Burlington-South Burlington, VT
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
4.07×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Vermont
- 4.07×=
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
moderate
Rent to income
28.2%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Vermont
- 28.2%=
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.51%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Vermont
- 4.51%=
- vs U.S.
- 4.35%+0.16
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.07%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Vermont
- -0.07%=
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
5.43
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Vermont
- 5.43=
- vs U.S.
- 3.52+1.91
Benchmark
Census BPS permits TTM ÷ population × 1,000
very tight labor market
Unemployment
2.3%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Vermont
- 2.3%=
- vs U.S.
- 3.9%-1.6
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+56.9%
homeValues.yearOverYear
+2.3%
Median home value
$370,400
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,651 | $19,812 | 21.8% |
| 2 BR | $2,140 | $25,680 | 28.2% |
| 3 BR | $2,745 | $32,940 | 36.2% |
Labor market direction
Unemployment
2.3%
Median household income
$90,911
What's being built
Total TTM
1,226
+10.5% YoY
Single-family
410
2–4 unit
59
5+ unit
757
All 3 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Chittenden County | 168,309 | $404,500 | $94,310 | 1,048 | +16.3% |
| Franklin County | 50,101 | $285,500 | $79,078 | 159 | |
| Grand Isle County | 7,335 | $363,500 | $90,625 | 19 | -5.0% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Burlington | 225,745 | $90,911 | 4.07× | 4.51% | +56.9% | 5.43 | 2.3% |
| Rochester, MN | 225,911 | $89,675 | — | — | +39.2% | — | 3.3% |
| Charlottesville, VA | 221,648 | $90,552 | — | — | +52.2% | — | 2.9% |
| Barnstable Town, MA | 229,436 | $94,452 | — | — | +63.1% | — | 5.8% |
| Appleton, WI | 242,972 | $83,919 | — | — | +60.8% | — | 2.6% |
| Bellingham, WA | 226,523 | $80,989 | — | — | +49.5% | — | 5.2% |
Where people are moving in from
Net migration
-160
-0.07% of population
| Origin county | Tax returns |
|---|---|
| Chittenden County, VT | 764 |
| Franklin County, VT | 375 |
| Washington County, VT | 322 |
| Addison County, VT | 225 |
| Lamoille County, VT | 217 |
| Grand Isle County, VT | 136 |
Who lives in Burlington
- Median age
- 38
- Bachelor's+
- 49.1%
- Owner-occupancy
- 67.5%
- Vacancy rate
- 8.9%
- Rent burdened (30%+)
- 50.4%
- Median household income
- $90,911
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.