1031 Exchange Worcester, Massachusetts

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Worcester due to their correlations with market demand, and conversely, vacancy rate.

Surrounding metropolitan Area

Worcester, Massachusetts is a part of the Worcester, MA-CT metropolitan area, and contains 15 zip codes, including: 01653, 01601, 01607, 01613, 01605, and 01608.

Worcester Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Worcester, MA metropolitan area was $1,395, which is 17.92% lower than 2014 average rent. This represents a compounded annual growth rate of 3.35%. 2019 vacancy in Worcester, MA was 2.70%.

The total population of the city of Worcester, MA has grown 2.67% since 2010. As of 2018, the population was 185,877. The median household income of the Worcester was $46,407, which is 23.03% lower than the national average.

  • metropolitan area Worcester, MA-CT
  • avg rent $1,395
  • rent growth 17.92%
  • vacancy 2.70%
  • median income $46,407
  • population (2018) 185,877
  • population growth 2.67%
  • vs. nat'l avg 23.03%
  • zip codes 01601 01602 01603 01604 01605 01606 01607 01608 01609 01610 01613 01614 01615 01653 01655

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