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Boca Raton Real Estate Market Facts

  • $381,600Median home price
    129% higher than Florida
  • $1,500Median rent asked
    45% higher than Florida
  • 69.0%Home owners
    7% higher than Florida
  • 2.3People per home
    12% lower than Florida
A general overview of the Boca Raton, FL real estate market is displayed above. The median home price for homes in Boca Raton, FL is $381,600, which is 129% higher than the Florida average. This means that real estate in the Boca Raton, FL area is generally less affordable than the rest of Florida. The median rent price in Boca Raton, FL is $1,500 which is 45% higher than the Florida average. In Boca Raton, FL, 69.0% of people are home owners and an average of 2.3 people occupy each home. From luxury houses to affordable condos to urban townhomes, there are many different types of real estate in Boca Raton, FL. We make it easy to find Boca Raton, FL real estate listings and homes for sale by filtering location, price, bedrooms and bathrooms in the search area above.

Boca Raton Home Affordability

  • $381,600Median home price
    129% higher than Florida
  • $72,970Median home income
    49% higher than Florida
  • 5.2xHome price to income ratio
    53% higher than Florida
Home affordability can be a very important factor when determining where to purchase real estate in Boca Raton, FL. One method that can be used to calculate home affordability is the home price to median household income ratio. The median home price in Boca Raton, FL is $381,600 and the median household income is $72,970. This results in a home price to income ratio of 5.2x, which is 53% higher than the Florida average. The home affordability ratio is calculated by dividing the median home price by the median home income. A lower than average home price to income ratio means that homes in Boca Raton, FL are more affordable based on the median price of homes compared to home income. Of course, there are many other factors to consider when focusing on home affordability. Use the home affordability calculator below to see exactly how much you can afford to pay for real estate in Boca Raton, FL.

Boca Raton Affordability Calculator

Include PMI
You can afford a home up to:
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Monthly income breakdown
  • Monthly income
  • Monthly payment
  • Debt payment
  • Income taxes
  • Remainder
When searching for real estate in Boca Raton, FL, it is important to find a home that fits comfortably within your budget. The home affordability calculator allows you to determine what price of home in Boca Raton, FL you can afford based on your income, debts and down payment. For an even more complete picture, you can add in further details such as: length of mortgage term, mortgage rate, property taxes, home insurance and HOA dues. This will estimate the costs of home ownership and display the home price that would fit within that budget. Knowing the price of home that you can afford in Boca Raton, FL before you begin the house hunting process will keep you from getting too emotionally invested in homes that you may not be able to afford. The home affordability calculator will also allow you to balance your budget, so you know exactly how much will be spent on housing and how much you will have left over for any other living expenses and savings.

Boca Raton Mortgage Calculator

Your monthly payment will be:
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  • Monthly payment
  • Mortgage
  • PMI fees
  • Property tax
  • Home insurance
  • HOA dues
What will my monthly costs be if I purchase Boca Raton, FL real estate? There are many different variables that go into determining the monthly cost of a home. The biggest is obviously the home price. But after the actual price of the home you will also need to consider the down payment, loan term, interest rate, property taxes, home insurance, HOA dues and PMI (private mortgage insurance). PMI payments can be avoided for homeowners that are able to put 20% or more towards a down payment. The mortgage calculator has preset default values for these details, but they may be adjusted to give you a more accurate monthly payment estimate. Keep in mind that a good rule of thumb is to keep the DTI (debt-to-income) ratio to no more than 36 percent. This means that no more than 36 percent of gross monthly income should go to paying all debts.

Boca Raton Demographics

  • 91,702Population
  • 3,167People / sq mile
  • 46.3Median age
  • 0.9:1Male/Female ratio

Nearby cities with low home prices

City, StatePopulationHome PriceNational Avg.
Watergate, FL3,527$74,00060%
San Castle, FL4,622$88,90052%
Lauderdale Lakes, FL34,321$93,40049%
Seminole Manor, FL2,925$94,80049%
Lauderhill, FL70,452$103,70044%
Boca Raton, FL91,702$381,600107%

Cities with similar population

City, StatePopulationHome PriceNational Avg.
Westminster, CA91,635$499,400170%
Miami Beach, FL91,784$398,600116%
San Marcos, CA91,479$418,200126%
Lynn, MA92,074$263,70043%
Redding, CA91,320$232,00026%
Boca Raton, FL91,702$381,600107%
Source: The Boca Raton, FL housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).