Boca Raton, Florida, is booming. Over the last two decades, the city’s population has surged, reaching approximately 100,550 in 2024—a notable rise from 98,246 in the 2020 census. This steady 0.58% annual growth rate underscores Boca Raton’s appeal as a premier residential destination. Between 2010 and 2020, the city experienced a staggering 15.37% population increase, more than double the national average of 7.18%.
The COVID-19 pandemic only accelerated this trend, as residents of high-cost urban centers, particularly New York City, sought out more affordable, spacious, and lifestyle-friendly alternatives. Boca Raton became a prime choice, offering high-quality living at a fraction of the cost.
How Boca Raton Stacks Up Against New York City in Cost of Living
One of the biggest drivers behind the migration from New York City to Boca Raton is the significant cost difference. Here’s how the numbers break down:
- Housing Costs: Boca Raton’s housing prices are about 140.3% higher than the national average but still far below New York City’s astronomical real estate market.
- Healthcare: Healthcare costs in Boca Raton are approximately 6.6% lower than the national average, whereas New York’s healthcare expenses remain among the highest in the nation.
- Grocery Costs: Boca Raton’s grocery prices are about 4.3% above the national average, while New York City residents pay significantly more for food and household items.
- Dining Out: Boca Raton offers high-end and casual dining at much lower costs compared to New York City’s premium restaurant scene.
- Transportation:
- Boca Raton is largely car-dependent, but annual transportation costs can still be up to $1,000 lower than in New York City.
- New York residents face high subway fares, expensive taxis, and new congestion pricing fees.
- Taxes:
- Florida has no state income tax, a major financial benefit compared to New York’s high-income tax brackets.
- Property taxes in Boca Raton are also generally lower than those in New York.
Boca Raton’s Growth: Opportunities and Challenges
With its desirable climate, strong economy, and growing real estate market, Boca Raton is positioned for continued expansion. However, this growth presents both opportunities and challenges:
- Real Estate Boom: Increased demand is driving up home prices, making it essential to act quickly when considering a home purchase.
- Economic Growth: The city is attracting businesses, creating job opportunities in various sectors including tech, finance, and healthcare.
- Infrastructure Strain:
- Increased population means more traffic congestion and longer commute times.
- Public services must expand to meet rising demand.
- Community Development: Thoughtful urban planning will be necessary to maintain Boca Raton’s high quality of life.
Why Boca Raton is the Smart Move
For those looking to relocate from high-cost areas like New York, Boca Raton offers the perfect blend of luxury, affordability, and quality of life. Whether it’s for business, retirement, or raising a family, Boca delivers world-class amenities without the financial stress of a major metropolis.
As Boca Raton continues to attract professionals, retirees, and families alike, it remains one of the best places to invest in real estate. If you’re considering a move, my team and I at the Edmund Bogen Team at Douglas Elliman are here to help you navigate the market, find the perfect home, and experience firsthand why so many are making Boca Raton their new home.
Let’s talk—whether you’re ready to buy, sell, or simply explore your options, I’m here to help you make the right move.