Witness warns Vermont faces rising housing costs, supply shortfalls and voucher funding gaps

At a Jan. 10 hearing of the House Committee on General & Housing, Julie Lowell, economic security policy and outreach director at the Public Assets Institute, told committee members that Vermont faces rising housing costs, a shortage of affordable units and a possible shortfall in federal voucher funding that could require state action.

Lowell said housing costs in New England have increased faster than inflation over the past four years and that Vermont households are increasingly cost-burdened. "In 2023, over 50% of households who had incomes under $75,000 were paying more than 30% of their household income on housing," she said, adding that among renters "it was closer to two thirds of renting households" that were in unaffordable housing.

The witness cited home-price and mortgage-rate changes as additional barriers to ownership. She said Vermont Housing Finance Agency data show the median home price rose from…