In 2014, the Lake Chamber of Commerce, through its Burlington Young Professionals group, created the Young Professionals Advocacy Task Force with a specific focus on housing issues in and around Burlington. The Task Force compiled a survey to better understand the needs and concerns of Vermont's young workforce.
400 individuals responded to the survey, with the majority of people between the age of 26 and 35. According to the survey results, almost half of those young professionals who responded are dissatisfied with their current living situation. Across all age groups, the primary reasons for their dissatisfaction were the need for more space (58%) and the desire to own but inability to afford it (56%) . The largest chunk of respondents pays between $500 and $1500 per month in rent or mortgage. Almost half pay more than 30% of their take home income in rental or mortgage payments. Check out the rest of this report.
VHFA is currently pursuing new ways our programs can work even better for the first time homebuyers many young professionals strive to be. We are excited by bills currently being considered by the Vermont legislature, supported by the Lake Champlain Chamber of Commerce, that would expand VHFA’s ability to offer down payment assistance to first time buyers