Puerto Rico, while not technically a state, is still a part of the United States. It is, in fact, a territory, which does not give PR representation in the US congress or the ability to vote in presidential elections. Puerto Rico is well known for its tropical climate; temperatures hover around 80 degrees Fahrenheit year-round.
Puerto Rico is home to a population of more than 3.5 million, which would make it average sized for a US state. By area, however, it is quite small and the population density would rank 2nd among American states. The economy produces over $100 billion annually, split between industries like manufacturing, financial services, and tourism.
According to recent estimates, the average home value in PR is nearly $200,000. Year over year, this represents a nearly 5% decline. Most of Puerto Rico's population lives in cities. In fact, over 25% of the population lives in the three largest cities in the territory. Read on for more information on popular places to live in PR!
San Juan is Puerto Rico's largest city and economic hub. If you count the entire metro area, greater San Juan is home to over half of the territory's population. The city's economy is built around manufacturing - chemicals, alcohol, textiles, and more - and tourism.
Bayamon is the second largest city in PR, though it is technically part of greater San Juan. The local economy relies largely on agriculture, with coffee, tobacco, and sugar among the major crops. Additionally, Bayamon offers a great deal of shopping options.
Banking in Puerto Rico is a bit different than the rest of the United States, so we're here to offer tips to current residents and those considering a relocation. First, you will not find locations for many of the major American banks on the island. However, you can bank with big names like Santander, Banco Popular, and Doral, which has locations in New York. Puerto Rican banks do carry FDIC insurance, which is important to keep in mind. Below, we've outlined a few of your banking options:
Now that you've seen a few of your options, it's time to compare interest rates for the financial products you're interested in. This is simple when you use RateZip.com's free financial search engine, which allows you to compare offers side by side. Get started now!
Though it is not officially a state, buying a home in Puerto Rico is very similar to buying in the continental US, Alaska, and Hawaii. You will find loans that are guaranteed by Fannie Mae and Freddie Mac, FHA home loans, and VA mortgages.