Living in Vermont: How Much Money Do You Need?

Beautiful Vermont has a distinct culture and a high standard of living. However, if you’re on a tight budget and trying to make ends meet, the cost of living can be a bit high. How much money must you earn to comfortably live in Vermont? Let’s examine the statistics in more detail.

A single adult in Vermont needs to earn at least $29,560 annually to cover basic expenses like housing, food, transportation, and medical care. This is based on statistics from the Economic Policy Institute. That figure rises sharply if you’re supporting a family. For a family of four to be able to pay their essential expenses, they must earn at least $72,686 annually.

These figures are only a starting point, of course. You might need to earn more money to live comfortably in Vermont depending on where you live and how you live. If you reside downtown Burlington or a more rural place, for instance, housing expenses can differ dramatically. Additionally, you might need to earn extra money to make ends meet if you have high medical costs or other financial responsibilities.

Vermont is actually one of the best places to reside in when it comes to taxes. Vermont’s overall tax burden places it at number 38 in the nation, according to WalletHub. While income and sales taxes are generally minimal, property taxes can be significant in some places.

There are a few things you should be aware of if you intend to launch a business or sell products online in Vermont. First off, businesses purchasing items to resell in Vermont are required to have a resale certificate. With the help of this certificate, you can buy products from providers tax-free. Additionally, you might require a business license from the state if you’re selling things on Etsy or other online marketplaces. Do your study before you start selling because it relies on your sales volume and other variables.

Finally, there are two options when it comes to Vermont’s sales tax policy on apparel. In Vermont, clothing is often exempt from sales tax, although there are a few exceptions. For instance, there is a 6% sales tax on clothing products that cost more than $110. Sales tax may also apply to some apparel categories, including costumes, formal dress, and sporting goods.

In conclusion, it can be expensive to live in Vermont, but if you’re diligent with your money and budget, you can make it work. You can take advantage of everything that this lovely state has to offer while still staying within your budget with a little preparation and planning.