Much Better to Buy a Home Than Rent in Worcester, Says Study
Wednesday, December 12, 2018
Worcester is the 2nd best city to buy a home in Massachusetts.
According to a report issued by Homearea.com, it is much better to buy a home in Worcester than rent one.
With a price to rent ratio of 20.2, Worcester ranks only behind Springfield when it comes to the best cities to buy a house as opposed to renting one in the state.
"The city of Worcester is home to the Worcester Regional Airport. It is located in central Massachusetts in Worcester County near Wachusett Reservoir. Worcester is the principal city of the Worcester, MA Metro Area. It is the 2nd largest city in Massachusetts. The city of Worcester is one of just 28 cities to have population records going back to the first census in 1790. H. Jon Benjamin was born in it," said Homearea.
The Study
The top five cities to buy homes as opposed to renting in Massachusetts are:
1. Springfield
2. Worcester
3. Brockton
4. Lowell
5 Lawrence
The worst cities to buy, but best cities to rent include:
1. Newton
2. Somerville
3. Fall River
4. Cambridge
5. Boston
The Rankings
The Census Bureau has released the latest estimates from the American Community Survey for all cities in Massachusetts with a population of 60,000 or more with sufficient data to estimate the price to rent ratio. We have crunched the numbers and the rankings are in.
The price to rent ratio is the median home value divided by the median annual rent. At its most basic level, the ratio is a benchmark for understanding whether it is better to rent or buy in an area. When home prices rise significantly faster than the local rents, the ratio will rise - indicating a possible housing bubble where it may be better to rent.
Anything under 15 indicates that it is likely more affordable to buy, and areas over 20 are likely better to rent.
The Massachusetts price to rent ratio from the latest estimates is 29.6 and has risen 2.2% from 29.0.
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