Location: Puerto Rico HUD Nonmetro Area, Unknown | Metro: Aguadilla, PR MSA
| 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)
The ZIP code 00670 is located in the municipality of Cataño, Puerto Rico, not California. It's important to clarify this geographical detail first. Cataño is a coastal town known for its beaches and proximity to San Juan, the capital city. With a total population of 8,512, the area has a relatively small number of residents, of which 27.1% are renters. The median household income is notably low at $16,367, reflecting the economic conditions typical of many areas in Puerto Rico.
Moving into the realm of rent economics, the Fair Market Rent (FMR) for ZIP 00670 as of the fiscal year 2024 is set at $470. This figure represents the maximum amount that a Section 8 voucher holder can pay for rent, including utilities. In contrast, the average market rent, according to the Census Bureau's American Community Survey (ACS), is $416. This indicates that the FMR is slightly above the actual market rate, suggesting a potential opportunity for landlords who can manage their properties efficiently.
Given these economic parameters, ZIP 00670 would likely appeal more to hands-on value-add buyers rather than hands-off operators. The lower median income suggests that tenants may be sensitive to rent increases, making it crucial for landlords to maintain competitive pricing. Additionally, the difference between the FMR and market rent, while small, provides some leeway for property improvements without significantly impacting affordability. For those willing to invest time and resources into property management and enhancements, there could be a viable path to increasing rental income over time.
To summarize, ZIP 00670 in Cataño, Puerto Rico, presents a scenario where the economic landscape favors active involvement from landlords. The median income is low, and the FMR slightly exceeds the market rent, creating an environment where careful management and strategic investments can lead to successful outcomes.
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.