Affordable Housing is one of Martha’s Vineyard’s Top Priorities

The Island Housing Trust was created to address a pressing need: many working islanders, those who provide vital services, and are the heart and soul of our community find it increasingly difficult to afford to live here.

The reality for most working island families is that the housing market downturn has not solve the housing affordability crisis that has been building on Martha’s Vineyard for the past 20 years. The Vineyard remains one of the least affordable places to live in the United States. There remains an extreme shortage of both rental and ownership housing accessible to the employment base, which makes up our community. If these folks move away, this will no longer be the community we cherish.

Martha's Vineyard Affordability Gap

AFFORDABILITY GAP- is measured by the imbalance between Island housing costs and wages: high home prices 85% above the statewide median; high rents at least 30% over the statewide median; and low wages 27% below the statewide average.

SKY ROCKETING REAL ESTATE MARKET - Buying a median-priced home in 2011 for $556,000 requires an income of more than $133,000, yet the average island worker earns $33,534 a year. A household with two adults working full time, earning the average wage, cannot afford a median priced-home.

HOUSING CRISIS - Affordable housing is a problem not just for low and moderate-income households, but also middle-income households earning as much as $90,000 annually or are at 140% of the median income.

HOUSING NEED - Of the nearly 2,000 year-round renters, there are 190 households who are actively seeking affordable home ownership and 300 who are seeking affordable rentals.

HOUSING NEEDS REPORT - A copy of the Preserving Community - An Island-wide Housing Needs Assessment

can downloaded here or at our PUBLICATIONS page.