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What do 626,000 Vermont residents know that we don't? Well, besides how cool it is that Burlington is home to Ben & Jerrys and how much fun can be had on the ski slopes in Stowe, Vermonters know that their state has some of the most affordable places to live in America.
Yes, there really are affordable places in the Vermont, but you're going to have to know how to navigate the state's slightly above average cost of living if you want to call it home. And that's where HomeSnacks comes in, folks. We took a look at the US Census data and cost of living data for Vermont and created a list of the cheapest places to live in The Green Mountain State for 2020.
Our research led us to multiple conclusions. One, there is currently a housing crisis in the sixth smallest state in the country. So, you better have a home locked in before you decide to move. Two, you're going to need a high paying job. Currently the median income for Vermont is not competitive enough to buy a home; but, owning a home is better than paying rent. And, third, you should probably take a look at our list of affordable places below before you make ANY decisions. There might be some on that list that surprise you.
So, want to know where your income will go the furthest in Vermont? Where you can beat Vermont at their 'cost of living' game? Keep reading.
You won't have to sacrifice safety for affordability if you choose to live in one of Vermont's most affordable places. Many of Vermont's most affordable places are some of its safest.
And what's the most affordable place to live in Vermont? Poultney is the cheapest place to live in Vermont and you won't have to sacrifice anything: this place is the best of the best.
To see how your city compared, take a look at the list below.
And if you already knew these places were cheap, check out some more reading about Vermont and the cheapest places in the country:
The 10 Cheapest Places To Live In Vermont For 2020
The median income in Poultney comes in at $45,500 and the median home value is $131,300 for 2020.
The median income in Enosburg Falls comes in at $51,298 and the median home value is $168,100 for 2020.
The median income in Swanton comes in at $51,538 and the median home value is $172,900 for 2020.
The median income in Newport comes in at $39,112 and the median home value is $124,600 for 2020.
The median income in Rutland comes in at $45,229 and the median home value is $152,800 for 2020.
The median income in St. Albans comes in at $53,113 and the median home value is $177,700 for 2020.
The median income in Vergennes comes in at $59,464 and the median home value is $220,900 for 2020.
The median income in Lyndonville comes in at $32,926 and the median home value is $128,000 for 2020.
Montpelier is the capital city of the U.S. state of Vermont and the seat of Washington County. As the site of Vermont's state government, it is the least populous state capital in the United States. The population was 7,855 at the 2010 census. However, the daytime population swells to about 21,000, due to the large number of jobs within city limits. The Vermont College of Fine Arts and New England Culinary Institute are located in the municipality. It was named for Montpellier, France.
The median income in Montpelier comes in at $64,405 and the median home value is $247,600 for 2020.
The median income in North Bennington comes in at $52,895 and the median home value is $196,400 for 2020.
How We Determined The Most Affordable Places To Live In The Green Mountain State For 2020
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2014-2018 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Vermont to figure out which is the least expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 20 places in Vermont that have more than 1,000 people.
The place with the lowest cost of living in Vermont according to the data is Poultney. You can download the data here.
There You Have It Mr. Or Mrs. Vermont Cheapskate
If you're looking at the cost of living numbers in Vermont, this is an accurate list of the most affordable places to live in Vermont for 2020.
Here's a look at the most expensive cities in Vermont according to the data:
- South Burlington
For more Vermont reading, check out:
Where Are The Most Affordable Places To Live In Vermont?