67 percent of Vermont residents cannot afford to buy the average priced home in Vermont according to a reort released by the Vermont Housing Council and the Vermont Housing Awareness Campaign along with several other agencies and groups.
The average price of a home has risen 97 percent since 1996 to $197,000. An income of $66,000 is needed to purchase a home at this price, which is out of reach for 33 percent of Vermont residents. Home prices rose only 8 percent last year, but have risen 97 percent since 1996.
Additionally, the report reveals the cost of new housing has increased by 15 percent to $282,000, meaning that a Vermont family would need an annual income of $93,000 to afford to build a new home.
The Governor and the Legislature are both promising to address the rising cost of housing with several bills being introduced to bring relief to the affordability crisis. Let's hope this not not too little too late. Read the full story here.
If you are thinking of buying home, visit my website to view all Ludlow real estate listings or give me a call, 800-659-1819 #103. I have a network of lenders that can help you buy the Vermont home of your dreams.