Can You Live on $1000 a Month in Puerto Rico?
Rent isn’t cheap in Puerto Rico, but it’s not as high as you might think. While utilities and groceries are expensive, you can still afford them. The minimum wage in Puerto Rico is around 1100$, so it’s not too difficult to make ends meet. Food is the biggest expense, accounting for about 38% of your income. But don’t worry, it’s still affordable.
The minimum wage in Puerto Rico is just $7.25 an hour. The minimum wage will automatically increase to $8.50 per hour on Jan. 1, 2022, and $9 percent on July 1, 2023. In other words, you can live comfortably on less than $1000 per month. This is not only affordable for those looking to retire, but also for those just starting.
Rent is another issue that can eat up your budget. Although Puerto Rico is part of the U.S., private insurance is often cheaper and comes with lower co-pays. The average monthly rent is $420 per month, and most other expenses are around $640. That means you need to look for apartments or houses on the outer outskirts of the island.