The county seat of Worcester County is the Massachusetts city of Worcester. It is also known as the "City of the Seven Hills." Worcester, MA is well-known for its extensive areas of lovely Victorian architecture. It contributes to the city's distinctive atmosphere. It is also renowned for being central Massachusetts' most illustrious community. The Blackstone Canal was the focal point of early Worcester's development. It was an industrial neighborhood and took its name from a city in England. Worcester started to lose population and industry after World War II. It was the opposite of what happened to other American cities. Then, a significant urban renewal project attracted both businesses and people. Today, Worcester is a great place to live for those seeking economic opportunity in a lovely city. So, it is no surprise that so many people are relocating there.
Quick Facts
- Massachusetts' Worcester County is home to the city of Worcester.
- Worcester has a poverty rate of 19.70% and a $68,613 average household income. The median monthly cost of rent in recent years has been, and the median value of a home is.
- Worcester's population has grown by 2.47% since the most recent census, which is expanding at a rate of 1.22% per year.
- It is the second-largest city in Massachusetts as of 2020, with 211,612 residents.
Worcester, MA in a Nutshell
Worcester combines the allure of a small town with the amenities of a metropolitan area. And it has won the All-America City Award five times. It is 45 minutes west of Boston, roughly the same distance north of Providence, Rhode Island. Plus, it is a hub for everything. Many Boston businesses relocated there to avoid the fighting during the American Revolution. The community also served as a location for the Continental Army to store supplies. Of course, the region has a long and prosperous history in the manufacturing industry. But, it is now well-known for much more.
Economy
The state of the economy is a significant factor in determining the standard of living. And Worcester, MA's economy is doing very well. The city's economy depends on services, particularly in education and healthcare. Higher education has a significant impact on the local economy. Why? Worcester has a large number of colleges and universities to choose from. With its main office still in Worcester, Hanover Insurance established itself in 1852. The city is home to Unum Insurance and Fallon Community Health Plan offices. The largest independent bottler in the nation, Polar Beverages, is also in Worcester.
Employment
Many will not have any trouble finding a great job in Worcester. The city has a strong history in business and industry. Additionally, it has evolved from metal manufacturing into a center of higher education. There are also leading industries in finance, IT, and advanced manufacturing. Thanks to companies like The Hanover Insurance Group Inc. and Saint-Gobain Abrasives. In Worcester, the average annual salary for employees is $69k, and the typical hourly wage is $20.59.
Real Estate in Worcester, MA
Less than 36% of Worcester residents currently choose to rent their homes. The reason is the high rental prices maintained by the low apartment vacancy rate. It also comes about to half the national average. The cost of living in this city in central Massachusetts is 2.2%. It is a little higher than the national average and 25% more than the state average. The average cost of a home in this area is $331,100, which is 69.8% less expensive than the state's average. Despite Worcester's active housing market, it has a $1,800 monthly median rent. It is less than Boston's $2,950 monthly median rent.
Real Estate Trends
Worcester's housing market is expanding, with over $600 million in housing projects. These initiatives will result in the addition of more than 2,300 new rental housing units. The city will continue to be accessible and exciting for residents thanks to this action. There are currently about 10,000 homes in the town. The population has grown by 25,000 people in the last ten years. Home values have increased by over twofold as a result. But, Worcester's housing supply is falling short of the city's housing needs. Many housing advocates share the same beliefs about meeting the city's housing needs. Worcester's affordable housing stock should increase to 20%. The housing market is not in a recovery phase. But experts see growth in home prices will continue in Worcester.
Final Thoughts
The city has grown well on its own. But, it is far from being ideal. Some areas still have remnants of their industrial past, including many abandoned factories. Now, Worcester, MA is making an effort to enhance these areas. The characteristics of a small town and an urban center coexist in Worcester. It has a quiet atmosphere, little traffic, and many other advantages over Boston. Now those interested have enough knowledge of the city to assess its suitability.
Have a comment, tip, or concern?
Thanks for reading Elite Informer! Here's more where that came from.