Section 8 Fair Market Rent (FMR) for ZIP 00653 - 2027
Location: Puerto Rico HUD Nonmetro Area, Unknown | Metro: San Germán, PR HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $510 |
| 1 Bedroom | $530 |
| 2 Bedrooms | $580 |
| 3 Bedrooms | $780 |
| 4 Bedrooms | $830 |
| 5 Bedrooms | $963 |
| 6 Bedrooms | $1,079 |
| 7 Bedrooms | $1,165 |
| 8 Bedrooms | $1,223 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$16,736
To determine if you should buy in ZIP code 00653 for Section 8 purposes, follow these steps:
- Step 1: Debt Service Coverage Ratio (DSCR)
- If the Fair Market Rent (FMR) of $530 for ZIP 00653 in fiscal year 2024 can cover your debt service on the property, proceed to Step 2.
- If it does not, then the answer is No. The rent received from Section 8 will not be sufficient to meet the financial obligations of the property.
- Step 2: Market Rent Comparison
- The Census American Community Survey (ACS) reports that the average market rent is $336. Compare this figure to the FMR of $530.
- If the market rent is below the FMR, the property could potentially attract Section 8 tenants.
- If the market rent is above the FMR, then the answer is No. It would be more financially beneficial to rent the property at market rates rather than participating in the Section 8 program.
- If the market rent is close to the FMR, the answer is It Depends. Consider the local demand for affordable housing and any potential subsidies or incentives.
- Step 3: Demand Analysis
- In ZIP 00653, 32.2% of residents are renters, indicating a significant portion of the population may be interested in rental properties.
- The Days on Market (DOM) data is not available, which makes it difficult to assess how quickly rental units are typically filled in this area.
- If there is a high demand for rental properties, as indicated by low DOM figures, then the answer is Yes. The combination of the FMR covering debt service and a strong rental market suggests a viable opportunity for Section 8 participation.
- If the DOM figures are not favorable, the answer is No. A slow rental market could mean difficulty in finding and retaining Section 8 tenants.
- If the demand is moderate, the answer is It Depends. You would need to further investigate the stability of the rental market and the willingness of tenants to participate in the Section 8 program.
The key factors in deciding whether to invest in ZIP 00653 for Section 8 purposes are the ability of the FMR to cover debt service, the comparison between market rent and FMR, and the overall demand for rental properties. Without the DOM data, it's challenging to provide a definitive recommendation, but the higher FMR relative to the market rent suggests a potential advantage for Section 8 landlords.
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.