Cost of Living in Puerto Rico (2024)

FAQs

How much do you need to make to live comfortably in Puerto Rico? ›

Total monthly expenses should typically be about four times your monthly rent, so you can expect to retire comfortably in Puerto Rico on about $2,000 per month. Even the more expensive parts of the island are still less expensive than most major U.S. cities.

In summary, while Puerto Rico has some economic challenges like lower incomes and higher poverty rates, its cost of living, especially for housing, is significantly lower than the United States mainland. The U.S. has higher scores on many development indices but also higher income inequality.

In order to comfortably retire in Puerto Rico, you will need approximately $2,000 per month. The cost of living in Puerto Rico is 8.12% lower than it is in America, making retirement in this country a much more affordable option.

For most Americans, moving to Puerto Rico is easy. As a US territory, if you are a US citizen, the door is open for you to live there, as it would be in any American state. However, Act 60 provides financial incentives to entice Americans to move to the island permanently.

You'll still have access to the same care you would stateside. Other perks include; fantastic weather, proximity to the US, possible tax advantages, excellent food, and friendly locals. Puerto Rico offers US citizens a unique experience for studying abroad without the hassle of needing a passport or special visa.

Federal taxes. Residents of Puerto Rico are required to pay most types of federal taxes. Specifically, residents of Puerto Rico pay customs taxes, Federal commodity taxes, and all payroll taxes (also known as FICA taxes, which include (a) Social Security, (b) Medicare, and Unemployment taxes).

As a U.S. territory, Puerto Rico is uniquely able to offer incentives unavailable anywhere else in the world now. If you are willing to establish bona fide residency in Puerto Rico, you can significantly decrease income, capital gains and dividend taxes. Call us at 410-497-5947 if you have tax questions.

Conclusions. Adults living in Puerto Rico have multiple lifestyles risk factors and high prevalence of chronic diseases, namely cardiometabolic and psychological conditions.

The following data are the most current income statistics for Puerto Rico from the US Census Bureau, are in 2022 inflation adjusted dollars and are from the American Community Survey 2022 5-year estimates. Median Household Income: $24,002. Average Household Income: $38,227. Per Capita Income: $15,637.

If you are a U.S. citizen, you may receive your Social Security payments outside the U.S. as long as you are eligible for them.

Why are Americans moving to Puerto Rico? ›

Moving to Puerto Rico comes with lifestyle perks and tax breaks. Trade-offs include healthcare, schools, and furniture. Americans are moving to Puerto Rico for the climate, adventure, and tax breaks. People must also consider other aspects, such as schools, which are struggling to meet demand.

Puerto Rico is a very safe place overall. It's one of the safest places in the Caribbean and compares favorably to many cities on the mainland. Just be sure to take standard precautions and avoid complacency, as you should anywhere else in the United States.

Act 60 - Resident Individual Investor

With total exemption from local income taxes on certain passive income earned after they become “bona fide” residents of Puerto Rico. These new residents of Puerto Rico are entitled to 100% income tax exemption on dividends, interest and certain capital gains.

"Unfortunately Puerto Rico has the worst record in the U.S. for drinking water safety," says Erik Olson, a senior health policy advocate at the Natural Resources Defense Council. And it's not just bacteria and viruses.

Median Household Income: $24,002. Average Household Income: $38,227. Per Capita Income: $15,637. 1.4% of Households in Puerto Rico are High Income Households that make over $200,000 a year.

Public Relations Salary. $65,000 is the 25th percentile. Salaries below this are outliers. $97,500 is the 75th percentile.

The average daily budget for a trip to Puerto Rico can vary widely depending on your travel style and preferences. However, a reasonable estimate is around $100 to $150 per day, which includes accommodations, food, transportation, and activities. Of course, this can be higher or lower depending on your choices.