Average Vermont Salary: Can You Afford the Cost of Living in Vermont? (2023)

FAQs

Average Vermont Salary: Can You Afford the Cost of Living in Vermont? ›

The cost of living in Manchester, NH is -12.2% lower than in Burlington, VT. You would have to earn a salary of $52,668 to maintain your current standard of living. Employers in Manchester, NH typically pay 4.0% more than employeers in Burlington, VT.

The cost of living in Manchester, NH is -12.2% lower than in Burlington, VT. You would have to earn a salary of $52,668 to maintain your current standard of living. Employers in Manchester, NH typically pay 4.0% more than employeers in Burlington, VT.

Burlington, Vermont's cost of living is 16% higher than the national average. The cost of living in any area can vary based on factors such as your career, its average salary and the real estate market of that area.

The median rent price in Vermont May 2023 is $2,093.

Vermont: Average Salary

The average salary in Vermont is $53,540 per year or $25.74 per hour. Entry level positions start at $34,218 per year while most experienced workers make up to $185,000 per year.

Living Cost for a Family of Four

The statewide average annual salary needed for a comfortable life for a family of four is $94,045, with the median household income for Vermont residents at $60,000. Vermont's minimum wage increased from $10.96 to $11.75 in 2021, and it's planned to increase to $12.55 in 2022.

One of the Safest States in America – Vermont has such low crime rates; it's consistently at the top of the charts for safety. This makes it a great place for families, retirees and pretty much anyone looking for a secure and safe place to live.

Are groceries expensive in Vermont? ›

Vermont ranks second highest for monthly grocery costs, according to a new study. The average Burlington is estimated to spend $497.41 per month on groceries, the second-highest food costs in the nation behind residents in Honolulu (Hawaii), which pays $556.76 per month.

There's no better place to retire than in the serene state of Vermont. With its peaceful rural atmosphere and tight-knit small towns, Vermont offers retirees a welcoming place to spend their years of rest and relaxation.

Connecticut, Massachusetts, Vermont, Rhode Island among least affordable states for retirement. According to Bankrate's study, the following seven states are the least affordable in which to retire to in the U.S. during 2022: Hawaii. California.

AND your income must be at or below 200% of the Federal Poverty Level. Example: In 2023, your income is below 200% of the Federal Poverty Level if it is: At or below $27,180 a year for a single person. At or below $36,620 a year for a couple.

Median Household Income: $67,674. Average Household Income: $89,820. Per Capita Income: $37,903. 7.2% of Households in Vermont are High Income Households that make over $200,000 a year.

The livable wage for a single parent with one child is $32.58 in urban areas and $26.43 in rural areas. Livable wages for other family combinations can be found on the report.

The Worker Relocation Incentive program can help subsidize your moving expenses with reimbursement grants of up to $7,500 if you move to Vermont. This program is funded through a $3.09 million one-time allocation from the Vermont Legislature and is a first come, first served program.

If you make $80,000 a year living in the region of Vermont, USA, you will be taxed $20,184. That means that your net pay will be $59,816 per year, or $4,985 per month.

For the 2022 tax year, the income tax in Vermont has a top rate of 8.75%, which places it as one of the highest rates in the U.S. Meanwhile, total state and local sales taxes range from 6% to 7%.

Are Vermont property taxes high? ›

Vermont Real Property Taxes

In Vermont, the median property tax rate is $1,730 per $100,000 of assessed home value. For 2022, senior homeowners with 2021 household income of $136,900 or less may qualify for a property tax credit of up to $8,000.

If you make $70,000 a year living in the region of Vermont, USA, you will be taxed $16,559. That means that your net pay will be $53,441 per year, or $4,453 per month.

Northfield has the lowest property crime rate in Vermont for the second year in a row at just 1.2 incidents per 1,000 people—it reported fewer property crimes than violent crimes.

Waitsfield, Vermont is a small town of about 2,000 residents located in Washington County. Along with being based in a scenic part of the Green Mountain state, Waitsfield is also one of the most friendliest towns in Vermont. This is due to its strong sense of community, welcoming vibe, and safety.

Burlington, in the Champlain valley, is Vermont's largest community, followed by Essex, near Burlington; Rutland, in the Otter valley; Colchester, just north of Burlington; and South Burlington.

Living in Vermont, everyone needs a car sometimes, but you don't have to own one (or more) to enjoy the convenience of driving. Whenever you need to drive, reserve the vehicle of your choice near you, get in, and go.

