Housing vs Income
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7/30/2007
Cost of living in Vermont has skyrocketed since 9-11. People from outside Vermont have are purchasing property here at extremely high prices, raising the average price for a home or lot.
In the North Eastern part of the state a house on the lake sold for $100,000. Now, the cheapest ones are $200,000 and they are less than 900 sf with long stairs down to the water and absolutely no parking off the road.
Homes that are livable are typically in the $400,000 range. New homes with custom features are between $500,000 and $800,000.
This area has no real industry and local people are now priced out of the market. Typical income is less than $25,000. Even if people can afford the homes, the taxes are very high. A $300,000 home is taxed about $5000 or more per year.
In the western part of the state, there are jobs and housing but these home (2,500 sf) are between $300,000 and $400,000 with taxes in the $4000 to $6000 per year range. Income in this area is closer to$40,000 and a livable wage in Chittenden County is now over $13.50 per hour (most hoursly people are not paid this level.)
So, Vermont is now ranked as the highest taxed state per income percentage and is in the bottom third of the states as worst states to do business. It is a beautiful state with much natural beauty, but be prepared to pay a lot for that aspect if you decide to move here.
Deanie | Williston, VT