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 | Carolina Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Home Price | $136,776 | $132,443 | $242,182 |
| Price Trend (Annual %) | -0.4% | 0.9% | 8.2% |
| Median Gross Rent | $677 | $562 | $1,342 |
| Rent Trend (Annual %) | 1.9% | 2.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Carolina Municipio is about 3% higher than in Puerto Rico. Rent is about 20% higher than the Puerto Rico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Carolina Municipio: home prices fell about 0.4% a year while rent rose about 1.9% a year. That is an unusual pattern worth watching.
Median rent in Carolina Municipio rose about 10.2% between 2015 and 2023, from $614 to $677. Over the same span, rent in Puerto Rico rose about 23.3%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Carolina Municipio.
Buying the median-priced home in Carolina Municipio costs roughly 16.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Carolina Municipio. The price-to-rent ratio in Puerto Rico is about 19.6.
| Metric | Carolina Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Home Price | $136,776 | $132,443 | $242,182 |
| Median Household Income | $35,122 | $25,099 | $78,145 |
| Price-to-Income Ratio | 3.9 | 5.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Carolina Municipio fell about 8.0%, while median household income rose about 23.6% 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 | Carolina Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.1% | 53.6% | 58.2% |
| Rental Rate | 24.7% | 25.1% | 31.3% |
| Vacancy Rate | 19.2% | 21.3% | 10.6% |
| Median Tenure (years) | 23.0 | 24.0 | 15.0 |
| Median Year Moved In | 2003 | 2002 | 2011 |
Carolina Municipio has a homeownership rate of 56.1%, higher than the Puerto Rico average of 53.6%. Its housing vacancy rate is 19.2%, compared with 21.3% in Puerto Rico.
Housing Stock
| Metric | Carolina Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.59 people | 2.54 people |
| Median Structure Built Year | 1976 | 1980 | 1978 |
| Median Number of Rooms | 4.4 | 4.7 | 5.5 |
The typical housing unit in Carolina Municipio was built around 1976. On average, 2.4 people live in a home with about 4.4 rooms, staying for about 23.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Carolina Municipio, Puerto Rico.
What is the median home price in Carolina Municipio, Puerto Rico?
The median home price in Carolina Municipio, Puerto Rico is $136,776, higher than the Puerto Rico average of $132,443.
What is the average home price in Carolina 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 Carolina Municipio, Puerto Rico?
The median gross rent in Carolina Municipio, Puerto Rico is $677 per month, higher than the Puerto Rico average of $562.
What was the median gross rent in Carolina Municipio in 2020?
In 2020, the median gross rent in Carolina Municipio, Puerto Rico was $626 per month.
What is the price-to-rent ratio in Carolina Municipio, Puerto Rico?
The price-to-rent ratio in Carolina Municipio, Puerto Rico is about 16.8, meaning it would take roughly 16.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Carolina Municipio.
Are home prices or rent rising faster in Carolina Municipio, Puerto Rico?
Home prices and rent are moving in opposite directions in Carolina Municipio: home prices fell about 0.4% a year while rent rose about 1.9% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Carolina Municipio, Puerto Rico?
56.1% of households in Carolina Municipio, Puerto Rico own their home, higher than the Puerto Rico average of 53.6%.
What is the vacancy rate in Carolina Municipio, Puerto Rico?
The housing vacancy rate in Carolina Municipio, Puerto Rico is 19.2%, lower than the Puerto Rico average of 21.3%.