Location: Yauco, PR | Metro: Ponce, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $490 |
| 1 Bedroom | $500 |
| 2 Bedrooms | $560 |
| 3 Bedrooms | $770 |
| 4 Bedrooms | $850 |
| 5 Bedrooms | $986 |
| 6 Bedrooms | $1,104 |
| 7 Bedrooms | $1,192 |
| 8 Bedrooms | $1,252 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $470 for ZIP 00624 will sufficiently cover the mortgage on a home. Given the median home value in this area is only $89,900, it suggests that homes here are relatively affordable. However, without specific mortgage rates and loan terms, it's challenging to definitively state if the FMR can cover the mortgage. It's advisable to consult local real estate experts or financial advisors for precise figures.
The investor could also doubt if there is enough rental demand at 29.8%. This percentage indicates that nearly three out of ten properties are rented, which is a reasonable level of demand. While this rate is lower than some mainland areas, it aligns with the overall rental trends in Puerto Rico. Landlords should still conduct thorough market research to ensure they're targeting the right demographic and setting competitive rental prices.
A final concern might be whether housing vouchers will keep pace with the market rents of $504. The FMR of $470 is slightly below the market rent, suggesting that vouchers may not fully cover the cost. However, the gap isn't significant, and landlords can still benefit from steady cash flow through voucher programs. It's important to note that voucher amounts can vary and are adjusted annually based on federal guidelines and local market conditions. Landlords should verify the most recent voucher amounts to ensure they align with their rental pricing strategy.
In summary, while the data provides a good starting point for understanding the real estate landscape in ZIP 00624, it's crucial for investors to delve deeper into specific mortgage costs, rental demand, and voucher programs to make informed decisions.
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.