Section 8 Fair Market Rent (FMR) for ZIP 00682 - 2027
Location: Mayagüez, PR | Metro: Mayagüez, PR HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $560 |
| 1 Bedroom | $590 |
| 2 Bedrooms | $640 |
| 3 Bedrooms | $800 |
| 4 Bedrooms | $1,000 |
| 5 Bedrooms | $1,160 |
| 6 Bedrooms | $1,299 |
| 7 Bedrooms | $1,403 |
| 8 Bedrooms | $1,473 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$18,793
To determine if you should buy in ZIP code 00682 for Section 8 purposes, follow this decision tree:
1) Does the FMR of $560 cover the debt service on a property?
- No: Do not proceed with buying a property in this ZIP code for Section 8 purposes. The Fair Market Rent (FMR) must exceed your debt service costs to ensure profitability.
- Yes: Proceed to the next question.
2) How does the market rent of $469 compare to the FMR?
- Market Rent Below FMR: At $469, the market rent is below the FMR of $560. This suggests that properties in this area are undervalued relative to what the government will pay for Section 8 vouchers, making it a potentially attractive investment.
- Market Rent Equal to or Above FMR: If the market rent were equal to or above the FMR, it would indicate that the market is already pricing properties at or above the subsidy rate, reducing the appeal of Section 8 for this ZIP code.
3) Is there sufficient demand with 55.5% renters and N/A-day days on market (DOM)?
- It Depends: With 55.5% of residents being renters, there is a significant portion of the population that could potentially benefit from Section 8 vouchers. However, without specific data on days on market, it's challenging to assess the liquidity of the rental market. A high DOM might suggest a lack of demand or difficulty in finding tenants, which could impact the viability of a Section 8 investment.
In conclusion, ZIP 00682 offers an opportunity where the FMR exceeds the market rent, indicating potential profitability. However, the success of a Section 8 investment in this ZIP code hinges on the actual days on market and the landlord's ability to manage properties effectively to meet the needs of Section 8 tenants.
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.