The median home price in Vermont is $373,709, which has increased by 3.3% since the last year. The Vermont housing market has witnessed a 9.1% year-over-year increase in the number of homes listed. With a 3-month supply left, there are enough houses available to buy. This creates a buyer’s market.
Our research shows home prices are relatively higher in western areas like Burlington. On the other hand, as you move towards the eastern areas of the Green Mountain State, like Barre, you can find cheaper housing options.
4 Reasons to live in Vermont 🌊
- Cheaper Houses:The median home sale price in Vermont is ~$373K. But you can get houses between $224k and $309K in cities like Northfield, Bennington, and Newport.
- Tax Benefits:Vermont has implemented programs supporting certain demographics like the Vermont EITC (Earned Income Tax Credit). This program aids low-income earners, potentially reducing their tax burden.
- Affordable Healthcare: Healthcare in cities that are mentioned in this blog is up to 15% lower than the state average. In some cities, the average healthcare is even cheaper than the national average.
- Cheaper Rentals: The rent prices of these cities are lower than the national average. You can save up to $650 per month in rent.
Cheapest Places to Live in Vermont in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Bennington | $36,832 | $117,293 | 13,517 | 3.6% | 25.4% |
| Newport | $41,242 | $131,007 | 5,717 | 3.4% | 15.8% |
| Rutland | $38,904 | $137,298 | 42,215 | 9.7% | 23.1% |
| Hardwick | $50,410 | $148,036 | 8,961 | 3.0% | 21.8% |
| Barre | $43,879 | $192,544 | 17,054 | 3.7% | 17.7% |
| Northfield | $54,020 | $236,560 | 97,840 | 3.8% | 17.2% |
| Brattleboro | $54,015 | $242,819 | 79,009 | 4.3% | 12% |
7 Cheapest Places to Live in VT
The annual population growth of 3.4% since 2010 is reflective of people’s intention to move to Vermont. If you’re considering shifting to the Green Mountain State, here are some cities that offer affordable living options:
1. Bennington
| 🟢 Cost of Living Compared to National Average | 5.8%⬇️ |
| 🏡 Median Home Price | $224,652 |
| 💲 Median Rent | $1,250 |
| 🌅 Known For | Bennington Battle Monument |
Bennington is an affordable place to live in Vermont. Its median house rent ranges between $950 – $2,000. A low cost of living and affordable housing has led to a population growth of 2.51% since 2020.
Bennington, Vermont, hosts the renowned Bennington Battle Monument, a significant historic landmark in the state, alongside a diverse array of art galleries and museums. Additionally, the city’s educational sector thrives with institutions such as Bennington College contributing to its academic richness.
» Homes for Sale in Bennington, VT: Find your dream home in this city.
2. Newport
| 🟢 Cost of Living Compared to National Average | 12.4%⬇️ |
| 🏡 Median Home Price | $232,029 |
| 💲 Median Rent | $1,595 |
| 🏞️ Known For | Lake Memphremagog |
Newport is one of the most budget-friendly rental destinations in Vermont with an average home rent ranging between $1,595 – $1,900. It also offers affordable transportation costs, which are 32.3% lower than the national average.
Newport offers a charming small-town ambiance with ample amenities and attractions like Lake Memphremagog, ideal for family outings. Additionally, cultural and educational promotion is facilitated by organizations such as the Newport Historical Society and the Community Arts Center. Newport also hosts various local sporting events, including an annual triathlon near the lake.
» Homes for Sale in Newport, VT: Find your dream home in this city.
3. Rutland
| 🟢 Cost of Living Compared to National Average | 9.9%⬇️ |
| 🏡 Median Home Price | $236,874 |
| 💲 Median Rent | $1,250 |
| 🏖️ Known For | The Paramount Theatre |
With rental costs below the national average, Rutland stands as one of the most affordable cities to live in Vermont. The house rent is between $1,000 – $4,500.
Rutland is a quaint city with a population exceeding 15,000 residents, making it an appealing destination for those seeking escape from urban chaos.
