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Posted 5 months ago

BUY IN WORCESTER NOW- The "experts" say

I have now seen this same article 2X. Most recently this week.

They have Worcester as #1 of cities you won't be able to afford in 5 years.

From what the market is doing, it could be the case.

Prices keep hanging on, but more importantly the rents keep rising.

When rents rise, the price of 3 deckers (a good option for buyers to gain a toehold in the real estate market) goes up. 

We are currently in a situation where prices are so high for a 3 decker (along with the mtg rates adding to the cost) that it is virtually impossible for FHA and MASS HOUSING buyers to qualify.  

This puts more MULTIS in the hands of investors who are "rent seeking" and will drive the cost of rent.

I was at the Worcester Chamber of Commerce Game Changers conference in 2019 and the experts they brought in were saying Worcester would be the next Brooklyn with housing for Boston like Brooklyn provides a lot of housing for Manhattan.  

Perhaps the next 5 years will tell that tale, as we are currently seeing Worcester as the bedroom community to Marlboro/Hudson and Natick/Framingham