Is Boca Raton Expensive?

Like many other people who have been seeking a life in a gorgeous oceanfront city, turning your gaze towards Boca Raton, Florida is not a surprise. The city has many attributes that attract people towards its shores and just by taking a closer look at the pros and cons of living in Boca Raton, FL, it’s easy to see why. From the beaches to those amazing things to do in Boca Raton, Florida, living there really seems like a dream come true.

Dreams are reachable as is Boca Raton, but for living in this great coastal city, people consider that a higher income is necessary. Life in Boca Raton, FL, as in many other coastal cities along the Atlantic oceanfront, is more accessible for those with higher earnings, but it can also be approached by those with a median household income. 

When it comes to living in Boca Raton, however, the cost of living is directly proportional with the way of life available in the city. The school ratings, low crime rates, the overall aspect and feel of the city are managed by the city’s leaders and a good and successful management leads to a more expensive living cost. The improvements added to the city in order to maintain a low crime rate or to further improve the educational system is transmitted to the residents’ wallets in taxes. We’ll take a closer look at how expenses are spent in the city of Boca Raton and what moving to this city can mean for your family’s lifestyle. If you can afford to live in this city, you can get in touch with real estate agents in Boca Raton, FL and start the search for your dream home in Boca Raton.

Cost of living in Boca Raton, FL

Looking over the other metro areas from Florida, Boca Raton has been assessed as the second most expensive area to live in based on the monthly rent costs. If the median rental cost in Florida is around $1,700, currently the median monthly rent in Boca Raton, FL is $2,400. To say that the costs are higher would be an understatement. When it comes to housing costs the difference is similar in percentage. While in Florida the median home cost is $248,000, the cost for purchasing a home in Boca Raton, FL is at a medium of $349,000. A difference of approximately 40% is quite large but there is a higher percentage of homes that cost above $500,000 in the city than they are in the state, which increases the average cost of a home in the city.

Overall, however, the cost of living in Boca Raton, FL is only 18% higher than the national average and 15% higher than the state’s average. The reason why we use the word “only” is because such a high difference in housing costs translates into the overall cost of living and the expectancy would have been a much higher cost of living than the rest of the state. However, the city of Boca Raton, FL wins points for having an affordable healthcare system as well as less expensive utilities costs. Healthcare is 14% more affordable in the city of Boca Raton than it is in the rest of the country while utilities cost 7% less than the national average. 

All these expenses are covered by a family’s median household income and this is another area where Boca Raton, FL comes in front. For a city that does have a higher cost of living, it is important for the residents to be able to afford to continue living there and to have access to a high quality of life. In order to ensure this, the salaries in Boca Raton are around 35% higher in the city than they are in the state. While a family from Florida makes a median household income of $53,000, the median household income for a family from Boca Raton, FL is around $81,000.