Section 8 Fair Market Rent (FMR) for ZIP 00784 - 2027

Location: Caguas, PR | Metro: Guayama, PR MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$460
1 Bedroom	$470
2 Bedrooms	$520
3 Bedrooms	$730
4 Bedrooms	$870
5 Bedrooms	$1,009
6 Bedrooms	$1,130
7 Bedrooms	$1,220
8 Bedrooms	$1,281

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

34,981

Median Household Income

$20,558

Housing Units

18,808

Renter Percentage

32.1%

Occupancy Rate

83.0%

Renter Occupied

5,001

The zip code 00784, located in Guaynabo, Puerto Rico, is a residential area that offers insights into the local real estate market dynamics. The area is characterized by its mix of rental properties and homeownership opportunities, influenced by both federal housing assistance programs and broader economic conditions.

The Fair Market Rent (FMR) for a one-bedroom apartment in zip code 00784 for fiscal year 2024 is set at $490. This figure represents the upper limit of what the government considers reasonable for rental units under the Section 8 program.
The actual market rent, according to the Census Bureau's American Community Survey (ACS), is $436. This indicates that the market rent is slightly below the FMR, suggesting a favorable environment for landlords participating in the Section 8 program.
The median home value in this area is not available, which can be attributed to the high proportion of renters and lower homeownership rates compared to mainland U.S. locations.
Renters make up 32.1% of the population, reflecting a significant portion of the housing market dedicated to rental properties.
The median income in zip code 00784 is $20,558, which is notably lower than the national average. This economic context influences the demand for affordable housing options, including those supported by Section 8 vouchers.

The combination of a slightly higher FMR than the market rent, a substantial renter share, and a lower median income points to a market where Section 8 tenants can provide steady and reliable income streams for landlords. Despite the lack of data on median home values, the strong presence of renters and the economic conditions suggest that focusing on rental properties is a prudent investment strategy in this area. Landlords should expect a robust demand for affordable housing options and consider tailoring their properties to meet these needs effectively.

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.