A stark housing crisis looms over Vermont, as a recent government meeting highlighted alarming trends in rental and homeownership affordability. With rents soaring by 137% and median home prices skyrocketing by 156% over the past two decades, the gap between income growth and housing costs is widening dangerously.

During the meeting, officials presented data showing that while incomes have increased by 72%, a staggering 36,000 Vermonters are now paying more than half of their income on housing. This situation is particularly dire for renters, with over half of them facing unaffordable housing costs. The discussion underscored that more than a quarter of renters are spending over 50% of their income on housing, a precarious position that could lead to eviction or foreclosure.

The current median home price in Vermont stands at approximately $325,000, a significant jump from $260,000 just a few years ago. The increase in interest rates has compounded the issue, making homeownership increasingly unattainable. The cost to buy a median-priced home has risen from about $1,700 to $2,700 per month, requiring an income of $110,000—an income level only 9,300 renters can meet.

Officials pointed to various factors contributing to the housing crisis, including high construction costs, supply chain disruptions, and a limited labor force. The cost to build affordable housing has surged from around $300,000 to over $500,000 per apartment in just seven years, exacerbating the shortage of available homes.

As the meeting concluded, the urgency for action was clear. Without significant increases in housing supply, the gap between income and housing costs will continue to widen, leaving many Vermonters in precarious living situations. The discussion has set the stage for future policy considerations aimed at addressing this critical issue.