Location: Aguadilla, PR | Metro: Aguadilla, PR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $460 |
| 1 Bedroom | $460 |
| 2 Bedrooms | $560 |
| 3 Bedrooms | $670 |
| 4 Bedrooms | $750 |
| 5 Bedrooms | $870 |
| 6 Bedrooms | $974 |
| 7 Bedrooms | $1,052 |
| 8 Bedrooms | $1,105 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 00602 in fiscal year 2024 is set at $490. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is not the actual rent you would receive; it's the ceiling on what the Housing Choice Voucher program will pay.
Comparatively, the average rent in the same ZIP code, according to Census ACS data, is $475. This suggests that the FMR is slightly above the market rate, which could be advantageous for landlords participating in the Section 8 program.
With 26.4% of the population being renters, there is a steady demand for rental properties in this area. The high percentage indicates that a significant portion of residents rely on rental housing, making it a viable market for landlords.
However, the acquisition cost for properties in ZIP 00602 is marked as N/A, which means there isn't specific data available regarding the purchase price of homes in this area. Despite this, the demand for rentals is strong enough to support investment.
To ensure profitability, landlords should verify that their total costs—such as mortgage payments, property taxes, insurance, and maintenance—are covered by the FMR of $490 plus any additional tenant contribution. This will help confirm that the property can be managed sustainably under the Section 8 program.
Before committing to a Section 8 rental, it is crucial to understand the terms of the Housing Assistance Payments (HAP) contract and the inspection process required to qualify. These steps are essential to avoid any surprises and to ensure compliance with federal standards.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.