A new report from the Federal Housing Finance Agency shows that housing prices in Vermont have soared more than any other state between the first quarter of 2023 and the first quarter of 2024. While rising costs are contributing even more to the state’s housing crisis, housing leaders in Green Mountain The state said the prices are the result of some progress being made. Alex Farrell, Vermont’s housing commissioner, said that during the years before the COVID-19 pandemic, the state’s population barely grew. Then, during the pandemic, Vermont’s efforts to attract more people to the state paid off when thousands of people moved to Vermont. “Which is something we haven’t seen in a long time in Vermont,” Farrell said. “So, in a way, it’s great. “That’s what we’ve been begging people to do.” But Farrell said the state was not fully prepared for a large population increase. “We haven’t adjusted our housing goals in terms of land use or zoning to build enough to accommodate that,” he said. And now, as the population continues to rise, Vermonters across the state are facing the consequences of an ongoing housing crisis. Farrell hopes the data in the FHFA report inspires state and federal leaders to urgently address the issue. According to the FHFA report, Vermont’s year-over-year appreciation rate is 12.8%, followed by New Jersey at 11.6% and then New York at 10.9%. % “I hope this report shows some people that we’re not just shouting for the sake of shouting,” Farrell said. “We’re not just looking at development for development’s sake. We need to build a lot more housing.” However, the Vermont Housing Finance Agency said there are many challenges prohibiting construction efforts, including state legislation and construction costs. “We have really high construction costs right now, like an unprecedented increase in the materials and labor it costs to build homes in Vermont,” said Leslie Black-Plumeau, VHFA director of research and community relations. But Black-Plumeau said solutions are needed more than ever. Officials estimate that about 30,000 new homes by 2030 are what the state will need to meet demand. “That pace would really need to double to come close to meeting the demand for new households to be formed here and for new income to have a place to live here,” Black-Plumeau said.
A new report from the Federal Housing Finance Agency shows that home prices in Vermont have spiked more than any other state between the first quarter of 2023 and the first quarter of 2024.
While rising costs are further contributing to the state’s housing crisis, housing leaders in the Green Mountain State said the prices are the result of some progress being made.
Alex Farrell, Vermont’s housing commissioner, said that during the years before the COVID-19 pandemic, the state’s population barely grew. Then, during the pandemic, Vermont’s efforts to attract more people to the state paid off when thousands of people moved to Vermont.
“Which is something we haven’t seen in a long time in Vermont,” Farrell said. “So, in a way, it’s great. “That’s what we’ve been begging people to do.”
But Farrell said the state was not fully prepared for a large population increase.
“We haven’t adjusted our housing goals in terms of land use or zoning to build enough to accommodate that,” he said.
And now as the population continues to rise, Vermonters across the state are facing the consequences of an ongoing housing crisis.
Farrell hopes the data in the FHFA report inspires state and federal leaders to urgently address the issue.
According to the FHFA report, Vermont’s year-over-year appreciation rate is 12.8%. New Jersey followed with 11.6% and then New York with 10.9%.
“I hope this report shows some people that we’re not just shouting for the sake of shouting,” Farrell said. “We are not just pursuing development for the sake of development. “We need to build many more houses.”
However, the Vermont Housing Finance Agency said there are many challenges prohibiting construction efforts, including state legislation and construction costs.
“We have really high construction costs right now, like an unprecedented increase in the materials and labor it costs to build homes in Vermont,” said Leslie Black-Plumeau, VHFA director of research and community relations.
But Black-Plumeau said solutions are needed more than ever. Officials estimate that about 30,000 new homes by 2030 are what the state will need to meet demand.
“That pace would really need to double to come close to meeting the demand for new households to be formed here and for new income to have a place to live here,” Black-Plumeau said.
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