Puerto Rico Housing Market Prices
Puerto Rico 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 44% below the US median Cheaper than 84% of states in US$138,158
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Median rent 59% below the US median Cheapest state in US$578
Median Home Price Map: Counties in Puerto Rico
Housing Market Overview
| Metric | Puerto Rico | US Average |
|---|---|---|
| Median Home Price | $138,158 | $248,835 |
| Price Trend (Annual %) | 1.3% | 7.5% |
| Median Gross Rent | $578 | $1,407 |
| Rent Trend (Annual %) | 2.9% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Puerto Rico is about 44% lower than in US. Rent is about 59% lower than the US 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 Puerto Rico, up about 1.3% and 2.9% a year respectively. Rent is changing faster.
Median rent in Puerto Rico rose about 26.7% between 2015 and 2024, from $456 to $578. Over the same span, rent in US rose about 52.1%.
Affordability
On average, housing unit costs 5.2 yearly household incomes in Puerto Rico.
Buying the median-priced home in Puerto Rico costs roughly 19.9 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 14.7.
| Metric | Puerto Rico | US Average |
|---|---|---|
| Median Home Price | $138,158 | $248,835 |
| Median Household Income | $26,331 | $80,455 |
| Price-to-Income Ratio | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Puerto Rico rose about 3.6%, while median household income rose about 35.4% 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 | Puerto Rico | US Average |
|---|---|---|
| Homeownership Rate | 53.7% | 58.5% |
| Rental Rate | 25.3% | 31.2% |
| Vacancy Rate | 21.0% | 10.2% |
| Median Tenure (years) | 24.0 | 15.0 |
| Median Year Moved In | 2002 | 2011 |
Puerto Rico has a homeownership rate of 53.7%, lower than the US average of 58.5%. Its housing vacancy rate is 21.0%, compared with 10.2% in US.
Housing Stock
| Metric | Puerto Rico | US Average |
|---|---|---|
| Average Household Size | 2.47 people | 2.53 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, 2.5 people live in a home with about 4.7 rooms, staying for about 24.0 years on average.
Puerto Rico Housing Compared With Nearby States
Puerto Rico is the smallest of the 5 states compared here, 3,229,809 residents against a local median of 10,832,120. The measure that sets Puerto Rico apart most is median rent: $578, 56% below the local median of $1,310.
Median home price tells the same story from another angle: $138,158 against a local median of $267,637, 48% below it. The states themselves sit within $489 of each other on median rent, a tighter band than the gap between any of them and Puerto Rico, which makes it a genuine outlier here rather than one end of a wide local spread. Puerto Rico has the 5th highest median rent of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Puerto Rico | 3,229,809 | $138,158 #5/5 | $578 #5/5 | 67.9% #2/5 |
| Florida | 22,388,905 | $311,338 | $1,668 | 67.6% |
| South Carolina | 5,295,781 | $239,609 | $1,179 | 71.9% |
| North Carolina | 10,724,323 | $278,288 | $1,227 | 66.6% |
| Georgia | 10,939,918 | $256,986 | $1,392 | 65.7% |
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 $138,158, lower than the US average of $248,835.
What is the average home price in Puerto Rico?
The typical home price in Puerto Rico, reported as the median sale price, is $138,158. 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 $578 per month, lower than the US average of $1,407.
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 19.9, meaning it would take roughly 19.9 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 1.3% and 2.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Puerto Rico?
53.7% of households in Puerto Rico own their home, lower than the US average of 58.5%.
What is the vacancy rate in Puerto Rico?
The housing vacancy rate in Puerto Rico is 21.0%, higher than the US average of 10.2%.
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