Rutland Herald: Rutland Vermont News & Information -
[Cached Version]
Published on: 7/21/2005
Last Visited: 7/21/2005
Maura Collins of the Vermont Housing Finance Agency discusses the county's affordable housing situation at a Southern Windsor County Planning Commission meeting Tuesday in Ascutney.
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The trend is "unprecedented" according to Maura Collins, a housing needs analyst for VHFA, who presented a collage of disturbing excerpts from recent studies to the Southern Windsor County Regional Planning Commission on Tuesday.
Her research repeatedly showed an undersupplied housing market rife with cost-burdened residents.
Close to 55 percent of homeowners in the county are now paying more than half of what they make on housing.
"The last two years have just been mind-blowing," Collins said, predicting increases in income will not keep pace with the escalating price of housing.
VHFA data showed average incomes this year are $15,000 short of what is needed to buy an "affordable" home (priced around $130,000), she said.
By 2010, Collins said, that shortfall will double to almost $38,000.
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"Vermont ranks seventh in the nation for the highest loss of young professionals," Collins said.
"We are hemorrhaging youth."