What is the Cost of Living in Beautiful Boca Raton?

 

Boca Raton is a thriving coastal city in Palm Beach County, Florida, renowned for its upscale lifestyle, proximity to world-class beaches and nature trails, distinctive museums, and high-caliber entertainment.  Residents enjoy a charming small-town feel with the conveniences of a major city, including access to excellent healthcare and medical facilities, gourmet restaurants, championship golf and tennis, walkable shops, and charitable organizations that host year-round events.

Money is one of the most motivating factors in purchasing real estate.  If you desire low unemployment rates, abundant safe and secure communities, and bucolic, tree-lined neighborhoods, you have come to the right place.  Boca Raton is located on the east coast of Florida about 35 minutes from Fort Lauderdale and approximately 25 minutes from West Palm Beach, making it perfectly situated between two larger cities and two major airports.

Some of the country’s most coveted real estate is in Boca Raton, and a good real estate investment can be made here since luxury real estate is always traded. With that said, the cost of real estate, equity payments, membership dues, home insurance, and healthcare varies significantly from one zip code to another, affecting the purchasing power of buyers. Therefore, it is essential to speak with a member of our esteemed team to guide you through the process.

Boca Raton is an affluent city with upscale neighborhoods and A-rated schools. The cost of housing in this city will likely be higher than inland communities in Coral Springs, West Delray, and Parkland but moving to Boca Raton is well worth it.  Boca Raton has a thriving downtown, elite country clubs, and is beloved by both part-time and full-time residents alike.  Boca Raton offers family-friendly developments and communities geared towards those 55+. There are a wide array of property types, including gated communities, beachfront condos, single-family homes, lakefront apartments and condos, and grand estates.

The median listing home price in Boca Raton, FL was $679.5K in July 2023. The median listing home price per square foot was $372. The median home sold price was $550K.  On average, homes in Boca Raton, FL sell after 54 days on the market.

The best neighborhoods in Boca Raton, Florida are Broken Sound Country Club, St. Andrews, Woodfield Country Club, and Boca West, to name a few. Boca Raton, FL hosts 25 public schools rated good and higher.  You can also find 30 top-ranked private and charter schools.

There is no state income tax in Florida making it one of the top places to plant down roots. Approximately 22 million year-round residents enjoy more than 1,000 miles of coastline and no personal income tax.  Living in a state with no income tax - as of this writing there are only nine, including Florida - means less money comes out of your paycheck, and come tax season you only have to submit a federal return. This important aspect of Florida law factors into the affordability and cost of living in Boca Raton. Along with income, Florida doesn’t place a tax on inheritances, gifts or intangible personal property, like shares. In short, moving to Florida equates to good news for your bottom line and finances.

Worried about the headlines surrounding homeowners’ insurance availability and high rates?  Simply stated, don’t. There are home insurance plans you can take advantage of that will offset rising rates, including getting an umbrella policy or signing up with Citizens Property Insurance Corp., which is backed by the state of Florida.

Crunch the numbers. Think about how you’ll fund your real estate purchase and explore whether you can pay cash to avoid rising mortgage rates.  Consider different lender types, too, such as mortgage bankers and mortgage brokers. Prepare for out-of-pocket expenses, repairs, and upfront costs.

The Buying Process. Be aware of contract contingencies and deadlines, including home inspections, appraisals, deposit due dates, title searches, HOAs and country club fees, and equity payments.

The De Marzo Luxury Group will walk you through all contract terms and negotiate with skill and finesse on your behalf to get you the best deal.  We can share details about all fees and equity payments in any community here, but especially Broken Sound Club where we love to live.

Spend every day in paradise if you spend wisely on your real estate purchase.  Let us help you achieve that aim when you buy in Boca! 

If you are considering a move to South Florida, allow The De Marzo Luxury Group to share invaluable market and financial expertise that can meaningfully reduce your cost of living in Boca. Working with us gives you unparalleled access to information about market conditions, pocket listings, properties for sale, and a home’s value that will help you make a sound, financially rewarding real estate decision.

 

Anne De Marzo is a Boca Raton real estate agent highly ranked for her exceptional client services and specialized industry knowledge. Learn more about high-end neighborhoods and find your next Boca Raton property with Anne.