MetroWest attracting millionaires
The UMass Medical Group building in Harvard.
Brian Herr, chairman of the Hopkinton Board of Selectman
Jared Hoole, president of Lakeside Financial Planning in Burlington
MetroWest, as it turns out, is a haven for the rich.
As part of the Millionaire's Tax debate underway at the Massachusetts State House – which would add a 4-percent surtax on the state's 5.1-percent income tax rate – the state Department of Revenue showed where all the people reporting $1 million or more in income annually lived throughout the state.
While Boston (1,617) – and Worcester (47) to a lesser extent – reported a large number of these high wage earners because they are populous cities, both reported a modest percentage of their residents as millionaires compared to a number of MetroWest towns such as Hopkinton (109), Shrewsbury (57), Southborough (93), Harvard (31), Acton (69), Natick (91), Westborough (49) and Carlisle (66).
“[Hopkinton] is still a very quiet place to live…but we have access to everything,” said Brian Herr, chairman of the Hopkinton Board of Selectman “We have our fair share of affluent people.”
While millionaires often seek the same amenities as the general population – good schools, low crime, open space – with more means to access it, MetroWest towns and cities stand out for their ability to offer additional appeal to the well-to-do, including quieter communities and larger zoning with easy access to hubs around New England.
“[Hopkinton is] a Worcester suburb and a Boston suburb,” Herr said. “I campaigned for U.S. Senate in 2014, and I was anywhere in Massachusetts within an hour and a half….It is a great location.”
The town has immediate access to Route 9, 495, and the Mass Pike – and has in-town access to the Boston-Worcester MBTA Commuter Rail line, as do other MetroWest locations such as Natick, Southborough, Westborough and Grafton.
The ease of transportation is especially important if millionaires' work or lifestyle takes them to Boston, said Jared Hoole, president of Lakeside Financial Planning in Burlington, who provides financial planning services to residents in towns such as Harvard, Boxford and Carlisle.
“One [reason] is proximity to Boston…and accessible public transportation (for commuting),” Hoole said.
Paul Joseph, president and CEO of the MetroWest Chamber of Commerce, said the southwestern quadrant of Interstate 495 has (good) proximity to Rhode Island.
“When you think of Fidelity (Investments in Smithfield), or access to T.F. Green airport if you need to hop on a plane,” Joseph said.
Community quality
Towns with large lot residential zoning requirements, such as Harvard with a 1.5-acre minimum lot size, are creatures of simple supply-and-demand economics: larger lot zoning equals fewer home sites, which drives up any available home prices.
In fact, the town of Harvard reports of the 249 single-family homes built since 1988, each occupy an average of 4.1 acres per dwelling unit, which offer amenities like increased privacy, more greenspace and better home appreciation values.
Since these larger lot sizes mean higher taxes, the properties attract people with the means to afford them.
MetroWest towns without major retail shopping locations within the town limit traffic congestion, noise and related issues. All of the towns reporting a larger number of well-to-do residents also report very low crime rates, with Herr boasting Hopkinton ranks among the top towns in the nation for low crime figures.
Recreational assets such as in Hopkinton (two state parks), Ashland (state parks and a town forest), Upton (state park), and large wildlife refuge areas such as Bolton Flats and the Assabet River National Wildlife Refuge in Sudbury are attractive outlets for hiking, walking, bird watching, sports and swimming.
Hopkinton also boasts a leg up on every other community in New England, as it is the only home of the start line for the Boston Marathon, a prestigious global event that brings extra attention to the town once a year but leaves it relatively serene the rest of the year.
“The marathon is a big piece of the Hopkinton puzzle,” Herr said. “These things make Hopkinton what it is, and we work hard to maintain and protect them.”
Starts with schools
The quality of the public school system in the community is often the top decision for people when looking where to reside, Hoole said.
While metrics such as MCAS test scores do vary by town, as a general rule, towns with higher concentrations of the well-to-do exhibit MCAS results far above – if not at the very top – of state averages.
“Families start with schools…Any realtor will tell you that,” said Joseph.
Although millionaires may choose to send their children to private schools, a good public school system is a sign the local government is well run and supported by the people and businesses in the community, Herr said.
“[Hopkinton] schools create a reputation for the community that is strong and positive,” Herr said.
Joseph said corporate executives being transferred to the MetroWest area, including those from abroad, have the ability to use the Internet and pinpoint towns sporting high school achievement evaluations.
Often, school systems in these towns like these boast low teacher-pupil ratios and first-rate school and related sports/recreational facilities and infrastructure.
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