Rent to own Homes in Worcester, MA
Nicknamed "The City of the Seven Hills" and "The Heart of the Commonwealth," Worcester sits right at the geographic center of Massachusetts. After Boston, its better-known neighbor to the east, Worcester is the second-most populated city in all of New England. Long standing on Boston's more prominent shadow, Worcester is now fully deserving of its own place among American cities and has five "All-American City Award" titles to show for it. A vibrant city full of historic architecture, a dozen colleges, and plenty of arts, culture, shopping, and fine dining options, Worcester delivers all of the amenities of a thriving metropolis with a charming New England feel. Residents of Worcester herald their hometown for its fine school systems, low crime rates, and unparalleled livability, in large part due to its fairly affordable housing market.
Worcester, MA is a great place for affordable rent-to-own homes! With a median household income of over $51,647 and a median rent of $1,115, the Worcester, MA rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Worcester, MA. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Worcester, MA Property Resources
Rent to own Homes in Cities Near Worcester, MA
- Andover
- Arlington
- Attleboro
- Avon
- Ayer
- Bedford
- Belmont
- Bolton
- Boxborough
- Braintree
- Braintree Town
- Brockton
- Burlington
- Carlisle
- Chelsea
- Everett
- Foxborough
- Holbrook
- Hudson
- Lancaster
- Lawrence
- Lincoln
- Lynn
- Lynnfield
- Malden
- Maynard
- Medford
- Melrose
- Methuen Town
- Middleton
- North Chelmsford
- North Reading
- Peabody
- Pelham
- Randolph
- Reading
- Revere
- Saugus
- Sharon
- Somerville
- South Boston
- Stoneham
- Tewksbury
- Tyngsboro
- Wakefield
- West Concord
- Westford
- Wilmington
- Winchester
- Woburn
Neighborhoods in Worcester, MA
Central Business District rent to own homes University Park rent to own homes Lake Park rent to own homes Hamilton rent to own homes Grafton Hill rent to own homes Union HIll rent to own homes Vernon Hill rent to own homes South Worcester rent to own homes Green Island rent to own homes Hadwen Park rent to own homesBuying a Home in Worcester, MA
Worcester, MA is seeing rapid growth and Worcester, MA's' housing market remains not optimal with an average home price that is 11% above the 2024 national average. Worcester, MA is part of Worcester county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Worcester is 1.1% which is above the national average, which is 0.99%.
Median Home Price in Worcester, MA
Median Rent in Worcester, MA
Top Reasons to Live in Worcester MA
Housing According to Trulia, Worcester's housing market has an average listing price of $209,060 and a median sales price of $165,000. The average price per square foot is about $109. Many of these are rent to own homes, though there are also plenty of homes for sale and rent. In fact, there are currently 578 homes on the market, with 969 reported as recently sold. If you plan to rent, note that rental homes here can be expensive due to Worcester's proximity to Boston. Also, keep in mind that 61 percent of properties in Worcester are owner occupied, while 31 percent are rentals. The city has a vacancy rate of 7.25 percent, which is on par with the national average.
Largest Employers and Industries Over its 200-year history, Worcester has been one of the country's leading manufacturing cities. In recent years, however, the city has adapted to changes in demand, eventually assuming a leading role in the fields of advanced manufacturing, biotechnology and medical research, health care, and information technology. Modern Worcester is economically diverse, comprising over 5,000 firms in a comprehensive range of industries. Because of its industrial variety, Worcester has not only weathered the economic downturn, but also experienced modest growth. This city also thrives on its colleges and universities. In fact, the University of Massachusetts Medical School is the city's second-largest employer, following UMass Memorial Health Care. Companies headquartered in Worcester include Commerce Bank and Trust Company, Crompton Insurance, Hanover Insurance, Norton Abrasives, Polar Beverages, and Thom McAn.
Local Sports Worcester is home to two popular professional sports teams. The Worcester Sharks are an American Hockey League affiliate of the San Jose Sharks, and fans enjoy coming out to the DCU Center to show their support during home games. The newest entry into Worcester's professional sports scene is the Worcester Hydra, a member of the United Soccer League's Premier Development League. Local fans go to the Commerce Bank Field at Foley Stadium to cheer on this team. Collegiate sports are big in Worcester, with the College of the Holy Cross competing in the NCAA Division 1. Other local colleges tend to fare well in NCAA Division 2 and Division 3. Additionally, Worcester hosts one of the country's premier rowing events - the Eastern Sprints - on Lake Quinsigamond. This lake also hosts many local high school crew races, and was the site of the 1952 National Olympic rowing trials.
Neighborhoods Worcester is known for its breathtaking architecture and community-oriented neighborhoods. Each region of Worcester has a distinct personality and flavor, thanks to a rich history of immigration. The resulting vibrancy of culture is a huge part of Worcester's identity, and the contemporary neighborhoods are inextricably joined with the ethnic enclaves of its past, creating a rare and true melting pot. Access to well-preserved green space is also a unique component of Worcester living. This city can be broken into four distinct sectors, each of which consists of smaller communities.