Puerto Rico Financial Package
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How to fill out Financial Package?
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FAQ
In 2021, Puerto Rico had a population of 3.31M people with a median age of 43.1 and a median household income of $21,967. Between 2020 and 2021 the population of Puerto Rico grew from 3.26M to 3.31M, a 1.71% increase and its median household income grew from $21,058 to $21,967, a 4.32% increase.
Puerto Rico is a U.S. territory, and Puerto Rican citizens can fill out the FAFSA to request federal student aid. Entering your financial information into the FAFSA can help you determine whether you qualify for grants, scholarships, and loans.
The following data are the most current income statistics for Puerto Rico from the US Census Bureau, are in 2021 inflation adjusted dollars and are from the American Community Survey 2021 5-year estimates. Median Household Income: $21,967. Average Household Income: $34,931. Per Capita Income: $14,047.
The poverty rate in this Pacific island territory is staggering 51%. Of that 51%, 1,800 families income does not exceed $5,000 a year. The poverty rate in Puerto Rico is much higher than any all 50 other states. It doubles the next highest state's poverty rate with Mississippi at 24.2% compared to Puerto Rico's 44.9%.
Puerto Rico's second automatic increase in the minimum wage is July 1, 2023, from $8.50 per hour to $9.50 per hour. With limited exceptions, this increase will apply to all non-exempt employees covered by the Fair Labor Standards Act. The Puerto Rico Minimum Wage Act, Act No. 47-2021, was enacted on January 1, 2022.
Table PopulationIncome & PovertyMedian household income (in 2021 dollars), 2017-2021$21,967Per capita income in past 12 months (in 2021 dollars), 2017-2021$14,047Persons in poverty, percent?? 41.7%54 more rows
Earlier this year, Puerto Rico was approved for up to $109 million in State Small Business Credit Initiative (SSBCI) funds, a small business program reauthorized and expanded under the ARP.
Puerto Rico also lacks economic sovereignty. The U.S. dollar is its currency, U.S. federal regulators oversee its businesses, and U.S. laws dictate its trade policy. Residents pay most federal taxes; their contributions totaled more than $4 billion in fiscal year 2021.