Puerto Rico is currently facing housing shortage and has skipped payments on some of its debts.
According to the latest news, 30,000 Puerto Rican residents are on the waiting list for public housing and rent vouchers. The situation in the country has gotten worse with the government still resolving the country's debts.
With the current financial problems the country is facing, the country's housing aid may be affected.
Reports stated that Puerto Rico was expected to pay roughly $1 billion in scheduled bond payments on Monday. The $37 million in payments are due from public agencies which caused severed crisis in the islands. Last year, they reached 11.5 percent increase from their taxes to help resolve this ongoing problem.
If the taxes will increase dramatically this year, Puerto Ricans will then find it hard to own houses. Another question that keeps on cropping up is, how will the Puerto Rican government help the 30,000 residents on the waiting lists with a massive debt in their hands?
"The crisis adds to the challenges facing Puerto Rican's consumers. The median household income is less than $20,000 a year," one report said.
Based from the cost of living in Puerto Rico, an average resident could spend $1,750.65 for one apartment price, but the monthly salary is just $1,637.37 [after tax deduction]. With this data, how could an average family own a house with such a small salary with all the rising taxes to compensate the government's debt.
The Puerto Rican government is currently looking for ways to alleviate its debt crisis and once that's solved, the housing problem will soon be tackled.
