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 | Lares Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Home Price | $59,433 | $132,443 | $242,182 |
| Price Trend (Annual %) | -1.0% | 0.9% | 8.2% |
| Median Gross Rent | $492 | $562 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 2.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lares Municipio is about 55% lower than in Puerto Rico. Rent is about 12% 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 Lares Municipio: home prices fell about 1.0% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
Median rent in Lares Municipio rose about 28.5% between 2015 and 2023, from $383 to $492. Over the same span, rent in Puerto Rico rose about 23.3%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Lares Municipio.
Buying the median-priced home in Lares Municipio costs roughly 10.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lares Municipio. The price-to-rent ratio in Puerto Rico is about 19.6.
| Metric | Lares Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Home Price | $59,433 | $132,443 | $242,182 |
| Median Household Income | $19,276 | $25,099 | $78,145 |
| Price-to-Income Ratio | 3.1 | 5.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lares Municipio fell about 37.7%, while median household income rose about 52.4% 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 | Lares Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.3% | 53.6% | 58.2% |
| Rental Rate | 29.2% | 25.1% | 31.3% |
| Vacancy Rate | 15.5% | 21.3% | 10.6% |
| Median Tenure (years) | 26.0 | 24.0 | 15.0 |
| Median Year Moved In | 2000 | 2002 | 2011 |
Lares Municipio has a homeownership rate of 55.3%, higher than the Puerto Rico average of 53.6%. Its housing vacancy rate is 15.5%, compared with 21.3% in Puerto Rico.
Housing Stock
| Metric | Lares Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.59 people | 2.54 people |
| Median Structure Built Year | 1984 | 1980 | 1978 |
| Median Number of Rooms | 4.8 | 4.7 | 5.5 |
The typical housing unit in Lares Municipio was built around 1984. On average, 2.6 people live in a home with about 4.8 rooms, staying for about 26.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lares Municipio, Puerto Rico.
What is the median home price in Lares Municipio, Puerto Rico?
The median home price in Lares Municipio, Puerto Rico is $59,433, lower than the Puerto Rico average of $132,443.
What is the average home price in Lares 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 Lares Municipio, Puerto Rico?
The median gross rent in Lares Municipio, Puerto Rico is $492 per month, lower than the Puerto Rico average of $562.
What was the median gross rent in Lares Municipio in 2020?
In 2020, the median gross rent in Lares Municipio, Puerto Rico was $443 per month.
What is the price-to-rent ratio in Lares Municipio, Puerto Rico?
The price-to-rent ratio in Lares Municipio, Puerto Rico is about 10.1, meaning it would take roughly 10.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lares Municipio.
Are home prices or rent rising faster in Lares Municipio, Puerto Rico?
Home prices and rent are moving in opposite directions in Lares Municipio: home prices fell about 1.0% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Lares Municipio, Puerto Rico?
55.3% of households in Lares Municipio, Puerto Rico own their home, higher than the Puerto Rico average of 53.6%.
What is the vacancy rate in Lares Municipio, Puerto Rico?
The housing vacancy rate in Lares Municipio, Puerto Rico is 15.5%, lower than the Puerto Rico average of 21.3%.