Buying a Home in Vermont: What You Need to Know
If you're considering buying a home in Vermont, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Vermont homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Vermont-specific data to give you accurate monthly payment estimates.
Vermont Property Taxes
Vermont has an effective property tax rate of 1.42%, ranking #5 out of 50 states (where #1 is the highest). On a median-priced home of $388,000, you'd pay approximately $5,510 per year in property taxes, or about $459/month.
Vermont is among the states with the highest property taxes in the nation. This is often because property taxes fund local schools and services. Be sure to factor this into your budget when determining how much home you can afford.
Vermont Homeowners Insurance
The average annual homeowners insurance premium in Vermont is $827 for $300,000 in dwelling coverage, or about $69/month.
Vermont enjoys relatively low insurance costs compared to many other states. This is often due to lower risk of major natural disasters. However, rates vary by location, so get quotes for your specific property.
Vermont Closing Costs
Closing costs in Vermont average 2.2% of the home's purchase price. On a $388,000 home, that's approximately $8,536. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
- Transfer taxes (Vermont has higher than average transfer taxes)
Vermont Housing Market
The median home price in Vermont is $388,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More Vermont Mortgage Tools
Use these additional calculators to plan your Vermont home purchase: