Why is Homeownership Important?
Homeownership in Puerto Rico
Homeownership has become more and more unattainable in Puerto Rico. The average income for each household is approximately $19,115 a year, and the minimum wage is still $7.25 per hour. With these numbers, a family mortgage should be no more than $377 per month, which represents 30% of the total income.
However, the average house price in Puerto Rico is $175,000 to $319,000. At those prices, house payments average $940 to $1,700, which low-to-average income families cannot afford.
HOW DOES BECOMING A HOMEOWNER SERVICE A WHOLE COMMUNITY?
A decent and affordable place to live helps families helps families and communities for the long term.
- The construction and sale of new homes generate an economic impact in the community, including job creation.
New homeowners are more likely to take care of their homes.
Having a permanent home is essential for a healthy and stable childhood.
Owning a home promotes better physical and mental health.