Physical Capital / Built Capital, Richmond Vermont

Richmond, Vermont, is a rural, yet also community driven place with a friendly atmosphere. The physical features of this town are minimal in relation to nearby towns. Yet Richmond is filled with a rich and vibrant community, that’s proud of its small-town atmosphere. Green and Haines refer to physical capital as making up town “roads, buildings, and other physical features” (Green & Haines, 2016).

The town of Richmond’s housing has been increasing gradually since the 1940’s. Between 1940 and 2009, an estimated 1,250 of the 1,591 houses were constructed. Between 2010 and 1014, reports of new housing construction was listed at 0 ± 9 (United States Census Bureau, 2014). Housing issues in Richmond are similar to other towns in Chittenden County, Vermont. Richmond’s average price for a home is approximately $319,308, whereas in Chittenden County is $298,889. Statewide the average house costs $228,536. Of the 1,309 owner occupied houses in Richmond between 2009 – 2013, 34% of owners spent 30% or more of their income on housing. Another 11.3% spent 50% or more of the household income on housing. These averages are slightly higher than other areas of Chittenden County, but are slightly less than average household income to household expenses state wide. Rental properties in Richmond are minimal, with an estimated 298 properties in the rental market between 2009 – 2013. Of the rental properties occupied during this time, 49.3 % of renters were spending 30% or more of their household income on housing. Another 22.8 % of renters were spending 50% or more of income on housing. The fair market rent projected for 2017 expects single bedroom apartments to cost $1,080/month, whereas the median rent for 1 bedroom is $1,169/month. These numbers do not necessarily reflect expenses for house utilities (Vermont Housing Data, 2016)

 

References

Green, G. P., & Haines, A. (2016). Asset Building & Community Development (Fourth Edition ed.). Thousand Oaks, CA, USA: SAGE Publications, Inc.

United States Census Bureau. (2014). United States Census Bureau, American Fact Finder. Retrieved December 3, 2016, from American Fact Finder: https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_14_5YR_DP04&prodType=table

Vermont Housing Data. (2016). Vermont Housing Data. Retrieved December 3, 2016, from Vermont Housing Data: http://www.housingdata.org/profile/resultsMain.php?town=007055