Can Worcester Afford These Rents?
Have you seen the latest article from the Worcester Telegram? It's about the skyrocketing rents in Worcester.
I've been discussing this issue for years on my blog on Bigger Pockets. Make sure to check out my previous posts in the link below.
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So, $1919 for a one-bedroom in Worcester? That's way too high. It's changing the whole vibe of the city.
Worcester used to have its own identity, but now it's become a commuter hub for folks working in Marlboro/Hudson, Natick/Framingham, and even Boston, thanks to remote work options.
Let's break it down. Add in utilities at $200 a month, and you're looking at $2119/month. If that's 30% of your income, you'd need to earn $7k a month or $84k a year. But here's the kicker: the median household income in 2021 was only $56,746, and most households below that are renters.
In the article local agents in the multifamily sector talk about why landlords are hiking rents. Taxes, water/sewer, insurance, maintenance – it all adds up.
It's heartbreaking that Worcester is becoming too pricey for its own residents. This has led to a diaspora to places like Webster, Northbridge, and Southbridge.
Sure, there are new units in the pipeline, but they're unlikely to help the typical Worcester renter. It's a tough situation all around.
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