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In 2010, more than 33% of low- and middle-income renters in Worcester were overburdened by the cost of renting their homes in the city. By 2020, that increased to 72%, according to an analysis of U.S. Census data. Rents spiked even further throughout the COVID pandemic, and in August 2022 the observed rent in the city was $1,800, an 80% rise from 2015.
In 2010, more than 33% of low- and middle-income renters in Worcester were overburdened by the cost of renting their homes in the city. By 2020, that increased to 72%, according to an analysis of U.S. Census data. Rents spiked even further throughout the COVID pandemic, and in August 2022 the observed rent in the city was $1,800, an 80% rise from 2015.
The rents in city have to increase because of the cost of doing business in the city. The administration continues to be unfriendly to businesses and the real estate tax burden, water & sewer fees, etc. are shifted more and more by residential units as business leave Worcester. Keep voting for the lowest possible residential tax rate, residential will be paying full boat eventually anyway.
If a company wants to attract employees, they must pay those employees a sufficient amount for those employees to live in the area. Those companies should not ask the city and its taxpayers to supplement the cost of living for their employees.
A drastic increase in rent costs in addition to a higher cost of living means city residents need higher pay or have to take on additional employment in order to survive. As a small business in the City of Worcester, which has now increased taxes which everyone knows gets passed on to the middle class and those less fortunate, it is impossible for me to even consider offering more pay to an employee.
Pressure to job-hop is higher as rent and the overall price index increases in the area. This, in turn, creates a more unstable job market where staff is rotating quickly and always in training.
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Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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Steven Christy
The biggest problem is business Has to compete with a government that pays people not to work. When you have to compete against that as a business, it makes it a lot tougher . It’s not the rents that the people are paying that’s not the problem. And whatever happened to the days of working two jobs and sometimes three if needed , like a lot of us did just saying..