Canóvanas Municipio, Puerto Rico Housing Market Prices
Canóvanas Municipio Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 50% above the Puerto Rico median More expensive than 84% of counties in Puerto Rico$207,888
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Median rent 2% below the Puerto Rico median$567
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Canóvanas Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Home Price | $207,888 | $138,158 | $248,835 |
| Price Trend (Annual %) | 6.7% | 1.3% | 7.5% |
| Median Gross Rent | $567 | $578 | $1,407 |
| Rent Trend (Annual %) | 1.8% | 2.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Canóvanas Municipio is about 50% higher than in Puerto Rico. Rent is about 2% lower than the Puerto Rico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Canóvanas Municipio, up about 6.7% and 1.8% a year respectively. Home prices are changing faster.
Median rent in Canóvanas Municipio rose about 15.3% between 2015 and 2024, from $492 to $567. Over the same span, rent in Puerto Rico rose about 26.7%.
Affordability
On average, housing unit costs 7.0 yearly household incomes in Canóvanas Municipio.
Buying the median-priced home in Canóvanas Municipio costs roughly 30.5 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 Canóvanas Municipio. The price-to-rent ratio in Puerto Rico is about 19.9.
| Metric | Canóvanas Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Home Price | $207,888 | $138,158 | $248,835 |
| Median Household Income | $29,636 | $26,331 | $80,455 |
| Price-to-Income Ratio | 7.0 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Canóvanas Municipio rose about 7.2%, while median household income rose about 23.1% between 2009 and 2025 — 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 | Canóvanas Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.6% | 53.7% | 58.5% |
| Rental Rate | 23.1% | 25.3% | 31.2% |
| Vacancy Rate | 15.3% | 21.0% | 10.2% |
| Median Tenure (years) | 25.0 | 24.0 | 15.0 |
| Median Year Moved In | 2001 | 2002 | 2011 |
Canóvanas Municipio has a homeownership rate of 61.6%, higher than the Puerto Rico average of 53.7%. Its housing vacancy rate is 15.3%, compared with 21.0% in Puerto Rico.
Housing Stock
| Metric | Canóvanas Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.47 people | 2.53 people |
| Median Structure Built Year | 1981 | 1980 | 1978 |
| Median Number of Rooms | 4.2 | 4.7 | 5.5 |
The typical housing unit in Canóvanas Municipio was built around 1981. On average, 2.6 people live in a home with about 4.2 rooms, staying for about 25.0 years on average.
Canóvanas Municipio, PR Housing Compared With Nearby Counties
Canóvanas Municipio, PR is typical in size for this group, 41,816 residents against a local median of 46,051, so the measures below are close to a like for like comparison. Where Canóvanas Municipio, PR breaks from the counties next to it is median home price, sitting 32% above the local median of $157,366 at $207,888.
Median rent tells the same story from another angle: $567 against a local median of $677, 16% below it. The counties themselves spread $139,221 on median home price, so Canóvanas Municipio, PR sits at one end of an already wide local range rather than apart from it. Canóvanas Municipio, PR has the 2nd highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Canóvanas Municipio, PR | 41,816 | $207,888 #2/6 | $567 #6/6 | 72.7% #3/6 |
| RÃo Grande Municipio, PR | 46,051 | $157,366 | $585 | 71.1% |
| Carolina Municipio, PR | 152,197 | $143,505 | $677 | 68.0% |
| Juncos Municipio, PR | 36,814 | $76,612 | $577 | 70.4% |
| Gurabo Municipio, PR | 40,228 | $215,833 | $678 | 77.2% |
| Trujillo Alto Municipio, PR | 67,088 | $166,992 | $693 | 74.5% |
Frequently Asked Questions
Common questions about the housing market in Canóvanas Municipio, Puerto Rico.
What is the median home price in Canóvanas Municipio, Puerto Rico?
The median home price in Canóvanas Municipio, Puerto Rico is $207,888, higher than the Puerto Rico average of $138,158.
What is the average home price in Canóvanas Municipio, Puerto Rico?
The typical home price in Canóvanas Municipio, Puerto Rico, reported as the median sale price, is $207,888. 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 Canóvanas Municipio, Puerto Rico?
The median gross rent in Canóvanas Municipio, Puerto Rico is $567 per month, lower than the Puerto Rico average of $578.
What was the median gross rent in Canóvanas Municipio in 2020?
In 2020, the median gross rent in Canóvanas Municipio, Puerto Rico was $520 per month.
What is the price-to-rent ratio in Canóvanas Municipio, Puerto Rico?
The price-to-rent ratio in Canóvanas Municipio, Puerto Rico is about 30.5, meaning it would take roughly 30.5 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 Canóvanas Municipio.
Are home prices or rent rising faster in Canóvanas Municipio, Puerto Rico?
Both home prices and rent are rising in Canóvanas Municipio, up about 6.7% and 1.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Canóvanas Municipio, Puerto Rico?
61.6% of households in Canóvanas Municipio, Puerto Rico own their home, higher than the Puerto Rico average of 53.7%.
What is the vacancy rate in Canóvanas Municipio, Puerto Rico?
The housing vacancy rate in Canóvanas Municipio, Puerto Rico is 15.3%, lower than the Puerto Rico average of 21.0%.
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