.
Washington County also has an imbalance similar to Chittenden’s, but on a much smaller scale.