Report Shows Vermont Rental Rates are Sky-High

Report Shows Vermont Rental Rates are Sky-High

A new report ranks Vermont the thirteenth most expensive state in the nation for renters.
BURLINGTON, Vt.- A new report confirms what many already know: finding an affordable place to live isn't easy.

"We are consistently in the top 15 worst states," says Vermont Affordable Housing Coalition's Erhard Mahnke.  "This year, we're the thirteenth worst state in the country in terms of affordability."

The National Low Income Housing Coalition report says a two-bedroom apartment in Vermont will cost you $1,007.

In order to afford this, the report says renters shouldn't pay more than 30 percent of their income.

To do that, a household must earn $3,356 monthly, or $40,272 annually, and earn $19.36 per hour.

"It's so hard finding a place around here that I can actually support myself and maintain," says former renter Ben Trendle

The report shows a typical renter in Vermont earns $11.24 per hour. 62 percent of renters pay more than is considered affordable for their income.

"About 70 percent of the people we work with here at COTS in our Homeless Prevention Program make under $1,000 a month," says the Committee on Temporary Shelter's Jonathan Farrell.  "Right there illustrates the problem."

In order to make housing more affordable, Mahnke says more funding for federal housing programs is key.  Also, more affordable housing units need to be built.

View the NLIHC report: http://www.vtaffordablehousing.org/news/

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