Just 23% of residents in Worcester are renters – the lowest share in the nation.
Worcester, MA, a former industrial hub turned thriving Boston suburb, is home to a relatively affordable housing and rental market that has attracted people in droves recently. Throughout the region, there are historic monuments, gorgeous parks and rivers, and plenty of amenities for people to enjoy. Snowy winters are a welcome bonus, too.
But what’s happening with the rental market? And why do so many people own a home in Worcester? Read on to learn everything you need to know.
77% of Worcester residents are homeowners; 23% are renters
76.8% of Worcester residents own their home – the highest share in the country. In fact, Worcester homeownership is at a five-year high, rising from 64% in 2019 to 76.8% today. Just 23.2% of residents in Worcester are renters.
A major reason for this is likely the housing market. House prices have been consistently rising across the country, especially in and around Boston, but have remained relatively affordable in Worcester. The median sale price for a home in Worcester is $455,500, just above the national median of $442,000. Homes in the Boston area cost nearly double, at $830,000.
Importantly, though, Worcester’s housing market is becoming more expensive very quickly. A new, generally younger and wealthier population is moving into the city, either priced out by Boston or looking for a quieter place to call home. Home values have increased 117% since 2011, and the median sale price has risen by nearly $200,000 in just five years.
The city’s rental market has also seen huge growth; rent prices rose $260 year over year in July, and vacancy rates and rental availability are very low.
These hot markets have led to gentrification and a changing cityscape, pushing many longtime residents out. Over half of the city’s residents spend more than 30% of their income on housing, and affordable housing is struggling to keep up. Similar trends are occurring in many historically affordable metros across the country.
What’s happening with nationwide rentership rates?
Nationwide, the rentership rate rose 1.9% year over year to 34.4% in the second quarter of 2024, meaning over one-third of Americans are renters. In contrast, homeownership saw a modest 0.6% increase, but remains much more common at 65.6%.
This is the third-straight quarter that rentership outpaced homeownership. The last time this happened was in 2022, when mortgage rates rose to the highest level since 2008. Rentership consistently outpaced homeownership from 2006-2017, as well.
Rentership rates vary widely throughout the country and are generally correlated to house prices – the more expensive houses are, the more people will be pushed into renting. If house prices are lower, people generally have more freedom to choose if they want to rent or buy.
As such, one reason for the increase in rentership is because homeownership is historically unaffordable and showing little sign of improving. Another reason is because rental supply has more or less kept up with increasing demand. However, in places where housing is particularly affordable, homeownership tends to be the more popular option.
Which U.S. metros have the lowest share of renters?
In particularly affordable metros, like Worcester, MA (23%) and North Port, FL (23%), rentership rates are the lowest. A lack of rental inventory and zoning restrictions also play a role.
Metros with the lowest share of renters
| Metro | Rentership rate | Homeownership rate |
| Worcester, MA | 23.2% | 76.8% |
| North Port, FL | 23.3% | 76.7% |
| Albany, NY | 25.6% | 74.4% |
| Rochester, NY | 25.7% | 74.3% |
| Syracuse, NY | 26.2% | 73.8% |
| Cape Coral, FL | 26.3% | 73.7% |
| Cincinnati, OH | 26.8% | 73.2% |
| Hartford, CT | 27.2% | 72.8% |
| Richmond, VA | 27.7% | 72.3% |
| Albuquerque, NM | 27.7% | 72.3% |
Which U.S. metros have the highest share of renters?
Rentership rates are the highest in expensive coastal metros like Los Angeles (53%) and San Diego (52%), where house prices regularly surpass $1 million. Prices are also tied to available rental supply.
Metros with the highest share of renters
| Metro | Rentership rate | Homeownership rate |
| Los Angeles, CA | 53.0% | 47.0% |
| San Diego, CA | 52.4% | 47.6% |
| New York, NY | 50.1% | 49.9% |
| Fresno, CA | 49.0% | 51.0% |
| Austin, TX | 46.3% | 53.7% |
| San Jose, CA | 44.8% | 55.2% |
| Honolulu, HI | 42.5% | 57.5% |
| San Francisco, CA | 41.8% | 58.2% |
| Las Vegas, CA | 41.6% | 58.4% |
| San Antonio, TX | 40.9% | 59.1% |
Methodology
Based on a Redfin analysis of U.S. Census Bureau data for the 75 largest U.S. metros. A renter household is defined as one where the head of the household reports to the Census that they are renting out the property. A homeowner household is one where the head of household reports they own the property.
