Cost Of Living In Boca Raton, FL (Taxes, Housing & More)
Whether you are trying to escape frigid winters or simply want to live a short drive away from Miami, Boca Raton, FL is one of the best cities to live in the state of Florida. In addition to warm winters and over 230+ days of sunshine, you also can find a reasonable cost of living in Boca Raton, FL.
The cost of living in Boca Raton, FL is 21% higher than the US average and 18% higher than Florida’s. Housing costs are 47% higher than in the US, with a median home cost of $423,300. However, the median income is almost 75% higher than the national average, making Boca Raton quite affordable.
The cost of basic living in Boca Raton is just a small 8% higher than the national average. Grocery items and medicinal needs are incredibly affordable in Boca Raton. For detailed information on all cost of living factors in Boca Raton, continue reading.
A Closer Look At The Cost Of Living In Boca Raton, FL
Compared to many other cities in the United States, Boca Raton is surprisingly affordable. Of course, no statement about affordability can be said without proof. If you have been curious about the cost of living in Boca Raton, you can end your search here.
The entire state of Florida has earned a cost of living cost of 102.8 while Boca Raton comes in at just 121.0.
The median home value in Boca Raton is $423,300 and the average utilities for a 1,800 square foot home are only $275 per month. Private education for K-12 children is only $8,000+ per year. Boca Raton also has a lower sales tax than the national average and no state income tax.
Cost Of Living In Boca Raton, FL: Home Ownership
Boca Raton, FL is not far from Miami, but the high costs of the international hub have not completely made their way to Boca. An approximate 55.9% of residents are homeowners in Boca Raton. This is very close to the national average of 56.2%.
The median home value in Boca Raton is $423,300, which is just $131,600 higher than the median value in the United States. The abundant sunshine and quick access to beaches influence home values.
|Location||Median Home Value||Homeownership Rate|
Homeowners in Boca Raton spend at least $1,900 per month on their mortgage and any relevant repair costs. Despite warm temperatures all year long, utility bills for an average-size home are only $275 to $450 each month.
Homeowners have seen their home’s appreciation rise by 16.7% over the past year. Appreciation is expected to continue to rise by another 1% to 3% each year over the next decade as well. Anyone looking to see an ROI on their home will love living in Boca Raton.
Property Taxes In Boca Raton, FL
Boca Raton is located in Palm Beach County. Despite living in the Sunshine State, homeowners only pay 1.02% for property taxes on their home’s value. This means homeowners in Boca Raton, FL only spend $3,692 each year on property taxes on a median value home of $423,300.
Additionally, the homestead exemption can help to lower taxes even more. The exemption in Florida is currently $25,000 on the first $50,000 of your property’s assessed value.
Average Rental Costs In Boca Raton, FL
Only 22.6% of residents are renters. They pay an average of $1,760 per month. Studios and one-bedroom apartments average $1,049 and $1,275, respectively.
A two-bedroom averages $1,579 a month, a 3-bedroom is about $2,121, and a 4-bedroom costs about $2,576.
Average Boca Raton, FL Rent Compared To Other Cities
Utility Costs In Boca Raton
The average resident who rents pays a small utility bill of $135 to $165 per month. Some rentals even have utilities built into the lease agreement, so residents do not have to pay a separate utility bill. Homeowners can expect to spend upward of $450 per month during the summer months.
In addition to utilities, WiFi starts at $70 per month from most providers. Cable is more expensive in South Florida, with packages starting at $90. Waste management and recycling are billed quarterly for homeowners, starting at $50. Oftentimes, homeowners and renters alike are required to supply their own recycling bins.
Taxes In Boca Raton, FL
Boca Raton, FL has fewer taxes than many other cities in the United States. The sales tax rate in Boca Raton is 7%, compared to the 7.3% national average. State income tax is nonexistent in Florida. The national average is 4.6%.
Boca Raton residents have an average income of $48,918 as individuals and households bring in an average of $71,867. Compared to the national averages of $28,555 and $53,482 respectively, Boca Raton residents save thousands each year by living in Florida.
|Taxes||Cost & Rate||National Average|
|State Income Tax||0%||4.6%|
|Gasoline||$0.42 Per Gallon||$0.29 Per Gallon|
Boca Raton and the entire state of Florida have a higher gasoline tax, which is $0.42 per gallon. Since the average person drives 656 miles a year, you may spend up to $276 in gasoline tax.
Cost Of Living In Boca Raton, FL: Food Costs
Fortunately for residents, food and groceries are not exorbitantly priced. Groceries are only 10.2% more expensive in Boca Raton than in the rest of the country. A couple typically spends up to $400 for an entire month’s meals and snacks.