Rutland boasts a diverse business landscape, comprising renowned corporations such as Walmart and Best Buy, alongside beloved local establishments like EnjoyGourmet Market and AJ’s Pizza.
» Homes for Sale in Rutland, VT: Browse thousands of property listings in Broadway Annie.
4. Hardwick
| 🟢 Cost of Living Compared to National Average | 11.5%⬇️ |
| 🏡 Median Home Price | $237,697 |
| 💲 Median Rent | $925 |
| 🏖️ Known For | Hildene, The Lincoln Family Home |
Hardwick offers budget-friendly living with a median rent of $1,075 lower than the national average. Moreover, the housing costs are 45.1% below the national average in this city.
Hardwick, situated in Caledonia County, offers breathtaking natural beauty with rolling hills, forests, and nearby lakes. This city is ideal for outdoor activities and relaxation.
Additionally, residents benefit from a vibrant social culture with community events like farmers’ markets and festivals, enhancing their quality of life.
» Homes for Sale in Hardwick, VT: Browse through thousands of affordable properties.
5. Barre
| 🟢 Cost of Living Compared to National Average | 1.1%⬇️ |
| 🏡 Median Home Price | $283,083 |
| 💲 Median Rent | $1,050 |
| 🎨 Known For | Barre Opera House |
Barre, VT offers a low cost of living compared to the national average and other urban areas. Home rent ranges from $900 – $1,200, with a median household income of around $51,000.
Barre, a small city in the northern part of the state, maintains relatively low crime levels. Statistical data indicates that Barre’s violent crime rate stands at 16.9, notably below the national average of 22.7.
» Homes for Sale in Barre, VT: Browse through thousands of properties in this Scary Barre City.
6. Northfield
| 🟢 Cost of Living Compared to National Average | 19%⬇️ |
| 🏡 Median Home Price | $301,309 |
| 💲 Median Rent | $2,295 |
| 🏫 Known For | Sullivan Museum and History Center |
Northfield is one of the best places to live in Vermont, with a slight year-over-year median home price increase of 7.4% in December 2023. The monthly cost of transportation is ~29.5% lower than the state average.
Northfield, VT, nestled in the Green Mountains of New England, houses local businesses such as Northfield Savings Bank, Norwich University, and Cedar Circle Farm.
Northfield has a humid continental climate, featuring warm, humid summers, cold, snowy winters, and mild springs. The autumn season in the city comes with rain and occasional snow.
» Homes for Sale in Northfield, VT: Find a home in one of the cheapest places to live in Vermont.
7. Brattleboro
| 🟢 Cost of Living Compared to National Average | 0.3%⬇️ |
| 🏡 Median Home Price | $309,514 |
| 💲 Median Rent | $1,400 |
| 🖼️ Known For | Mount Wantastiquet |
The house rent in Brattleboro is between $500 – $4,825. With an average household income of $60,476, you can comfortably live in this city. A low cost of living and affordable housing has led to a population growth of 17.33% since 2020.
Brattleboro, located alongside the Connecticut River, exudes an artistic ambiance, creating a distinctive and motivating atmosphere for its inhabitants. Renowned as one of America’s top ten small towns and among the fifty best places to reside, it underscores its allure and desirability.
» Homes for Sale in Brattleboro, VT: Get yourself a home in this city.
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Bottom Line
The cost of living in Vermont is 0.8% higher than the national average. It is also home to some of the most expensive cities in America. However, if you want to shift to Vermont, you can find affordable housing in cities like Bennington, Rutland, and Northfield.
Cities like Newport and Hardwick have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
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Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in Vermont, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow.
Frequently Asked Questions
What is the cheapest place to live in Vermont?
The cheapest place to live in Vermont is Bennington. It offers affordable housing, which is 41% cheaper than the national average.
» 7 Cheapest Places to Live in Vermont: Find out the other cheapest places to live in Vermont.
Is Vermont the cheapest place to live in?
No, it is not. The median home value is $373,709. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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