Location: Arecibo, PR | Metro: Aguadilla, PR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $490 |
| 1 Bedroom | $500 |
| 2 Bedrooms | $580 |
| 3 Bedrooms | $790 |
| 4 Bedrooms | $890 |
| 5 Bedrooms | $1,032 |
| 6 Bedrooms | $1,156 |
| 7 Bedrooms | $1,248 |
| 8 Bedrooms | $1,310 |
U.S. Census Bureau data (2024)
The median income for households in ZIP 00678 is $23,874. Considering the market rate for rent is $522 (according to Census ACS), it becomes evident that a significant portion of residents may struggle to afford these rents. This is especially true given that the typical household income falls below the threshold necessary to comfortably cover a monthly rent of $522.
In comparison, the voucher payment standard for Fiscal Year 2024 is set at Fair Market Rent (FMR) of $520. While this amount closely aligns with the market rate, it still presents a challenge for those relying solely on their income to meet housing costs. The fact that 29.9% of the 24,595 population are renters underscores the importance of affordable housing options within this community.
The affordability gap in ZIP 00678 means that landlords will face stiff competition when seeking tenants who can pay market rates. Many potential renters may be looking for subsidized housing or rental assistance programs to make ends meet. Landlords should consider the implications of this gap on their occupancy rates and financial stability.
For landlords thinking about voucher vs cash-pay strategies, the data suggests that accepting vouchers could be a viable option to ensure steady tenancy. Given the high demand for affordable housing and the close alignment between the FMR and market rates, landlords may find that voucher holders provide a reliable source of income. However, they must also weigh the administrative requirements and potential delays associated with voucher programs.
The takeaway for landlords is clear: while cash-paying tenants might offer higher immediate returns, the competitive landscape and the prevalence of low-income households indicate that a mixed approach—accepting both vouchers and cash payments—could optimize occupancy and long-term profitability.
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.