Location: Yauco, PR | Metro: San Germán, PR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $490 |
| 1 Bedroom | $500 |
| 2 Bedrooms | $560 |
| 3 Bedrooms | $780 |
| 4 Bedrooms | $850 |
| 5 Bedrooms | $986 |
| 6 Bedrooms | $1,104 |
| 7 Bedrooms | $1,192 |
| 8 Bedrooms | $1,252 |
U.S. Census Bureau data (2024)
The ZIP code 00698, located in Puerto Rico, stands out due to its unique demographic and economic characteristics. With a population of 32,535 residents, this area has a significant portion of its inhabitants renting homes at 27.1%. The median income for residents is notably low at $24,310, which is a critical factor when considering the viability of Section 8 housing in the region.
The median home value is listed as N/A, indicating that there might be limited data available on home ownership values, but this does not detract from the importance of rental market dynamics. In terms of voucher economics, the Fair Market Rent (FMR) for ZIP 00698 in fiscal year 2024 is set at $500. This figure is slightly below the Census American Community Survey (ACS) reported market rent of $551, suggesting that landlords may need to adjust their expectations to align with the FMR if they wish to participate in the Section 8 program.
The gap between the FMR and the market rent is relatively small, at just $51. However, given the low median income, it's important to note that tenants relying on Section 8 vouchers may struggle to cover the additional costs beyond the FMR, especially if they have other financial obligations. This could lead to a higher turnover rate among tenants, as some may find it difficult to maintain their rent payments consistently.
The data signature for ZIP 00698 can be interpreted as "transitional." The low median income indicates an evolving economic landscape, where many residents are likely to be seeking affordable housing options. Landlords and small-portfolio investors should be prepared for potential challenges in tenant retention and consider the long-term stability of the rental market in this area before making investment decisions.
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.