Worcester Business Journal

12 Worcester Business Journal • June 6, 2016 www.wbjournal.com FOCUS Regional Focus: MetroWest M etroWest, as it turns out, is a haven for the rich. As part of the Millionaire's Tax debate under way at the Massachusetts State House – which would add a 4-percent surtax on the state's 5.1-percent income tax rate – the state Department of Revenue showed where all the people reporting $1 mil- lion or more in income annually lived throughout the state. While Boston (1,617) – and Worcester (47) to a lesser extent – reported a large number of these high wage earners because they are populous cities, both reported a modest percentage of their residents as millionaires compared to a number of MetroWest towns such as Hopkinton (109), Shrewsbury (57), Southborough (93), Harvard (31), Acton (69), Natick (91), Westborough (49) and Carlisle (66). "[Hopkinton] is still a very quiet place to live…but we have access to every- thing," said Brian Herr, chairman of the Hopkinton Board of Selectman "We have our fair share of affluent people." While millionaires often seek the same amenities as the general popula- tion – good schools, low crime, open space – with more means to access it, MetroWest towns and cities stand out for their ability to offer additional appeal to the well-to-do, including quieter communities and larger zoning with easy access to hubs around New England. "[Hopkinton is] a Worcester suburb and a Boston suburb," Herr said. "I cam- paigned for U.S. Senate in 2014, and I was anywhere in Massachusetts within an hour and a half….It is a great loca- tion." The town has immediate access to Route 9, 495, and the Mass Pike – and has in-town access to the Boston- Worcester MBTA Commuter Rail line, as do other MetroWest locations such as Natick, Southborough, Westborough and Grafton. The ease of transportation is espe- cially important if millionaires' work or lifestyle takes them to Boston, said Jared Hoole, president of Lakeside Financial Planning in Burlington, who provides financial planning services to residents in towns such as Harvard, Boxford and Carlisle. "One [reason] is proximity to Boston…and accessible public transpor- tation (for commuting)," Hoole said. Paul Joseph, president and CEO of the MetroWest Chamber of Commerce, said the southwestern quadrant of Interstate 495 has (good) proximity to Rhode Island. "When you think of Fidelity (Investments in Smithfield), or access to T.F. Green airport if you need to hop on a plane," Joseph said. Community quality Towns with large lot residential zon- ing requirements, such as Harvard with a 1.5-acre minimum lot size, are crea- tures of simple supply-and-demand eco- nomics: larger lot zoning equals fewer home sites, which drives up any avail- able home prices. In fact, the town of Harvard reports of the 249 single-family homes built since 1988, each occupy an average of 4.1 acres per dwelling unit, which offer amenities like increased privacy, more greenspace and better home apprecia- tion values. Since these larger lot sizes mean high- er taxes, the properties attract people with the means to afford them. MetroWest towns without major retail shopping locations within the town limit traffic congestion, noise and related issues. All of the towns reporting a larger number of well-to-do residents also report very low crime rates, with Herr boasting Hopkinton ranks among the top towns in the nation for low crime figures. Recreational assets such as in Hopkinton (two state parks), Ashland (state parks and a town forest), Upton (state park), and large wildlife refuge areas such as Bolton Flats and the Assabet River National Wildlife Refuge in Sudbury are attractive outlets for hiking, walking, bird watching, sports and swimming. Hopkinton also boasts a leg up on every other community in New England, as it is the only home of the start line for the Boston Marathon, a prestigious global event that brings extra attention to the town once a year but leaves it relatively serene the rest of the year. "The marathon is a big piece of the Hopkinton puzzle," Herr said. "These things make Hopkinton what it is, and we work hard to maintain and protect them." Starts with schools The quality of the public school sys- tem in the community is often the top While cities like Worcester and Boston have a higher number of millionaires, laid-back communities in MetroWest have some of the highest concentrations in the state MetroWest Millionaires BY JOHN MCINTYRE Special to the Worcester Business Journal Brian Herr, chairman of the Hopkinton Board of Selectman Jared Hoole, president of Lakeside Financial Planning in Burlington (Clockwise from upper left) The UMass Medical Group building in Harvard; down- town Sudbury; Colella's Supermarket in Hopkinton; and the Hopkinton house near the start of the Boston Marathon start line purchased by the Boston Athletic Association this year fro $1.2 million.

• Cover