An Overview of Cost of Living in Worcester, MA
Are you thinking about relocating, but curious about the potential cost of living in Worcester? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Worcester stands at 114, making it 14% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Housing costs are a very significant part of the Worcester cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 26.9% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Worcester, these items will cost you 15.3% more than what's considered the norm, making it a more expensive place to call home.
What Do Locals Say About the Cost of Living in Worcester?
The real experts on a city are its residents. That's why we reached out to 5 locals to get their views on the cost of living in Worcester. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 80% found it budget-friendly with decreasing prices, while 20% said it's simply not affordable as prices have continued to rise.
Is Worcester Affordable?
Is Worcester affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Worcester, the median home price is 30.9% higher than the national average and monthly rent prices are 17.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Worcester boasting a median household income of $51,647, 6.6% lower than the national average.
What Factors can Influence the Cost of Living in Worcester?
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Worcester, the transportation index is 7.5% lower than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Worcester, the groceries index is 1.7% higher than the national average.
Where is the Data From?
The cost of living data in Worcester displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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