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 | Lajas Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Home Price | $121,299 | $132,443 | $242,182 |
| Price Trend (Annual %) | -1.4% | 0.9% | 8.2% |
| Median Gross Rent | $502 | $562 | $1,342 |
| Rent Trend (Annual %) | 2.3% | 2.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lajas Municipio is about 8% lower than in Puerto Rico. Rent is about 11% lower 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 Lajas Municipio: home prices fell about 1.4% a year while rent rose about 2.3% a year. That is an unusual pattern worth watching.
Median rent in Lajas Municipio rose about 19.2% between 2015 and 2023, from $421 to $502. Over the same span, rent in Puerto Rico rose about 23.3%.
Affordability
On average, housing unit costs 6.4 yearly household incomes in Lajas Municipio.
Buying the median-priced home in Lajas Municipio costs roughly 20.1 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 Lajas Municipio. The price-to-rent ratio in Puerto Rico is about 19.6.
| Metric | Lajas Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Home Price | $121,299 | $132,443 | $242,182 |
| Median Household Income | $19,003 | $25,099 | $78,145 |
| Price-to-Income Ratio | 6.4 | 5.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lajas Municipio fell about 14.5%, while median household income rose about 29.6% 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 | Lajas Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.5% | 53.6% | 58.2% |
| Rental Rate | 19.4% | 25.1% | 31.3% |
| Vacancy Rate | 32.1% | 21.3% | 10.6% |
| Median Tenure (years) | 27.0 | 24.0 | 15.0 |
| Median Year Moved In | 1999 | 2002 | 2011 |
Lajas Municipio has a homeownership rate of 48.5%, lower than the Puerto Rico average of 53.6%. Its housing vacancy rate is 32.1%, compared with 21.3% in Puerto Rico.
Housing Stock
| Metric | Lajas Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.80 people | 2.59 people | 2.54 people |
| Median Structure Built Year | 1982 | 1980 | 1978 |
| Median Number of Rooms | 4.5 | 4.7 | 5.5 |
The typical housing unit in Lajas Municipio was built around 1982. On average, 2.8 people live in a home with about 4.5 rooms, staying for about 27.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lajas Municipio, Puerto Rico.
What is the median home price in Lajas Municipio, Puerto Rico?
The median home price in Lajas Municipio, Puerto Rico is $121,299, lower than the Puerto Rico average of $132,443.
What is the average home price in Lajas 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 Lajas Municipio, Puerto Rico?
The median gross rent in Lajas Municipio, Puerto Rico is $502 per month, lower than the Puerto Rico average of $562.
What was the median gross rent in Lajas Municipio in 2020?
In 2020, the median gross rent in Lajas Municipio, Puerto Rico was $469 per month.
What is the price-to-rent ratio in Lajas Municipio, Puerto Rico?
The price-to-rent ratio in Lajas Municipio, Puerto Rico is about 20.1, meaning it would take roughly 20.1 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 Lajas Municipio.
Are home prices or rent rising faster in Lajas Municipio, Puerto Rico?
Home prices and rent are moving in opposite directions in Lajas Municipio: home prices fell about 1.4% a year while rent rose about 2.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Lajas Municipio, Puerto Rico?
48.5% of households in Lajas Municipio, Puerto Rico own their home, lower than the Puerto Rico average of 53.6%.
What is the vacancy rate in Lajas Municipio, Puerto Rico?
The housing vacancy rate in Lajas Municipio, Puerto Rico is 32.1%, higher than the Puerto Rico average of 21.3%.