As we gear up for our annual giving campaign this December, we've been thinking a lot about the case for affordable housing in Addison County.
Over 4,000 Addison County residents--or about one in ten--live in poverty. For a family of four, this means earning about $24,000 per year or less and corresponds to about 30 percent of area median income for similar families. A family at that income level can afford to pay $600 per month in rent without exceeding 30 percent of their income, the level generally considered "affordable."
However, median rent in Addison County hovers around $1,000 for a two-bedroom apartment, and with the county's vacancy rate chronically below one percent, affordable apartments are exceedingly difficult to find. Consequently, nearly half (44.7%) of county renters are housing cost-burdened or even severely housing cost-burdened, according to the 2015 Addison County Housing Needs Assessment. Moreover, the shortage of affordable housing is likely to get worse as household formation is expected to increase through 2020 while median income is on the decline--already down a whopping 11 percent since 2010 (the worst decline in Vermont) and expected to decline further by 2020.
ACCT provides a critical source of affordable housing management and new development to alleviate the county's extremely low vacancy rate. Nearly two-thirds of our apartment residents earn below 30 percent of area median income, or around the poverty level. The overwhelming remainder earn between 30 and 80 percent of median. Many of our units come with monthly rental assistance to ensure that residents pay no more than 30 percent of their incomes toward rent.
We hope you'll join us fulfill our mission and contribute to the cause on our donate page. Thank you in advance for helping keep housing affordable!
ACCT staff members share news and information about upcoming events.