RE/MAX Releases 2015 Housing Forcasts
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Wednesday, January 21, 2015
GoLocalWorcester News Team
RE/MAX of New England has released their forecasts for 2015 and has concluded that millennial buyers will play a big role in the 2015 housing market across the region.
“Single-family homes increased 0.8% on average, while condominiums fared better, rising 2.7% over last year’s prices. This is the type of appreciation we expect to see in a healthy market and helps set the stage for what we can expect to see in 2015," said Dan Breault, the executive vice president and regional director of RE/MAX of New England.
The average median sales price of a single-family home in Massachusetts increased 3.8% from $320,000 to $332,000 in 2014, according to MLSPIN. Single-family home sales decreased 3.0% and condominium transactions decreased 0.6% year-over-year.
To read the complete forecast from RE/MAX, visit their website.
Related Slideshow: Worcester Neighborhoods with the Highest Housing Costs
How much do Worcester residents spend of their income on housing? Looking specifically at homes with mortgages, the website Rich Blocks, Poor Blocks crunched the most recently available census data to show how much Worcester homeowners pay annually for housing.
Below are the top ten highest housing cost-to-income ratio neighborhoods in Worcester, based on census tracts. Income and costs are annual figures for homes with a mortgage, and are in 2012 inflation-adjusted dollars.
Source: United States Census' 2008-2012 American Community Survey dataset.
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10. Rice Square
Census Tract 7327, Worcester County, Massachusetts
Housing cost-Income ratio: 32.00%
Number of owner-occupied homes: 228
Annual Median income: $69,000.00
Annual Median housing costs: $22,080.00
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9. South Worcester
Census Tract 7330, Worcester County, Massachusetts
Housing cost-Income ratio: 32.62%
Number of owner-occupied homes: 289
Annual Median income: $62,023.00
Annual Median housing costs: $20,232.00
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8. Chandler Hill
Census Tract 7319, Worcester County, Massachusetts
Housing cost-Income ratio: 32.99%
Number of owner-occupied homes: 289
Annual Median income: $61,908.00
Annual Median housing costs: $20,424.00
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7. City Center
Census Tract 7317, Worcester County, Massachusetts
Housing cost-Income ratio: 33.00%
Number of owner-occupied homes: 96
Annual Median income: $32,000.00
Annual Median housing costs: $10,560.00
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6. Union Hill
Census Tract 7324, Worcester County, Massachusetts
Housing cost-Income ratio: 34.25%
Number of owner-occupied homes: 485
Annual Median income: $64,115.00
Annual Median housing costs: $21,960.00
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5. Belmont Hill/ Shrewsbury Hill
Census Tract 7318, Worcester County, Massachusetts
Housing cost-Income ratio: 38.93%
Number of owner-occupied homes: 292
Annual Median income: $52,500.00
Annual Median housing costs: $20,436.00
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4. Pleasant Street/ Park Ave
Census Tract 7315, Worcester County, Massachusetts
Housing cost-Income ratio: 40.06%
Number of owner-occupied homes: 141
Annual Median income: $50,089.00
Annual Median housing costs: $20,064.00
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3. Park and Main
Census Tract 7312.03, Worcester County, Massachusetts
Housing cost-income ratio: 54.51%
Number of owner-occupied homes: 99
Median income: $42,159.00
Median housing costs: $22,980.00
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2. University Park
Census Tract 7313, Worcester County, Massachusetts
Housing cost-Income ratio: 60.89%
Number of owner-occupied homes: 92
Median income: $42,609.00
Median housing costs: $25,944.00
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1. Chandler Street-Park Avenue
Census Tract 7314, Worcester County, Massachusetts
Housing cost-Income ratio: 70.96%
Number of owner-occupied homes: 142
Annual Median income: $32,283.00
Annual Median housing costs: $22,908.00
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