The typical owner-occupied home in Lares Municipio is worth about $105,100, 20% below the Puerto Rico median of $131,500 and 68% below the national median of $332,700. Owners pay a median $199 a year in property taxes, about 0.19% of their home's value, lower than the Puerto Rico rate of 0.49%. The median household earns $18,917 a year, so the median home costs 5.6 times the median income (5.0 times for Puerto Rico). 63% of occupied homes here are lived in by their owners, and 23% of those owners still have a mortgage.
Lares Municipio at a glance
| Lares Municipio | Puerto Rico | U.S. | |
|---|---|---|---|
| Median home value | $105,100 | $131,500 | $332,700 |
| Median property tax paid per year | $199 | $646 | $3,119 |
| Property tax as a share of value | 0.19% | 0.49% | 0.94% |
| Median household income | $18,917 | $26,297 | $80,734 |
| Homes lived in by their owners | 63% | 68% | 65% |
| Owner homes with a mortgage | 23% | 37% | 61% |
| Median monthly costs, owners with a mortgage | $705 | $946 | $1,963 |
| Those costs as a share of the owners' income | 29.3% | 24.1% | 21.0% |
| Median rent | $505 | $578 | $1,413 |
| Rent as a share of renters' income | 30.6% | 30.4% | 30.6% |
| Median year homes were built | 1984 | 1979 | 1980 |
| Vacant homes | 16.6% | 21.0% | 10.1% |
| Population | 27,855 | 3,234,309 | 334,922,499 |
What a typical home costs per month in Lares Municipio
At this week's average 30-year rate of 7.11%, buying the median Lares Municipio home of $105,100 with 20% down costs about $626 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $801, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $26,830 for the 20%-down payment. That payment is 40% of the median Lares Municipio household income of $18,917; at that income and 20% down, the 28% guideline points to a home of about $74,000.
The median rent here is $505 a month, so owning the median home costs about $121 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $21,020 |
|---|---|
| Loan amount | $84,080 |
| Principal and interest | $566 |
| Property taxes (0.19% a year) | $17 |
| Homeowners insurance (our estimate, 0.5% a year) | $44 |
| PMI | $0 |
| Total per month | $626 |
Change the numbers in the calculator
| Down payment | $3,678 |
|---|---|
| Loan amount | $103,196 |
| Principal and interest | $694 |
| Property taxes (0.19% a year) | $17 |
| Homeowners insurance (our estimate, 0.5% a year) | $44 |
| FHA mortgage insurance | $46 |
| Total per month | $801 |
Change the numbers in the calculator
Questions about home buying in Lares Municipio
What is the median home value in Lares Municipio?
About $105,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lares Municipio?
Homeowners pay a median $199 a year, which is about 0.19% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Lares Municipio?
For the median home with 20% down at 7.11%, the payment is about $626 a month. Keeping that under 28% of gross income takes about $26,830 a year.
More about Lares Municipio
- Mortgage Refinance in Lares Municipio
- Debt Relief in Lares Municipio
- Home Equity Loans in Lares Municipio
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data