Rental Affordability in Worcester, MA

I was reading an article in the Worcester Business Journal and came across this statistic.

In 7 of the 9 zip codes in Worcester, the Median income is lower than what's needed in order to afford a 2 BR apartment, meaning 1/2 of the citizens cannot afford market rates.

I have been saying this for a while now.  Renters in Worcester simply don't make enough money to rent without a subsidy.  

According to Rent.com the average rent in Worcester is $1,663/month for a 2 BR and $1,861 for a 3BR

The buyers of Multifamily homes that expect these rents are asking for trouble.

The typical renter profile in Worcester is a small family that makes around the median income  which has risen to $51,647/year.

30% is equal to $1291.18/month available for rent under a normal budget.

COVID rental assistance has been propping up the rents in Worcester for the past 2 years.

What will happen when these subsidies end?

Hopefully you are ready.