Is your next market research project in Vermont? Before you get started, it would be helpful to understand the key statistics and demographics of this area to determine various components of the project such as:
- The feasibility of the market research
- Determine your research budget
- Develop strategies that could help you reach your target audience effectively
Our national market research company often works with organizations based in Vermont or clients who are researching those who live in the area.
We’ve already set out to gather the essential data you need to get a running start on your next market research project.
Drive Research understands the key profiles of consumers in the Vermont community, which helps us gather insightful data, and which ultimately helps you make better decisions for your business.
Looking to conduct market research in Vermont? Drive Research is a national market research company serving the Northeast. Use this demographic information of Vermont to help test the feasibility of your market research project in this area.
Who is Drive Research? How do we know so much about Vermont?
Drive Research is a national market research company located in Upstate New York. Although we are located in New York, our full-service market research firm knows no geographical limitations. We have even conducted market research studies for our clients located internationally!
As we approach new geographies, we like to dive deeper into the demographics, data, and key statistics to better understand the specific region.
How do we do so? Drive Research uses an in-house proprietary data system that allows us to perform market analysis in any area, large or small.
Our system reveals essential information and valuable insights about a specific geography that can help us make better, more effective decisions for our clients in Vermont and surrounding areas.
The key statistics, data, and demographics detailed below on population, gender, age, income, education, and housing of Vermont residents were populated using our in-house data system.
Population
From 2019 to 2024, the total population of Vermont is expected to increase by 2.3%. The population in 2019 was estimated to be 641,408. The average household size is 2.3 persons. 2024 projections estimate the population will increase to 656,121.
The total number of households in the state of Vermont is also expected to increase by 3.1% between 2019 and 2024. In 2019, there were an estimated 263,382 households. By 2024, it is estimated there will be a total of 271,529 households in Vermont.
Gender
In 2019, Vermont was estimated to be roughly half male and half female, with an exact gender split of 49.4% male and 50.6% female. By 2024, the male population is expected to increase by 2.6%, while the female population is expected to grow by 2.0%. These increases will slightly change the estimated gender breakdown in 2024 to be 49.6% male and 50.4% female.
Age
The median age of the total population in Vermont is becoming slightly older. The estimates from 2019 reported the median age of 42.9 years old. In 2024, the estimated median age is expected to rise slightly to 43.3 years old.
Several age groups will experience significant changes in Vermont between 2019 and 2024. The 75 to 84 age group is expected to increase by 28.7%. Meanwhile, the 45 to 54 age group is expected to decrease by 6.6% through 2024.
Income
In 2019, the average household income in Vermont was $78,491. By 2024, this number will grow by 13.0% to $88,707. In 2019, the largest income bracket was $50,000 to $74,999, with nearly one in five (19.5%) of households falling within this range.
In 2024, it is estimated that slightly less (17.9%) households will fall in the $50,000 to $74,999 bracket, but roughly the same percentage of households (17.8%) will also fall within the $100,000 to $149,999 range.
This income bracket is expected to increase the most (27.6%) between 2019 and 2014.
In 2019, over half of the employed population was considered white collar (61.5%), while over one in three (38.5%) were considered blue-collar. In 2024, this breakdown will remain the same.
Housing
Between 2019 and 2014, the total number of housing units in Vermont is expected to increase by 3.4%. In 2019, there were 336,864 housing units in Vermont. In 2024, projections estimate the total number of housing units will be 348,294.
In 2019, over three in four (78.0%) of housing units in Vermont were occupied. Slightly less than half (44.7%) of these housing units in Vermont were owner-occupied with a mortgage, while another one in four (25.3%) were owned free and clear.
Just under one in three (30.1%) of occupied housing units were renter-occupied, while just over one in five (21.8%) were vacant.
Moving into 2024 in Vermont, it is expected these percentages will stay roughly the same. Over three in four (78.0%) of housing units will be occupied, where just under half (44.4%) will own their home with a mortgage, one in four (25.5%) own their home free and clear, while one in three (30.1%) will be renter occupied.
The number of vacant housing units will increase by 4.5% between 2019 and 2024 from 73,428 to 76,765.
In 2019, the average annual household expenditure in Vermont for shelter was $13,703.89. By 2024, this will increase to $15,489.38.
Education
Adults aged 25 or older in Vermont are highly educated. In 2019, it was estimated that roughly one in three (29.9%) were a high school graduate. Slightly more than one in five (21.5%) had earned their Bachelor’s degree, just under one in six (14.6%) had completed their Graduate degree, while fewer than one in ten (8.6%) had earned their Associates degree.
Roughly one in six (17.3%) had completed some college but had no degree. Moving into 2024, these percentages will remain the same.
MOSAIC Group
In 2019, estimates reported that the top three MOSAIC groups in Vermont were Thriving Boomers (28.4%), Golden Year Guardians (14.6%), and Booming with Confidence (13.8%). Drive Research uses MOSAIC groups to identify segments of the population with similar demographics and attitudes, beliefs, and values. Below, these top three groups are further explained.
Group 1 - Thriving Boomers
Thriving Boomers is the most dominant MOSAIC group in the state of Vermont. It represents 28.4% of households in this geographic area. This group can be described as empty-nesters in their 50s and 60s.
They are in the upper-middle class and likely live in quiet towns. These individuals are also likely to have downsized and moved into a smaller home or condo. This group is more likely to have an aged parent or young adult living with them. Key attributes for Thriving Boomers include cultured, smart shoppers, comfortable lifestyles, baby boomers, and fitness-minded.
Group 2 - Golden Year Guardians
Golden Year Guardians is the second most common MOSAIC group in Vermont, totaling 14.6% of households across the state. This group can be described as retired, health-conscious individuals who live modest, unpretentious lifestyles. Over half are widowed or live alone as their spouse lives in a nursing home.
Although they have well-established credit, many face financial challenges, struggling to get by on their social security checks and their pensions. Those considered to be Golden Year Guardians are commonly 75 years or older, enjoy daytime entertainment, and live city lifestyles.
Group 3 - Booming with Confidence
Booming with Confidence is the third most prevalent MOSAIC group in Vermont, representing 13.8% of households. This group can be described as married couples in their peak earning years who are approaching retirement. These individuals are typically in their 50s and early 60s. Those who fall within the Booming with Confidence group are often highly educated, earn six-figure incomes, and have sophisticated taste.
Fast Facts about Vermont
- Vermont residents tend to not be as easily influenced by product placements as the average person, but don’t mind brand name products being in TV shows.
- Households in Vermont tend to recycle slightly more than the average household.
- In 2019, the average household spent $70.53 on coffee and $68.81 on soda.
- Households in Vermont are more likely than average to drive a GMC or Subaru.
Drive Research is a national market research company located in New York. Our team has the knowledge and tools to design a robust market research study for all types of organizations in Vermont.
Interested in receiving a proposal or estimate for a market research study? Reach out through any of the four ways below.
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040