The Worcester Regional Research Bureau was honored to continue our proud history of collaboration with the Worcester Business Journal this May with our coordinated focus on homeownership issues.
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The Worcester Regional Research Bureau was honored to continue our proud history of collaboration with the Worcester Business Journal this May with our coordinated focus on homeownership issues.
The Bureau’s report, “Achieving the American Dream: Disparities in Worcester Homeownership,” used Home Mortgage Disclosure Act data in combination with U.S. Census Bureau statistics and other sources to provide insights into the realities of housing in Worcester and other Central Massachusetts communities. Key data the WRRB examined includes median gross rents, percent of owner and renter occupied, owner occupied unit value, and monthly owner costs, not just for Worcester, but for Marlborough, Framingham, Fitchburg, and Leominster.
The report’s analysis provides some surprising insights into Worcester’s housing market, such as the fact 43% of heads of household moved in before 2010, and 57% moved in more recently. The report shares some of the financial inequities between owning and renting your home. In Worcester, 44% of renters are paying 35% or more of income toward housing costs, while just 25% of homeowners pay 35% or more.
This topic is particularly important as the city has reached a modern population peak of 206,000 while our housing market is hitting historic highs, and as policymakers and community institutions consider responses.
Some of those responses are detailed in The Research Bureau’s most recent report, “Breaking Down the Budget.” Worcester’s city manager has released a preliminary plan for federal American Rescue Plan Act funds to reinvigorate the community. That plan would include $28 million for initiatives, such as capitalizing the city’s Affordable Housing Trust Fund. Under the proposal, $10 million would be used to address community-determined needs, with direct input on spending priorities being sought in community input sessions on Sept. 27 and 30, and online at www.worcesterma.gov/arpa.
The state is engaged in its own deliberations on $5.3 billion in federal aid flowing to Massachusetts. The Legislature created a $4.89-billion Federal COVID-19 Response Fund, and has been conducting Legislative hearings on potential distributions. Under Gov. Charlie Baker’s proposal, $2.9 billion would be released for immediate priorities, including $1 billion for homeownership and housing production with an emphasis on disproportionately impacted communities like Worcester.
These reports are available at www.wrrb.org, along with our other independent, non-partisan research on a wide range of topics. The bureau is proud of our 36-year history serving the community, and we thank all of our supporters – employers, institutions, foundations, and individuals who understand the importance of informed decision-making in shaping Greater Worcester’s future.
Paul Matthews is CEO and executive director of the Worcester Regional Research Bureau.
