Cost of living in Vermont: Average rent prices. Grocery expenses. Transportation costs. Utilities averages. Healthcare costs. Educational expenses. Property taxes. Gasoline prices. Dining out expenses. State income tax rates.
Average rent prices.
The average rent in Vermont is approximately $1,788 per month, with studio apartments averaging $1,699, one-bedroom apartments $1,788, and two-bedroom apartments $1,897. For more detailed information on these rental rates and market trends, visit the Apartments.com Rent Market Trends page. This resource offers valuable insights for both potential renters and real estate professionals looking to understand the current state of the rental market in Vermont.
Grocery expenses.
In Vermont, the average annual grocery cost for a single resident is $4,865, or about $405.42 monthly, while a family of four spends around $14,299 annually, or approximately $1,191.59 monthly. Additionally, Vermont has seen a significant 37.4% increase in grocery prices since 2019, the highest among all U.S. states. For more in-depth information about Vermont's living expenses, visit the Cost of Living in Vermont page.
Transportation costs.
Transportation costs in Vermont are relatively manageable, with average car insurance premiums lower than the national average, gas prices around $2.60 per gallon, and a monthly bus pass in Chittenden County costing $40. The state also has a public transportation system, Green Mountain Transit, and shorter average commute times.
Utilities averages.
In Vermont, utilities contribute significantly to the cost of living, with the average monthly utility bill for a 915-square-foot apartment, including essentials like electricity, heating, cooling, water, and garbage, amounting to around $170. This is partly due to higher-than-average monthly electricity bills, estimated at $124.55, with an electricity rate of 21.52 cents per kilowatt hour. This rate is notably 31.60% above the US average, making it one of the more substantial expenses for residents. Natural gas further adds to the cost, as it runs about $14.86 per thousand cubic feet. On top of these, the [average monthly electric bill in Vermont](https://www.consumeraffairs.com/movers/vermont-cost-of-living.html) and internet services can also weigh heavily on household budgets. Internet costs can be particularly steep, as only 1.1% of residents manage to pay under $60 per month, intensifying the impact of these utilities on overall expenses.
Healthcare costs.
Healthcare costs in Vermont are rising significantly, with health insurance premiums increasing by 14-20% for individuals and 11-23% for small businesses, driven by higher healthcare costs, lack of primary care services, and increased drug and hospital costs. However, increased federal subsidies are expected to help many individuals maintain lower premium costs and access to richer plans with lower out-of-pocket expenses. For more detailed information, visit the Vermont Public website.
Educational expenses.
Vermont has one of the highest per-pupil public spending for K-12 students, at $21,219, which is 41% higher than the median of the top 10 states. This high spending is reflected in the state's educational expenses, despite yielding good educational outcomes. For more detailed insight into Vermont’s educational funding and impact, visit the Mountain Times website.
Property taxes.
In Vermont, Property Taxes are among the highest in the U.S., with an average effective rate of 1.73%. Homeowners can expect to pay around $4,697 annually, with rates varying by location and eligibility for Homestead Declarations and property tax adjustments.
Gasoline prices.
In Vermont, the average gasoline price has settled at $3.12 per gallon, marking a decrease of 1 cent compared to both the previous week and month, and a significant drop of 31 cents from last year. Prices fluctuate across the state, with the lowest recorded at $2.63 per gallon and the highest at $3.25 per gallon, reflecting the diversity in county pricing. For more detailed insights and updates, visit the Vermont Business Magazine.
Dining out expenses.
In Vermont, the average person spends a significant amount, approximately $3,185 per year, on dining out. This figure represents one of the higher annual expenditures on eating out within the United States. For more in-depth insights into consumer spending habits on dining, you can explore the comprehensive analysis on Business Insider.
State income tax rates.
Vermont has a progressive state income tax with four brackets, ranging from 3.35% to 8.75%. The tax rates apply to taxable income, which is calculated after adjustments, deductions, and exemptions, and vary based on filing status such as Single, Married Filing Jointly, Married Filing Separately, and Head of Household. To help navigate these complexities, you might consider using a tool like the Vermont Tax Calculator, which can assist in determining your specific tax obligations based on your individual situation.