Location: Aguadilla, PR | Metro: Aguadilla, PR MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $530 |
| 1 Bedroom | $540 |
| 2 Bedrooms | $650 |
| 3 Bedrooms | $780 |
| 4 Bedrooms | $870 |
| 5 Bedrooms | $1,009 |
| 6 Bedrooms | $1,130 |
| 7 Bedrooms | $1,220 |
| 8 Bedrooms | $1,281 |
U.S. Census Bureau data (2024)
When considering whether to invest in ZIP 00690 for Section 8 properties, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $620 cover debt service on a property?
If the FMR of $620 does not exceed the total debt service (including mortgage payments, taxes, insurance, and maintenance costs), then the answer is No. You should avoid purchasing properties where the rental income cannot meet or exceed your financial obligations.
2) How does the market rent of $607 compare to the FMR?
The market rent of $607 is slightly below the FMR of $620. This suggests that landlords may face some challenges in renting out properties at the FMR rate, but it's not insurmountable. If you can secure tenants willing to pay the FMR, then the answer is Yes. Otherwise, it depends on your ability to attract higher-paying tenants or adjust your expectations.
3) Is there sufficient demand given that 55.2% of residents are renters and the days on market (DOM) is not specified?
A high percentage of renters at 55.2% indicates strong demand for rental housing in ZIP 00690. However, without knowing the DOM, it's challenging to assess how quickly units are being rented. If the DOM is low, indicating fast turnover, then the answer is Yes. There is enough demand to support Section 8 investments. If the DOM is high, suggesting slower leasing times, then the answer is It Depends. You must evaluate if the strong rental population can sustain slower leasing periods.
In summary, investing in ZIP 00690 for Section 8 properties hinges on the FMR covering your debt service, the market rent being close to or exceeding the FMR, and sufficient demand from the rental population. Without specific DOM data, the final decision relies on understanding local market dynamics and tenant preferences.
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.