If people in Puerto Rico earn so little, how do they pay their mortgages?

Question

I'm looking in to moving to Puerto Rico, and I understand that I'll have to take a pay cut. I've read that most jobs pay below 30 or even 20k. But when I search Real Estate websites like Coldwell Banker, Most of the houses for sale are several hundren thousand dollars. Is there something I'm missing here? How do Puertoricans afford their homes? Am I looking at the wrong realtors? Any information you can give me about this and other advice related to moving to Puetro Rico would be greatly appreciated.

Answer 1

Where in Puerto Rico?, you cannot compare San Juan with let's say Cabo Rojo or Juncos or Caguas. Real Estate depends on the region and location. Metropolitan area you will not find anything decent for under 75,000.

Maybe you are looking at high-end neighboorhoods in San Juan. Check in endi.com for the classified section. Real Estate in PR looks very similar to Florida in the early 90's and late 80's. Coast and beach is very expensive, Mountain and Rural is less expensive

Answer 2

Puerto Rican's own their land, many have kept properties in the family since the Spaniards discover the new world. Even after the U.S. took possession of the territory, every Puerto Rican was given a piece of land to live on. On the other hand if you are moving to the San Juan Metropolitan Area, this area is a big tourist area and most of the money in the island is there, TV Stars, Radio Personalities, Singers, Actors, the Bacardi Family, foreigners with summer homes and every other rich citizen of the island has some kind of property on that area.

Answer 3

My parents just purchased a nice house in Isabela, the house is only 3 years old, 2 br, 1 bath, huge kitchen & living room, dinning area, a separate apartment on the bottom floor and 1/2 acre of land, beautiful flat land for only $125K. Now like many of the other answers if you are looking in the metro area you will pay more and get less.

Answer 4

Puerto Rico appart from Cuba, Cuba was once allready having a higher innovative drive, extra higher than Puerto Rico, quite a lot of businesses allready desired independence rom Spain considering the fact that 1840, When the U.S. determined to seem international to acquire extra territory, Cuba and Puerto Rico was once a alternative, the U.S. Offered eleven million greenbacks to spain for boh islands, as for Spain allready beat up due to the fact the entire wars waged greater than one hundred years, Spain was once vulnerable and it didn had a lot have an impact on within the different part of the hemisphere, in order that they denied the present, good Rumors and it's going to be left like that, Rumors specify that after the USS Maine was once despatched to Cuba for unknown causes, it by no means lower back they usually mentioned Spain attacked the send, and thats how the conflict began, any say it was once attacked from spain or different say they despatched the send and explode it in order that they might blame Spain in order that they might acquire the territories they desired. The conflict began, and many others and many others, as for he time Cuba was once tricky to invade by the point, however P.R. was once essentially the most simplest, as for first the one fortress with a naval base was once San Juan, and the U.S. forces invaded P.R. by way of the shorelines of Guanica, that the city is within the south west of the island. As for who helped Puerto Rico grow to be an unbiased state, no person, the island has fallen beneath the flag of quite a lot of nations, maybee briefly occasions however, it has would been round five to eight flags by way of its historical past. The most effective nation to make a significant difference and separated the island from Spain vigor was once the U.S.

Answer 5

As one of the answer was that many Boricuas own the land they live in is true. As for the other answer that they just work and pay mortgages that is not true Boricuas arevery inventive and have many things to do ,outside of just work. If you want less expensive housing you must live outside the metro area. They do have some very good housing outside of San Juan area. And there is a company named MASSO who will build for you for less than a purchase of an already build home. If you don't mind commuting it is the best deal.

Answer 6

The same goes for living in Florida, but we pay for our lots. Most people in Florida have 2 job per persons.

Answer 7

yall should let a true puertoriquena answer this question my relatives in puerto rico are all rich and its true most of them own there land but some choose succesful careers and live great its there choice to live the way they do and if your so worried about it then dont move there plus its always about 100degrees or more

Answer 8

They work to Pay their bills..No quality time..no entretaiment...