Location: Puerto Rico HUD Nonmetro Area, Unknown | Metro: Puerto Rico HUD Nonmetro Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $460 |
| 1 Bedroom | $470 |
| 2 Bedrooms | $520 |
| 3 Bedrooms | $700 |
| 4 Bedrooms | $740 |
| 5 Bedrooms | $858 |
| 6 Bedrooms | $961 |
| 7 Bedrooms | $1,038 |
| 8 Bedrooms | $1,090 |
U.S. Census Bureau data (2024)
ZIP code 00631, located within the Puerto Rico HUD Nonmetro Area, has a Fair Market Rent (FMR) set at $470 for fiscal year 2024. This figure is notably higher than the market rent of $336, indicating that the area may be experiencing some level of subsidy-driven demand. The renter share in 00631 stands at 34.9%, which is above average compared to typical ZIP codes within the same HUD Nonmetro Area. However, it's important to note that the home value is not available, which makes direct comparisons challenging.
To determine whether 00631 represents a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro, we must consider the relationship between the FMR and the actual market rent. With an FMR of $470 and a market rent of $336, landlords in 00631 could potentially benefit from the higher subsidy rates if they participate in the Section 8 program. This scenario suggests that 00631 might be seen as a value pocket for investors who can leverage the difference between the two figures to their advantage.
The high renter share combined with the lack of data on home values could imply that 00631 is a rental-heavy area with limited homeownership opportunities. This characteristic often aligns with areas where Section 8 vouchers are prevalent, as these programs are primarily designed to assist renters. Therefore, while 00631 doesn't have a premium sub-market status due to the absence of high home values, it does present a significant opportunity for landlords willing to engage with subsidized housing programs.
In summary, ZIP code 00631 appears to be a value pocket within the Puerto Rico HUD Nonmetro Area, offering landlords the potential to benefit from higher FMRs while catering to a substantial portion of renters. This combination makes it an attractive location for Section 8-related investments.
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.