Location: San Germán, PR | Metro: Mayagüez, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $470 |
| 1 Bedroom | $470 |
| 2 Bedrooms | $600 |
| 3 Bedrooms | $750 |
| 4 Bedrooms | $790 |
| 5 Bedrooms | $916 |
| 6 Bedrooms | $1,026 |
| 7 Bedrooms | $1,108 |
| 8 Bedrooms | $1,163 |
U.S. Census Bureau data (2024)
530 is the Fair Market Rent (FMR) for ZIP code 00623 in fiscal year 2024, indicating the maximum amount a Section 8 voucher holder can pay for housing. 582 is the average market rent based on Census ACS data, which suggests that properties priced below this figure might attract more tenants. While there's no median home value data available, the 23.7% renter share highlights a significant portion of the population that relies on rental properties, making it a viable investment area. The median income of 26,388 provides insight into the financial capacity of potential tenants, helping landlords set reasonable rents. Although there's no data on days on market (DOM) or the percentage of price-cut shares, these missing figures could imply stable pricing without frequent fluctuations. Landlords should note that the 530 FMR is lower than the 582 market rent, which means properties in this area may need to be priced competitively to attract voucher holders. Additionally, the lack of median home value data and the absence of days on market and price-cut share percentages suggest a market that might be less volatile compared to other regions. Given the 23.7% renter share, there's a substantial demand for rental properties, particularly those that cater to low-income families. For investors looking to enter this market, focusing on affordability and maintaining properties at or below the FMR will likely yield better occupancy rates. In conclusion, the ZIP code 00623 presents a moderate opportunity for Section 8 investments, with a focus on competitive pricing and meeting the needs of low-income renters.
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.