The Real Cost of Living in Boca Raton

Are you wondering how much it will cost to live in Boca Raton? Check out these essential things that go into the cost of living in Boca Raton, like housing prices, utilities, groceries, etc.

If you are considering moving to Boca Raton and would like to learn more about how much it will cost to live in this city, you have come to the right place. Boca Raton is known for its small-town, old Florida charm and luxurious living.

With Boca Raton being the second largest town in the Plam Beaches, it has a population of a little over 95,000 residents. It has also been ranked as one of the safest and best places to live in the Southeastern part of Florida. This city has so much to offer to its residents and visitors.

Keep reading along as we discuss what it will cost you to live in Boca Raton on average. Before we continue, keep in mind that Boca Raton is located in the Palm Beaches, which is an expensive area making it a wealthy community.

Here are the factors of the cost of living in Boca Raton, Florida.

Overall Cost of Living

As noted above, Boca Raton is located in the Palm Beaches and is a very wealthy community. The cost of living in this city is costly, but it is worth every penny for its beautiful area and homes. Because it is located in a rich neighborhood, the cost of living in Boca Raton tends to be more expensive than in other cities that are nearby, like Fort Lauderdale.

An overview of the cost of living in Boca Raton:

• 20% more expensive than the national average
• 26% more expensive than the state (Florida) average

The average cost of living in this city is $3,266 for one person a month, which is in the top 0.1 percent of the most expensive cities in the world. Boca Raton is ranked the most expensive city in Florida out of 125 cities.

If you are looking for a cheap or super-affordable city to relocate to, there may be better cities for you than Boca Raton.

Housing Cost

The average price of a home in Boca Raton is 45 percent more expensive than the national average. As of February 2023, the median listing home price in Boca Raton was almost $600,000. This is a 12 percent increase from last year. 

On the plus side, the housing market in this city is a buyer's market. This means that the supply of homes is greater than the demand. Being in a buyer's market is an excellent time to purchase a home. This allows the buyers to have a variety of homes to choose from; there is less competition, homes will likely sell for less than the asking price, and more.

Boca Raton has 15 neighborhoods, and there are currently 2,125 homes for sale ranging from $70,000 to $45,000,000. Check out the homes for sale in Boca Raton.

If purchasing a home is not for you at the moment, here are a few things to know about renting in Boca Raton. The average rent for a 1,037 sqft apartment is around $2,880 a month. Most apartments for rent in Boca Raton will be more than $2,000 a month for rent.

Only 32 percent of people rent a home in Boca Raton, and the other 68 percent are homeowners. 

Utilities

Since we've discussed the cost of purchasing or renting a home to live in, let's talk about another necessary expense. Surprisingly, the average utility cost in Boca Raton is 4 percent cheaper than the national average. The average price of utilities in all of Florida is 1 percent more expensive, so Boca Raton utilities are 5 percent more reasonable than the state average.

The average utility bill for a single person is around $130 a month. For a family of four, the monthly bill will be around $200. In order to keep your monthly utility and water bills down, use less and be cautious of how much electricity and water you use around your home.

Income

While reading this guide on the cost of living in Boca Raton, you may be thinking about the average income in this city. According to the U.S. Census Bureau, the median household income reported in 2021 was $89,775. To live comfortably in Boca Raton, a good salary is around $67,000.

Some higher-paying jobs in Boca Raton are General and Operations Managers, Lawyers, Management Analysts, Application Software Developers, Firefighters, Financial Managers, and more. 

Groceries

When it comes to purchasing food and groceries, it is a necessary expense that has to be done. For those who are only feeding themselves, on average, a single person will spend $616 a month on food and groceries. If you have a family of four, you will spend around $1,600 monthly on food. Overall, the cost of food in Boca Raton is 10 percent more expensive than the national average.

Here are some everyday food items and their average price in Boca Raton:

• Loaf of Bread: $3.95
• Dozen of Eggs: $3.99
• 2 Liter Pepsi/Coca-Cola: $2.17
• A gallon of Milk: $5.32

For those who like to dine out at restaurants or get a quick bite at a fast-food restaurant, here are the average prices you will find in Boca Raton.

• Dinner at a restaurant for two people will spend around $85 on average
• A fast-food meal is nearly $10
• A beer at a restaurant, a 16 oz pint glass, is around $7

Transportation

Transportation costs in Boca Raton are 22 percent more expensive than the national average. As of today, the current price for a gallon of fuel is $4.08 for regular gas. That is expensive compared to the national average of $3.54. If you are driving a car as transportation, the way to cut down on how much you spend on gas is only to drive your vehicle when necessary.

