Located on the shores of Southeast Florida is the beautiful, lush city of Boca Raton. One of the wealthiest cities in South Florida, Boca Raton is known for luxury and leisure amongst its residents. Mansions, yachts, and private jets are common sightings here, so you’re probably wondering if Boca Raton is affordable for you. Researching the cost of living in Boca Raton is definitely a good idea before committing to moving there. Determining the cost of living isn’t just about looking at real estate prices. It’s important to get a full picture of your new life by factoring in everyday goods and services, tax rates, and average salaries too. That might feel overwhelming, but we did the digging for you! This easy guide has everything you need to know before you decide to make the move so you can decide whether you can afford to live in Boca Raton.
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Boca Raton Cost of Living Index
So how much do you need to earn to live in Boca Raton? Of course the answer depends on your lifestyle, where you want to live in Boca Raton, and the number of members in your household. The first thing you should consider is the cost of living index in Boca Raton. This can help you see how expensive it is to live in Boca Raton. Keep in mind that in Boca Raton, the cost of living index is 16.1% higher than the national average. That might sound daunting at first, but depending upon your field of work, whether you want to rent or buy, and the size of your family, it might not be a problem for you!
The high cost of living in Boca Raton comes down to the housing. The Boca Raton cost of living index shows that housing is 56.2% more than the average cost in the United States. Though some things in Boca Raton are more expensive than the national average, you won’t break the bank across the board. Groceries and utilities are only about 2% more expensive than the national average, and transportation is only .8% higher. There are bright spots that are more affordable too. For example, healthcare in Boca Raton is actually 4.4% less expensive than the national average. That can mean big savings! Boca Raton’s consumer price index went up by 1% over the last 12 months. The consumer expenditures in Boca Raton show that about 36% of residents’ income is spent on housing 18% on transportation, and 12% on food. Other expenses, like insurance, healthcare, and education take up less than 10% on a Boca Raton resident’s income.
Cost of Groceries, Food, Gas & Household Items in Boca Raton
Though living in Boca Raton isn’t cheap, it’s not over-the-top either. Why is Boca Raton so expensive? Well, it’s because you’re living in paradise! But, if you’re unsure whether you can afford it, it can be helpful to look at typical things you spend your money on. You’ll need to know things like the average cost of groceries in Boca Raton or gas prices, since you’ll be spending a lot of money there. Looking at the prices of everyday items and services will help you get an idea of what your day-to-day expenses in Boca Raton will be if you relocate there.
Here is a list of some prices & living expenses you can expect to pay for everyday goods and services in Boca Raton:
- Steak (Ribeye, 1lb.) $9.89
- Milk (regular 1/2 gallon) $2.55
- Eggs (1 Dozen) $1.46
- Potatoes (5 lb bag) $3.88
- Bread (1 loaf) $3.36
- Beer (Heineken’s 6 pack) $9.65
- Average Cell Phone Bill $183.83
- Average Cost of Gasoline (per gallon) $2.29
- Average Cost of Utilities (per month) $171.70
- McDonald’s Burger (1/4 Pounder) $4.55
- Large Pizza $9.87
- Movie Ticket (1st run) $12.34
Boca Raton Real Estate Market – Cost of Housing
Though Boca Raton has a luxurious reputation, there are still affordable real estate options. The median cost of a home in Boca Raton is $390,000, or $208 per square foot. At the moment, the real estate market in Boca Raton is not very competitive. Homes can stay on the market for more than two months, and sell for about 5% below asking price. This is all good news for buyers, but prices are going up. Right now, the average home price in Boca Raton is almost 20% higher than last year.
An overwhelming majority of residents in Boca Raton own their homes. The homeownership rate in Boca Raton is 72.3%, which is almost 10% higher than the national average. Commuters have it easier than the national average here too, with average commute times of 19.2 minutes. Housing costs in Boca Raton can get fairly expensive depending on which are you’re looking at. Some homes will go for over a million dollars, but you can find affordable condos in the $200,000 range.
Boca Raton Rental Market – Average Rents in Boca Raton
Just because most people own their homes in Boca Raton doesn’t mean renting is out of the question! 27.7% of Boca Raton residents rent their apartments or houses. Overall, the average rent in Boca Raton is $2,028 a month. Rent trends in Boca Raton are going down too, with current prices decreasing approximately 3.25% when compared to last year. The average rent for a one bedroom in Boca Raton is $1,673 a month, and a two bedroom is about $2,063.
There are lots of areas throughout Boca Raton with available rentals. The most affordable neighborhoods are Boca Terrace, Palmetto Park Terrace, and Palmetto Park West. If budget isn’t an issue for you, look into Colonnade or Boca West.
Average Salary & Household Income in Boca Raton
The average salary in Boca Raton is $65,000. If you’re an hourly worker, you can expect an average rate of $17.42. The most common occupations of Boca Raton residents are managerial, retail, and chief executive positions. Of course, your specialty determines your income. If you’re a software engineer, you can expect to earn about $76,000 in Boca Raton; if you work in retail sales, you will make about $12 an hour. It’s important to keep this in mind when considering your move, since certain aspects of Boca Raton living may be more expensive than your current location.
The median household income in Boca Raton is $78,419, and this number is increasing annually. Only 8.57% of Boca Raton residents are living in poverty, which is below the national average of 13.1%. Boca Raton has a fairly healthy economy, allowing its residents to afford the higher cost of residing there.
Income, Sales, & Property Taxes in Boca Raton
It’s important to keep taxes in mind when considering a move to a new area. A lot of people forget to take this into account, and it can make a big difference depending on the state! There are income taxes, property taxes, and sales tax in Boca Raton to consider, and every state handles their tax rates differently. Here’s the breakdown for Boca Raton taxes:
Boca Raton Income Tax Rate
Though cost of residing in Boca Raton might be higher than the national average, there is no income tax in Boca Raton! That’s right, the Boca Raton income tax rate is 0%. That’s a huge benefit you will surely enjoy, especially considering the rest of the country currently pays about 11.4% in income tax.
Boca Raton Sales Tax Rate
Sales tax rate in Boca Raton is 7%. 6% of this rate is Florida state sales tax and 1% is allocated to Palm Beach County sales tax. This tax applies to anything you buy in Boca Raton and Palm Beach County.
Boca Raton Property Taxes
There are several factors that will determine how much you’ll pay in property taxes in Boca Raton. The size of your property, lot lines, and value of your property are all taken into account. The good news is the current property tax rate in Boca Raton is 1.118%, which is only slightly higher than the national average.
Can you afford Boca Raton?
Is Boca Raton an affordable place to live? It certainly can be! Though Boca Raton is known for its luxurious appeal, there are options for a wide range of budgets. Considering the beauty of the area and endless amenities, some extra expenses here and there might be worth it to you.
Are you getting ready to call Boca Raton home? Call Meehan’s Family Moving to get the best movers to help you. We’re top-rated Boca Raton movers who know just what it takes to make your move as easy as possible. Call us today at 561-904-6000 for your free quote!