Worcester, MA is a city with a population of 185,837 and an average two-bedroom rental cost of $1,560 per month. It has a Grocery Cost Index score of 105, which is five points higher than the US-wide index score of 100. Worcester has seen a recent influx in high-tech companies such as MathWorks and the expansion of UMass Medical School. Additionally, it boasts numerous small businesses and capital investments through its biotechnology sector. Companies such as The Hanover Insurance Group and Fallon Health are based in Worcester and have significant operations there. These companies provide jobs for local residents and help to support the city's economy.
Worcester (zip 01603) has an unemployment rate of 7.6%. The US average is 6.0%.
Worcester (zip 01603) has seen the job market decrease by -8.4% over the last year. Future job growth over the next ten years is predicted to be 37.5%, which is higher than the US average of 33.5%.
Tax Rates for Worcester (zip 01603)
- The Sales Tax Rate for Worcester (zip 01603) is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Worcester (zip 01603) is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Worcester (zip 01603)
- The average income of a Worcester (zip 01603) resident is $27,588 a year. The US average is $37,638 a year.
- The Median household income of a Worcester (zip 01603) resident is $53,166 a year. The US average is $69,021 a year.