01607, Worcester, MA

The 1607 zip code of Worcester, MA has a median home value of $158,000 and a median home equity of $111,000. This is significantly lower than the Massachusetts statewide median home value of $374,500 and statewide median home equity of $212,500. The 1607 zip code also has a significantly lower homeownership rate than the statewide homeownership rate of 68%.

There are several factors that may contribute to the low home values in the 1607 zip code of Worcester. First, this area has a high percentage of renters (54%) compared to homeowners (46%). This may be due to the high cost of housing in this area or the fact that many people in this zip code are new immigrants who may not have enough money saved up to buy a house. Second, there is a high concentration of low-income households in this zip code. Nearly one-third (31%)of households in this zip code earn less than $30,000 per year, which is much higher than the statewide average percent (19%)of low-income households. Finally, homes in this area were built more recently than other parts of Massachusetts and may not be as well-maintained or as expensively priced as older homes.

Despite these factors, there are some indications that prices are beginning to rise in the 1607 zip code. Between 2010 and 2016, prices increased by an average of 2% per year. Additionally, between 2015 and 2017 there was an increase in sales volume for homes located within this zipcode (+14%). While it is still too early to tell whether prices will continue to rise over time or if they will plateau at their current levels, these indicators suggest that there is potential for price growth over time if buyers can find quality properties within this ZIP Code.