Worcester, MA home values, income, and owner costs

Start with the dated local finding: In Worcester, MA, the 2024 ACS reports a median owner-occupied home value of $374,400, median household income of $70,102, and median selected monthly owner costs of $2,216 for owners with a mortgage. Together, those three reference points may help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $2,216 measure combines recurring ownership expenses rather than real estate taxes alone. For borrower planning, a useful affordability review starts with $374,400, $70,102, and $2,216, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.

Worcester, MA's $374,400 median home-value estimate is below the statewide $562,100 estimate, with a reported city-to-state gap of 33.4%. That 33.4% gap is useful for showing that a statewide midpoint may be a poor substitute for a local search range in Worcester, MA. It does not mean every local property is 33.4% away from a comparable property elsewhere in the state, because the medians reflect different housing mixes and geographies. For borrower planning, a borrower may use $374,400 and $562,100 to decide which assumptions need local replacement first, then compare actual properties and current financing disclosures on the same basis.