First published in Business People-Vermont, August 2006. In that issue: Killington Resort, Jeff's Restaurant, East Hill Farm, Thinking Green, Thatcher Brook Inn, Ethnic Markets, The Housing Bite
The Housing Bite
Burlington area housing costs more than the national average, but less than most of New England
According to the Lake Champlain Regional Chamber of Commerce, new figures from ACCRA, a community and economic development research association, show that the cost of living in the Burlington area — composed of Burlington, South Burlington, Essex, Williston, Winooski and Colchester — for the first quarter of 2006 was more than 19 percent above the national average.
Burlington was higher in every category, with the greatest deviation found in the cost of housing, at 144.4 percent of the national average, compared to 117 percent in 2001. The relative cost of utilities has decreased, from 137.4 percent of the national average five years ago to 105.9 percent now. Health care costs have also decreased compared to other municipalities, from 113.6 percent in 2001 to 108.4 percent in 2006.
The national average for housing prices is based on a combination of rent for a two-bedroom apartment and mortgage payment for a house. According to ACCRA, the most expensive housing is in New York City, at 373.6 percent of the national average; the least expensive is in Paris, Texas, at 66.4 percent.
Burlington’s housing costs rank above cities like Colorado Springs, Colo., Miami, Fla., and Portland, Ore., but rank with or below other New England metro areas such as Providence, R.I. (139.3 percent); Stamford, Conn. (229.5 percent); and Boston (163 percent).
The Chamber has made housing an economic development priority and has joined the Northwest Housing Coalition. The primary focus will be twofold: information and education efforts in partnership with the Housing Awareness Campaign; and endorsement of housing projects. •
Cost-of-living data were compiled by the Lake Champlain Regional Chamber of Commerce and Economic and Policy Resources of Williston.