However, Boca Raton has a variety of public transportation options. One of those options is the Tri-Rail, a railroad system with 18 stations from Mangonia Park in Palm Beach County to the Miami Airport. Tri-Rail stops in Boca Raton at the Yamato Road Tri-Rail Station. Once you are at the station, there are four free shuttles that will take you around Boca Raton.

There is also a public bus transit system called Palm Tran. For more information on the routes and schedules of this public transportation, check out Palm Tran's website.

Healthcare

Boca Raton is a good place for those looking to move to a city with excellent and affordable healthcare. This city has various hospitals and medical centers while also being in close proximity to larger cities like Fort Lauderdale and Miami, which have more extensive medical systems.

An average doctor's visit in Boca Raton is around $100. The cost of healthcare in Boca Raton is 1 percent higher than the national average but 1 percent lower than the Florida average. One of the best hospitals in Boca Raton is the Baptist Health Boca Raton Regional Hospital.

Entertainment

As you may know, Boca Raton is full of entertainment and family-friendly activities for its residents and visitors to enjoy. Boca Raton is known for its vibrant nightlife scene downtown, where you can find live music venues, wine bars, craft cocktails, dancing, and late-night restaurants.

For those with children, Boca Raton has many museums and parks for you to enjoy with your family. Most of these parks are free to enjoy.

Here are some average entertainment prices in the city of Boca Raton:

• Gym Membership: $50 a month on average
• Cinema Ticket: On average, a ticket costs $12 for one person
• For those who enjoy shopping:
  • A pair of brand jeans is around $53
  • A couple of brand sneakers are, on average, $83
• Museum Visit: Between $12 - $16 for adults; children tend to be accessible at most museums

Taxes

As most people know, one of the greatest things about living in the state of Florida is the fact that residents don't have to pay state income tax. This allows for residents' paychecks to be higher than in other states. However, this may seem great, but the state will generally increase prices on other items like food to compensate for the revenue loss.

The average sales tax rate in Boca Raton is the same as the national average. The total of the state sales tax (6 percent) and the county sales tax (1 percent) is 7 percent. You will see this tax on any goods or services you purchase within Boca Raton.

Surprisingly, Boca Raton has lower property tax rates than other Florida cities.

Pros and Cons of Living in Boca Raton

Pros

• Beautiful city to live in
• Very safe area 
• Affordable Healthcare
• The housing market is not competitive and is a buyer's market
• No income state tax
• Low property taxes
• Affordable entertainment
• Cheap utility costs
• Healthy job market

Cons

• Expensive housing market (for buyers and renters)
• Very expensive overall cost of living
• High gas prices
• Pricey food costs

FAQ

How much does it cost to live comfortably in Boca Raton?

If you are a family of four, be prepared to pay around $3,765 on monthly costs, this is not including mortgage or rent. If you are single, you are looking at monthly fees of about $1,075, not including housing costs.

Is Boca Raton, Florida, an excellent place to live?

Yes. It has a population of a little over 95,000 residents and keeps growing, which shows that people must love living in Boca Raton. This city has also been voted as one of the best places to live in Florida and in the Palm Beach area. It is a safe area and has tons of fun activities and entertainment. Check out our guide on moving to Boca Raton for more information.

Is Boca Raton more expensive than Miami?

Overall, yes, Boca Raton is more expensive than Miami. On average, you will spend around $200 a day in Boca Raton and $164 a day in Miami. Things are more costly in Boca Raton than in a touristy area like Miami.

Is Boca Raton a good place for retired people?

Yes, it is. Boca Raton is a community made for senior living. It is a highly sought-after retirement-friendly community. The city is full of culture and art and is peaceful compared to its surrounding touristy towns. 

What are the most expensive luxury neighborhoods in Boca Raton?

Some of the most expensive subdivisions in Boca Raton are Royal Palm Yacht, St. Andrews, Le Lac, and The Sanctuary. All of these neighborhoods have homes that are worth millions of dollars.

Cost of Living in Boca Raton, FL - Our Last Words

As you read through this guide, we hope this helps you better understand the cost of living in Boca Raton. For it is one of the more expensive cities in Florida, there are still some affordable aspects of the city. Having affordable healthcare, low tax rates, a non-competitive housing market, etc., are just a few of the great things about living in Boca Raton.

It is essential to do your research before moving to a new city. Being able to understand how much it will cost you to live in certain areas is essential in knowing if you can live there comfortably. There are some things about Boca Raton that are way more expensive than the national average, but they also have some aspects that are cheaper.

If you are considering relocating to Boca Raton, you can contact us today to get connected with a local real estate professional. 

Check out our other guides on Moving to Florida, the Best Cities in Florida, Moving to Miami, and Moving to Fort Lauderdale