The average effective property tax rate in Vermont is 1.73%, which ranks as the fifth-highest rate in the U.S. The typical homeowner in Vermont can expect to spend $4,697 annually in property taxes.

Vermont is 4.3% more expensive than Florida.

The price of Combo meal in fast food restaurant (Big Mac Meal or similar) in Burlington, Vermont is $9. This average is based on 7 price points. At this point it is only a guess. Latest update: March 14, 2023.

How much is a dozen eggs in Vermont? ›

The price of 12 eggs, large in Burlington, Vermont is $3.98

Latest update: March 09, 2023.

1 state to retire in, Virginia has taken the top spot this year, according to personal finance website WalletHub's “2023′s Best States to Retire” study. WalletHub evaluated all 50 U.S. states in three key categories: affordability, quality of life and access to health care.

Recipients of Social Security benefits may be exempt from Vermont tax on part or all of their benefits. If you had Social Security benefits that were taxable in the current tax year as shown on your federal Form 1040, U.S. Individual Income Tax Return, then you may qualify for a Vermont exemption.

Vermont is not tax-friendly toward retirees. Social Security income is partially taxed. Withdrawals from retirement accounts are fully taxed. Wages are taxed at normal rates, and your marginal state tax rate is 3.35%.

Wyoming topped the list as least expensive state for people to live out their golden years with a senior poverty rate of 6.7%, classification as “most tax friendly,” and an average annual medicare spending rate of $10,274 per beneficiary, well below the national average.

New Hampshire has historically been rated as one of the most tax-friendly states to live in, especially as a retiree. Some of the financial advantages include: No state income tax.

1. Alaska. Alaska is the most tax-friendly state for retirees because it has no state income tax or tax on Social Security. And its sales tax rate is the fourth lowest on our list - fifth lowest in the U.S. But keep this in mind: The cost of living in Alaska is higher than in most states.

For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.

In 2021, the median household income is roughly $68,000. An upper class income is usually considered at least 50% higher than the median household income. Therefore, an upper class income in America is $100,000 and higher. However, an upper class income also depends on where you live.

What is the most low income state? ›

Poorest States in the US

Mississippi is the poorest state in the US, with a poverty rate of 18.7%, followed by Louisiana as the second poorest state, with a poverty rate of 17.8%, and New Mexico, as the third poorest state in the US, at a poverty rate of 16.8%.

If you make $50,000 a year living in the region of Vermont, USA, you will be taxed $9,781. That means that your net pay will be $40,219 per year, or $3,352 per month.

The average salary in Vermont is $52,400 per year or $25.19 per hour. Entry level positions start at $34,261 per year while most experienced workers make up to $171,105 per year.

What is the most affordable city in New England? Based strictly on price-to-income ratio, Torrington, Connecticut is the cheapest place to buy a home in New England.

In terms of more rural towns that feel quite like a piece of countryside heaven, Vermont is likely to appease. On the other hand, those who wish for steeper mountains and more cities might find that their heart takes them to New Hampshire.

New Hampshire is the most tax friendly of the three, mainly because it only taxes interest and dividends, and has no state sales tax. On the other hand, property taxes are higher there. New Hampshire does not tax wages, although it does tax interest and dividend income.

Average Cost of Living in New Hampshire: $56,727 per year

According to MERIC data gathered in 2022, New Hampshire has the 43rd lowest cost of living in the country. If New Hampshire exceeds your budget, don't bank on finding an affordable nearby state to move to.

What is the least expensive state to live in right now? ›

Mississippi

Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average. The median single family home costs around $140,818.

Friendliest State: New Hampshire

The Granite State is beautiful, with fiercely proud locals who love where they're from.

Vermont is not tax-friendly toward retirees. Social Security income is partially taxed. Withdrawals from retirement accounts are fully taxed. Wages are taxed at normal rates, and your marginal state tax rate is 3.35%.

Monthly electric bills are a product of how much electricity you use per month and your electric rate. In New Hampshire, the average monthly electric bill for residential customers is $308/month, which is calculated by multiplying the average monthly consumption by the average electric rate: 1,011 kWh * 30 ¢/kWh.

Mississippi has the lowest cost of living in the United States. With a cost of living index of 83.3, expenses are nearly 17% less than the national average. Mississippi's housing costs are the lowest in the nation.