Vermont Cost Of Living Statistics 2023: Facts about Cost Of Living in Vermont reflect the current socio-economic condition of the state.
LLCBuddy editorial team did hours of research, collected all important statistics on Vermont Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂
Are you planning to start a Vermont LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.
How much of an impact will Vermont Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.
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On this page, you’ll learn about the following:
Top Vermont Cost Of Living Statistics 2023
☰ Use “CTRL+F” to quickly find statistics. There are total 11 Vermont Cost Of Living Statistics on this page 🙂Vermont Cost Of Living “Latest” Statistics
- Despite the fact that nurse earnings in Vermont are 9% below the national average, the cost of living there is still high.[1]
- According to the national association of realtors, the typical sales price of an existing house in the United States is $353,900, while the average home in Vermont will cost $314,562 in 2021.[2]
- In Vermont, housing costs are 11.5% cheaper than the national average.[3]
Vermont Cost Of Living “Living” Statistics
- The bureau of economic analysis estimates that Vermont’s median resident pays around $47,397 in annual living expenses.[2]
Vermont Cost Of Living “Other” Statistics
- Vermont is hoping that by the year 2050, at least 90% of the energy it uses would come from renewable sources.[2]
- Vermont’s taxes have the highest marginal tax rate at 87.5%.[2]
- The Tax Foundation’s State Individual Income Tax Rates and Brackets for 2021 placed Vermont as having the 4th highest tax burden, with an effective tax rate of 12.3%.[2]
- Even with high utility rates, Vermont leads the country in the production of renewable energy, and in the year 2020, it actually produced 10% of its power from renewable sources.[2]
- Homes in Vermont’s Chittenden County, which is home to the vibrant metropolis of Burlington, sold on average for more than 12% more money.[3]
- 13% of Vermont residents have resorted to using firewood to heat their houses as it is the second most common fuel in the state.[2]
- According to the U.S. Census Bureau, Vermont has a supply of 339,439 homes.[2]
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How Useful is Vermont Cost of Living
One of the key factors that make the Vermont cost of living unique is the state’s reputation for its picturesque landscapes, vibrant culture, and strong communities. While these attributes make Vermont an attractive place to live, they can also contribute to higher costs for residents. The demand for housing in picturesque towns or near popular tourist destinations can drive up prices, making it challenging for some residents to find affordable homes. Additionally, the high cost of living can be a barrier for young people or families looking to settle in the state, potentially leading to a smaller workforce and economic stagnation.
Furthermore, the cost of healthcare in Vermont is a significant concern for many residents. With rising insurance premiums and healthcare expenses, individuals and families may struggle to afford necessary medical care. This can have serious consequences for people’s health and well-being, as well as adding to the overall financial burden of living in the state.
On the other hand, Vermont’s commitment to environmental sustainability and local agriculture can have a positive impact on the cost of living. By supporting local farmers and businesses, residents can access fresh and affordable produce, reducing the overall cost of groceries. Additionally, the state’s efforts to promote clean energy and reduce carbon emissions can translate into lower utility bills for residents, leading to savings in the long run.
Overall, the Vermont cost of living reflects a complex interplay of factors that impact individuals and families on a daily basis. While the state’s scenic beauty and strong communities are undoubtedly appealing, they can also drive up expenses for residents. From the high cost of housing to the challenges of affording healthcare, it’s clear that addressing the cost of living in Vermont is essential for ensuring the well-being of all residents.
In conclusion, the Vermont cost of living presents a mixed picture for residents and newcomers alike. While the state’s natural beauty and strong communities are undoubtedly valuable, they can also contribute to higher expenses for individuals and families. By addressing the challenges of housing affordability, healthcare costs, and other key factors, Vermont can work towards a more sustainable and equitable cost of living for all residents.
Reference
- trustedhealth – https://www.trustedhealth.com/nurse-salary-guide/vermont
- sofi – https://www.sofi.com/cost-of-living-in-vermont/
- upnest – https://www.upnest.com/1/post/cost-of-living-vermont/