Vermont
Census data shows Vermonters’ buying power down
MONTPELIER, Vt. (WCAX) – Vermont families have less buying power this year– that’s according to new data from the U.S. Census Bureau.
It shows the median household income in Vermont rose to $73,991 last year, the second smallest increase in the country.
But after taking inflation into account, median household income fell 5.5%.
The Public Assets Institute, a left-leaning think tank, says this means that the buying power of the average household dropped.
“Federal aid is an important part of that. A lot of the federal aid expired between 2021 and 2022 and I think that accounted for some of our lower performance,” said Jack Hoffman, a senior analyst with the Public Assets Institute.
But Hoffman says Vermonters’ personal income has grown in recent years. And he says if inflation continues to cool, those higher incomes will give families more buying power.
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