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 | Sabana Grande Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Home Price | $136,708 | $132,443 | $242,182 |
| Price Trend (Annual %) | 3.9% | 0.9% | 8.2% |
| Median Gross Rent | $438 | $562 | $1,342 |
| Rent Trend (Annual %) | 0.5% | 2.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Sabana Grande Municipio is about 3% higher than in Puerto Rico. Rent is about 22% lower than the Puerto Rico 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 Sabana Grande Municipio, up about 3.9% and 0.5% a year respectively. Home prices are changing faster.
Median rent in Sabana Grande Municipio rose about 4.3% between 2015 and 2023, from $420 to $438. Over the same span, rent in Puerto Rico rose about 23.3%.
Affordability
On average, housing unit costs 6.6 yearly household incomes in Sabana Grande Municipio.
Buying the median-priced home in Sabana Grande Municipio costs roughly 26.0 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 Sabana Grande Municipio. The price-to-rent ratio in Puerto Rico is about 19.6.
| Metric | Sabana Grande Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Median Home Price | $136,708 | $132,443 | $242,182 |
| Median Household Income | $20,641 | $25,099 | $78,145 |
| Price-to-Income Ratio | 6.6 | 5.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Sabana Grande Municipio rose about 38.8%, while median household income rose about 29.5% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Sabana Grande Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.5% | 53.6% | 58.2% |
| Rental Rate | 16.2% | 25.1% | 31.3% |
| Vacancy Rate | 32.2% | 21.3% | 10.6% |
| Median Tenure (years) | 30.0 | 24.0 | 15.0 |
| Median Year Moved In | 1996 | 2002 | 2011 |
Sabana Grande Municipio has a homeownership rate of 51.5%, lower than the Puerto Rico average of 53.6%. Its housing vacancy rate is 32.2%, compared with 21.3% in Puerto Rico.
Housing Stock
| Metric | Sabana Grande Municipio | Puerto Rico Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.04 people | 2.59 people | 2.54 people |
| Median Structure Built Year | 1983 | 1980 | 1978 |
| Median Number of Rooms | 4.9 | 4.7 | 5.5 |
The typical housing unit in Sabana Grande Municipio was built around 1983. On average, 3.0 people live in a home with about 4.9 rooms, staying for about 30.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Sabana Grande Municipio, Puerto Rico.
What is the median home price in Sabana Grande Municipio, Puerto Rico?
The median home price in Sabana Grande Municipio, Puerto Rico is $136,708, higher than the Puerto Rico average of $132,443.
What is the average home price in Sabana Grande 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 Sabana Grande Municipio, Puerto Rico?
The median gross rent in Sabana Grande Municipio, Puerto Rico is $438 per month, lower than the Puerto Rico average of $562.
What was the median gross rent in Sabana Grande Municipio in 2020?
In 2020, the median gross rent in Sabana Grande Municipio, Puerto Rico was $428 per month.
What is the price-to-rent ratio in Sabana Grande Municipio, Puerto Rico?
The price-to-rent ratio in Sabana Grande Municipio, Puerto Rico is about 26.0, meaning it would take roughly 26.0 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 Sabana Grande Municipio.
Are home prices or rent rising faster in Sabana Grande Municipio, Puerto Rico?
Both home prices and rent are rising in Sabana Grande Municipio, up about 3.9% and 0.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Sabana Grande Municipio, Puerto Rico?
51.5% of households in Sabana Grande Municipio, Puerto Rico own their home, lower than the Puerto Rico average of 53.6%.
What is the vacancy rate in Sabana Grande Municipio, Puerto Rico?
The housing vacancy rate in Sabana Grande Municipio, Puerto Rico is 32.2%, higher than the Puerto Rico average of 21.3%.