Puerto Rico, Getting Screwed…

An article it today’s El Vocero talks about the increasingly difficult economic situation in Puerto Rico:

  • Like the rest of the U.S., Puerto Rico faces increasing construction costs, while salaries stagnate.
  • Puerto Rico has the worst spending power / cost of ownership ratio of any U.S. territory. That is, Puerto Ricans are the U.S. citizens that are the least likely to be able to afford the cost of their mortgage.  Homes are more expensive – a function of island living and concrete and rebar construction – while salaries are at the bottom of the curve for practically all industries.
  • And yet, there is hope. We Puerto Ricans seem to have a much stronger investment ethic than our American brethren… 75% of Puerto Rican families own the home that they live in, while this number is less than 70% for the 50 states.
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