Basic groceries range from average to highly-priced. A gallon of milk, for example, is $6.16 per gallon. On the other hand, cage-free eggs and a pound of children are reasonably priced at $2.64 to over $4.80, respectively.
|Gallon of Milk||$6.16|
|Pound of Chicken||$4.80|
|Pound of Beef||$6.16|
|Pound of Apples||$2.00|
|Dinner & Drinks For 2||$80+|
With such a range of cuisines, it’s hard for residents to not want to eat out every single day of the week. Those who want to go on a romantic date night can enjoy dinner, desserts, and drinks for two starting at $80. Single diners can enjoy a nice meal for $13.50 and a drink for around $6 each.
Gas in Boca Raton, FL costs roughly $3.42 per gallon. Since many homes are located in suburbs, some additional driving is to get to the gas pump. Residents also need to consider that an impending hurricane or tropical storm can affect gas prices.
Those who drive the average amount each year will use approximately 656 gallons of gasoline. This means residents pay up to $2,243 for gas, of which $276 goes to taxes.
Cost Of Living In Boca Raton: FL: Public Transportation Costs
The Palm Tran is Palm Beach County’s regional bus service. Children under 8 years old, police officers, and riders with an ADA photo ID car can ride the bus for free. Seniors over 65 years old, students under 21 years old, disabled riders, medicare recipients, and veterans receive a discounted fare. Proper identification is required. Otherwise, the regular fare must be paid in order to ride.
Those who do commute to Miami can take the Tri-Rail system. It has the same fares as the Palm Tran.
|Single Fare||$2.00 / $1.00 (discounted)|
|Unlimited 1-Day Pass||$5.00 / $3.50 (discounted)|
|Unlimited 31-Day Pass||$70 / $55 (discounted)|
At this time, there are no annual passes. Certain reduced passes may not be available on all routes. This means some routes will require all riders to pay full price.
Education Costs In Boca Raton, FL
Boca Raton offers a number of public schools for K-12 students to attend. However, many parents are not thrilled with public education. Therefore, many students are enrolled in private schools. The annual cost of private education in Boca Raton is $8,000 per year.
Florida Atlantic University is the largest university provider in the city. Tuition is $31,633 for in-state students and $67,775 for out-of-state students. Lynn University is a private college that offers many of the same programs as FAU. In-state and out-of-state students pay $52,230 for tuition alone.
Everglades University is another higher education option for students to attend. This private university boasts tuition costs exceeding $89,790 for all students and programs.
The costs provided for all three higher education options do not include textbooks, meals, housing, and other educational materials. Students will need another $12,000 to $40,000 throughout the course of their education to cover these costs.
Is Boca Raton, FL Right For You?
The cost of living in Boca Raton, FL is only 21% more expensive than the United States national average. This makes the city incredibly affordable. Residents will find that all basic living items are only 10% higher than they are in other cities.
Florida is perfect for those who do not want to pay high taxes. With a local sales tax of 7.0% and income tax of 0%, Boca Raton residents save thousands each year. Residents also have low property taxes. On a $341,500 median value home, residents will only pay $2,835 in property taxes each year.
Those who are not quite ready to own a home in Boca Raton will find housing for rent at only $1,760 per month. Boca Raton is one of the best cities in Florida with an incredibly low cost of living. Anyone who is looking to move to Boca Raton will quickly fall in love with the city.
How much do you need to make to live comfortably in Boca Raton, FL?
To live comfortably in Boca Raton, a single person with no children should make at least $32,500 a year. If that person has a child, they should make about $69.000.Of course, with certain lifestyle adjustments and tweaks you can get away with bumping this number down a bit, as well as the education and daycare choices you make.The median income of a single resident in Boca Raton is $48,918 and the median household income is $71,867. Both of these are well over the national median incomes.The unemployment rate in Boca Raton is 3.9%, well under the national average of 6%. It has a future job growth prediction of 43.8%, which is above the US average of 33.5%.
Is Boca Raton, FL a safe place to live?
Overall, Boca Raton is a safe place to live with an overall crime rate of 8% below the national average. The violent crime rate is 48% below the national average and the property crime rate is about even.There are roughly 206 violent crimes and 1,996 property crimes reported annually. However, it depends on what part of the city you’re in.Residents recommend staying in the southwest areas of the city, where your chances of being a victim are about 1 in 61. However, move more east, and your chances go way up, to 1 in 11.
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