Quick facts: South lancaster, MA

Quick Facts

119.6
Cost of Living
above US average
1,642
Population
3.05
Crime Rate per 1000
below US average
$101,250
Median Income
above US average
$14,900
Median House Price
above US average
$2614
Average Rent
above US average
6%
Poverty Rate
below US average
2.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $101,250.

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Income Needed to Buy

βœ“ Affordable
$5k/year
Based on $14,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($101,250) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$112k/year
Based on $2614/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $112k vs median $101,250
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for South lancaster, MA

South Lancaster is a small village located within the town of Lancaster in Worcester County, Massachusetts. Nestled in a picturesque New England setting, this quaint area is characterized by its rural charm and strong sense of community. The village is known for its historical buildings, including the South Lancaster Academy, which highlights the area's educational heritage. Outdoor enthusiasts will appreciate the surrounding nature, as South Lancaster features access to various parks and recreational activities, such as hiking and walking trails. The nearby Nashua River offers additional opportunities for boating and fishing. Culturally, South Lancaster boasts a blend of historical significance and modern community life. Local events and gatherings foster a close-knit atmosphere among residents. The village is conveniently located near larger towns, providing easy access to shopping, dining, and cultural amenities. South Lancaster's proximity to Interstate 190 connects it to nearby cities like Worcester and Fitchburg, enhancing its appeal for those seeking both tranquility and urban convenience. Overall, South Lancaster offers a peaceful retreat in the heart of Massachusetts.

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