With only 40% of the housing inventory available for year-round occupancy, and a median home price of $1.5 million in 2024, the challenges to establishing a secure residence on Martha’s Vineyard have become insurmountable for a growing segment of the year-round population. This includes many who grew up here and many who keep the community infrastructure functioning: skilled professionals in public safety, municipal services, healthcare and education; tradespeople, repair technicians, childcare workers, small business owners, retail and food service workers, farmers, fishermen, and older households of moderate income.

As with other Seasonal Communities, escalating market prices are driven by the high demand for second and third homes and for luxury vacation rentals. Permanent residents cannot compete with vacation renters or investors. Many rental households do not have stable year-round housing and are required to do the "Island shuffle," vacating their winter housing between May and October so that owners can rent those accommodations at higher seasonal rates. The need for seasonal workforce accommodations during the busy summer months adds more pressure to the limited housing inventory.

Today, the housing needs that are not well served by market-rate housing include the following:

• Affordable Housing: Permanently deed-restricted, year-round housing affordable to individuals and families earning up to 80% of the Area Median Income (AMI), as determined annually by the US Department of Housing and Urban Development (HUD).
• Community Housing: Permanently deed-restricted, year-round housing affordable up to households earning up to 150% AMI.
• Year-Round Attainable Housing: Rental housing available for a 12-month lease, and habitable/winterized ownership opportunities for year-round residents at all income levels, not to exceed an annual expenditure of 30% of household income.
• Workforce Housing: Year-round or seasonal housing used by working people.
• Housing for Older Adults and those Needing Supportive Housing: This includes a range assistance for the older-adult population, as well as for Islanders with mental health needs or physical disabilities.
• Solutions for Homelessness: Transitional housing and emergency housing services for unhoused and unstably-housed Island residents, including a growing number of families with children.

For detailed information, see the 2024 MV Housing Needs Assessment

• Martha's Vineyard Housing Needs Assessment, September 2024
• Martha's Vineyard Housing Needs Assessment Presentation, October 2024