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PLACE-BASED COMMUNITY ECONOMIC DEVELOPMENT

If housing is a human right, then it should be right to build housing. 

Supply falls short of demand which is pushing prices higher. By the end of this decade, we will need 30,000-40,000 more homes – and about 16,500 of those units are just to normalize vacancy rates, address homelessness, and replace homes that are destroyed. The cumulative impact of decisions made over many decades has resulted in the current housing shortage. The decisions we collectively make moving forward can turn this around. 

TARGET

Grow Vermont's non-seasonal housing stock to 350,000 units by 2035.

CURRENT STATUS

As of 2021, Vermont had an estimated 270,163 non-seasonal housing units.

TREND

Housing stock only increased by about 2,000 units between 2019-2021.

Key Performance Indicators

Select indicators below for data.

  • TARGET = 350,000 Non-Seasonal Units
    STATUS = 269,527 Units (2021)

    Growing the housing stock to 350,000 non-seasonal units will create capacity for a population of 802,000.

Vermont Housing Finance Agency Data

  • TARGET = 7,250 permits annually
    STATUS = 2,302 (2022)

    The rate of units permitted per year is far below what is needed to reach 2035 population and housing goals. Most new structures are still single-family buildings.

Vermont Housing Finance Agency Data

  • TARGET = 5% | STATUS = 3.2%

    Current vacancy rates are indicative of a supply shortage. The low vacancy rates lead to market inefficiencies by inhibiting mobility and cause prices to rise.

Vermont Housing Finance Agency Data
Policy Forum on Homelessness Presentation & Data

  • TARGET < 5% of households severely cost-burdened
    Status = 14% (2021)

    The federal threshold for housing affordability is 30% of household income. Between 30-50% of household income spent on housing is considered cost-burdened. Above 50% is severely cost-burdened.

Vermont Housing Finance Agency Data

  • TARGET = BIPoC Homeownership rate within 5% of White
    Status: BIPoC = 47%, White = 73%, Gap = 26%

    Gaps in homeownership rates between BIPoC Vermonters and White Vermonters are indicative of structural and systemic inequities that must be addressed to ensure that all Vermonters have equal economic opportunity to build and transfer wealth.

Vermont Housing Finance Agency Data