Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Cabo Rojo Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Home Price | $144,270 | $132,443 | $242,182 |
| Price Trend (Annual %) | 1.5% | 0.9% | 8.2% |
| Median Gross Rent | $580 | $562 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 2.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cabo Rojo Municipio is about 9% higher than in Puerto Rico. Rent is about 3% higher than the Puerto Rico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Cabo Rojo Municipio, up about 1.5% and 4.8% a year respectively. Rent is changing faster.
Median rent in Cabo Rojo Municipio rose about 40.8% between 2015 and 2023, from $412 to $580. Over the same span, rent in Puerto Rico rose about 23.3%.
Affordability
On average, housing unit costs 5.6 yearly household incomes in Cabo Rojo Municipio.
Buying the median-priced home in Cabo Rojo Municipio costs roughly 20.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Cabo Rojo Municipio. The price-to-rent ratio in Puerto Rico is about 19.6.
| Metric | Cabo Rojo Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Home Price | $144,270 | $132,443 | $242,182 |
| Median Household Income | $25,788 | $25,099 | $78,145 |
| Price-to-Income Ratio | 5.6 | 5.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Cabo Rojo Municipio rose about 2.4%, while median household income rose about 58.5% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cabo Rojo Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.8% | 53.6% | 58.2% |
| Rental Rate | 14.9% | 25.1% | 31.3% |
| Vacancy Rate | 35.3% | 21.3% | 10.6% |
| Median Tenure (years) | 24.0 | 24.0 | 15.0 |
| Median Year Moved In | 2002 | 2002 | 2011 |
Cabo Rojo Municipio has a homeownership rate of 49.8%, lower than the Puerto Rico average of 53.6%. Its housing vacancy rate is 35.3%, compared with 21.3% in Puerto Rico.
Housing Stock
| Metric | Cabo Rojo Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.57 people | 2.59 people | 2.54 people |
| Median Structure Built Year | 1984 | 1980 | 1978 |
| Median Number of Rooms | 4.5 | 4.7 | 5.5 |
The typical housing unit in Cabo Rojo Municipio was built around 1984. On average, 2.6 people live in a home with about 4.5 rooms, staying for about 24.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cabo Rojo Municipio, Puerto Rico.
What is the median home price in Cabo Rojo Municipio, Puerto Rico?
The median home price in Cabo Rojo Municipio, Puerto Rico is $144,270, higher than the Puerto Rico average of $132,443.
What is the average home price in Cabo Rojo Municipio, Puerto Rico?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cabo Rojo Municipio, Puerto Rico?
The median gross rent in Cabo Rojo Municipio, Puerto Rico is $580 per month, higher than the Puerto Rico average of $562.
What was the median gross rent in Cabo Rojo Municipio in 2020?
In 2020, the median gross rent in Cabo Rojo Municipio, Puerto Rico was $472 per month.
What is the price-to-rent ratio in Cabo Rojo Municipio, Puerto Rico?
The price-to-rent ratio in Cabo Rojo Municipio, Puerto Rico is about 20.7, meaning it would take roughly 20.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Cabo Rojo Municipio.
Are home prices or rent rising faster in Cabo Rojo Municipio, Puerto Rico?
Both home prices and rent are rising in Cabo Rojo Municipio, up about 1.5% and 4.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Cabo Rojo Municipio, Puerto Rico?
49.8% of households in Cabo Rojo Municipio, Puerto Rico own their home, lower than the Puerto Rico average of 53.6%.
What is the vacancy rate in Cabo Rojo Municipio, Puerto Rico?
The housing vacancy rate in Cabo Rojo Municipio, Puerto Rico is 35.3%, higher than the Puerto Rico average of 21.3%.