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: Counties in Puerto Rico
Housing Market Overview
| Metric | Puerto Rico | US Average |
|---|---|---|
| Median Home Price | $132,443 | $242,182 |
| Price Trend (Annual %) | 0,9% | 8,2% |
| Median Gross Rent | $562 | $1,342 |
| Rent Trend (Annual %) | 2,9% | 5,1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Puerto Rico is about 45% lower than in US. Rent is about 58% lower than the US 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 Puerto Rico, up about 0.9% and 2.9% a year respectively. Rent is changing faster.
Median rent in Puerto Rico rose about 23.3% between 2015 and 2023, from $456 to $562. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 5,3 yearly household incomes in Puerto Rico.
Buying the median-priced home in Puerto Rico costs roughly 19.6 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 Puerto Rico. The price-to-rent ratio in US is about 15.0.
| Metric | Puerto Rico | US Average |
|---|---|---|
| Median Home Price | $132,443 | $242,182 |
| Median Household Income | $25,099 | $78,145 |
| Price-to-Income Ratio | 5,3 | 3,1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Puerto Rico fell about 0.8%, while median household income rose about 34.0% 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 | Puerto Rico | US Average |
|---|---|---|
| Homeownership Rate | 53,6% | 58,2% |
| Rental Rate | 25,1% | 31,3% |
| Vacancy Rate | 21,3% | 10,6% |
| Median Tenure (years) | 24,0 | 15,0 |
| Median Year Moved In | 2002 | 2011 |
Puerto Rico has a homeownership rate of 53.6%, lower than the US average of 58.2%. Its housing vacancy rate is 21.3%, compared with 10.6% in US.
Housing Stock
| Metric | Puerto Rico | US Average |
|---|---|---|
| Average Household Size | 2,59 people | 2,54 people |
| Median Structure Built Year | 1980 | 1978 |
| Median Number of Rooms | 4,7 | 5,5 |
The typical housing unit in Puerto Rico was built around 1980. On average, 2.6 people live in a home with about 4.7 rooms, staying for about 24.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Puerto Rico.
What is the median home price in Puerto Rico?
The median home price in Puerto Rico is $132,443, lower than the US average of $242,182.
What is the average home price in 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 Puerto Rico?
The median gross rent in Puerto Rico is $562 per month, lower than the US average of $1,342.
What was the median gross rent in Puerto Rico in 2020?
In 2020, the median gross rent in Puerto Rico was $486 per month.
What is the price-to-rent ratio in Puerto Rico?
The price-to-rent ratio in Puerto Rico is about 19.6, meaning it would take roughly 19.6 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 Puerto Rico.
Are home prices or rent rising faster in Puerto Rico?
Both home prices and rent are rising in Puerto Rico, up about 0.9% and 2.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Puerto Rico?
53.6% of households in Puerto Rico own their home, lower than the US average of 58.2%.
What is the vacancy rate in Puerto Rico?
The housing vacancy rate in Puerto Rico is 21.3%, higher than the US average of 10.6%.