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 half 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
$1,861/month for a 3 BR
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% of the median income is equal to:
$1,291.18/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.
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