Moving to Vermont

Are You Moving To Vermont?

The beautiful New England state of Vermont is one of the most picturesque states in the US. Its name translates to the ‘Green Mountain State’, although throughout the year there’s a real rainbow of colors as summer turns to fall and winters give way to spring. 

Vermont is a northeastern state in the New England region of the United States. One of the most interesting things about this quaint little state is its moderately low population, which right now is less than 627,000 people. 

Although this makes Vermont  a quaint and quiet state, it is not without a distinct vibe all of its own, with small-.town hosppitality prevalent at every turn. If you’re looking for escape from the rat race, Vermont could be the perfect choice for those seeking a tranquil way from the hustle and bustle of city living. 

But before you pack up your bags and hit the road. Let’s dive in and find out everything you need to know about moving to Vermont. there are a lot of things you’re going to need to know. Luckily, you’ve come to the right place.

Moving to Vermont

Pros and Cons of Living in Vermont

Here are a few pros and cons to consider as you make your move to The Green Mountain State:

Pros.
  • Health: According to the United Health Foundation, Vermont was ranked number one healthiest state in the nation for four years in a row.
  • Jaw-dropping scenery: Vermont is like the most beautiful painting of an unspoiled, four-season landscape you’ve ever seen, complete with forested mountains and rolling hills. 
  • Snowsports: It snows a lot in Vermont, which means there’s plenty of winter sports here. Through going all-in on some fanatic skiing and snowboarding scenery, the locals learned to tolerate the harsh winters. Sugarbush Resort is one of the resorts where the locals love to host their Olympic Winters.
  • A simple approach to life:  Devoid of billboards and filled with farms, Vermont has a charming and traditional New England vibe that its residents are proud to maintain.
Cons.
  • The higher cost of living: Along with high taxes, the cost of food, heating (especially during long winters), and other living expenses are higher than the national average. 
  • Expensive rent: Vermont’s rental market can be fairly expensive because the availability of apartments and houses is small, but demand rates are high due to the existence of some outstanding educational institutions.  
  • Lack of diversity: Looking for cultural and ethnic diversity? If so, you may want to reconsider a move here. Regardless, locals are generally a friendly bunch.  
  • Culture: If you decide to start a life in Vermont, you won’t find much in the way of international culture. Although you can find youth around the educational institutions, most of the youth are leaving the state to pursue other opportunities.
  • Freezing Winter: In the Green Mountain State, the snow gets so bad that the residents have to shovel their roofs to prevent them from freezing or caving in under the weight. 
Tax Rates

-Property Tax: 1.80% Vermont’s effective real-estate tax rate is #4 in the US. 

-Sales Tax: Base sales tax rate: 6% combined with the local taxes, it ranges from 6.22 -7%. 

-Income Tax: 8.75 – 10.3%. The state has a progressive state income tax (five brackets). 

Housing Market

As of may the typical home value of homes in Vermont is $294,324 according to Zillow. This value is seasonally adjusted and only includes the middle price tier of homes. Vermont home values have gone up 10.3% over the past year.

What Should I Know In 2021?

Economy Outlook

Vermont economic activity goes over $35 billion, the money comes from agricultural produce such as Dairy products, cattle, hay, apples, maple products. And in Industries such as Electronic equipment, fabricated metal products, printing and publishing, paper products, tourism.

Vermont’s economy relies heavily on the service sector; its collective activities have long been the most important in teams of overall value and employment. Vermont has a low unemployment rate as compared with other states, although pockets of high employment still exist. Wages in the state are somewhat lower than the national average.

Tourism is one of Vermont’s largest industries, bringing in nearly 13 million visitors and nearly $2.8 billion each year before Covid-19. It’s the state’s 2017 tourism study, and it supports 32,000 jobs, which is about 10% of the state’s workforce. Vermont hoteliers say the state’s lodging industry is expected to lose about $530 million in revenues this year, resulting in a loss of 48 million in occupancy taxes.

That means Vermont will likely be hit harder than other New England states by the economic impact of the Covid-19 shutdowns.

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Traffic & Transportation

Vermont economic activity goes over $35 billion, the money comes from agricultural produce such as Dairy products, cattle, hay, apples, maple products. And in Industries such as Electronic equipment, fabricated metal products, printing and publishing, paper products, tourism.

Vermont’s economy relies heavily on the service sector; its collective activities have long been the most important in teams of overall value and employment. Vermont has a low unemployment rate as compared with other states, although pockets of high employment still exist. Wages in the state are somewhat lower than the national average.

Tourism is one of Vermont’s largest industries, bringing in nearly 13 million visitors and nearly $2.8 billion each year before Covid-19. It’s the state’s 2017 tourism study, and it supports 32,000 jobs, which is about 10% of the state’s workforce. Vermont hoteliers say the state’s lodging industry is expected to lose about $530 million in revenues this year, resulting in a loss of 48 million in occupancy taxes.

 

 

Cost of living

Living in Vermont is more expensive than it is on average across the U.S. as a whole. According to data from the Bureau of Economic Analysis, goods and services in the state cost 3.0% more than they do on average nationwide. Compared with all other states, Vermont has the 11th highest overall cost of living. 

Healthcare: Vermont residents typically spend more on healthcare than the rest of the nation. On average, residents spend an average of $6,103 per year on healthcare expenses, compared to the national average of $5,640.

Utilities:Utilities include heat, air conditioning, gas, electricity, cable / satellite, and other necessities for running a home averaging around $ 170 per month.

Transportation: Vermont residents pay an average car insurance premium of $1,451 compared to the national average of $1,517. Gas prices in Vermont are currently $2.60 per gallon.

Food & Groceries: Your grocery bill will be nearly 7% higher than the national average. A single adult will typically spend around $3,800 on food each year. For a family of four, your food budget will jump to an average of $11,000 per year.

Summary regarding expenses: Although the cost of many categories is higher, those that move here can expect to save a whopping 11.5% on housing and 22% on transportation, two very significant expenses salaries in the state, can balance things out quite nicely.      

Moving to Vermont

Things to Know When Moving to Vermont

Vermont Climate

Vermont has a humid continental type of climate with warm and muggy summers and cold snowy winters. Vermont has warm and humid summers with average high temperatures of 75°F (23.9°C) to 82°F (27.8°C) in the peak of July.

Employment

Vermont's seasonally adjusted unemployment rate stayed the same at 2.9 percent in April. April reports an increase of 2,100 jobs from revised March data. There was an increase of 600 jobs between the draft and the revised version in March.

Real Estate

Vermont housing costs are 11.5% cheaper than the national average. The median home value in the state is $254,307. Of course, your housing costs can vary greatly throughout the state. For instance, in Burlington, the median home value is $338,502.

Average Income

As of Jun 25, 2021, the average annual pay for the Average jobs category in Vermont is $61,581 an year.

Industries

Some of the most prevalent industries across Vermont are manufacturing and production-related, especially in areas such as breweries, ice cream manufacturing (people love Ben & Jerry’s), logging, coffee & tea manufacturing and of course maple syrup, which is one of Vermont’s biggest exports. Top industries: Health Care, Social Assistance, Government, Full services restaurants, Educational services, Professional, scientific and educational services, Consulting and management, Manufacturing and production, Logging & Breweries.

Crime Rankings

The violent crime rate in Vermont is 1.7 incidents per 1,000 people, which is two points below the national rate of 3.7. Even though reported experience with violent crime bumped up one percentage point this year, Vermont’s 7% average is well below the national average of 12%.

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