CALCMONEY // HOME AFFORDABILITY // FL // BOCA RATON
How much house can you afford in Boca Raton? Based on local median home prices, current FL mortgage rates, and Boca Raton property tax data.
$1,025,000
$6,682/mo
$286,362/yr
$565,040
Monthly housing costs of $6,682 represent 43.9% of Boca Raton's median gross monthly income ($15,208/mo). At 43.9%, median-income buyers in Boca Raton are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $1,025,000 |
| Down Payment (20%) | $205,000 |
| Loan Amount | $820,000 |
| Monthly PI Payment | $5,401 |
| Monthly Property Tax | $854 |
| Monthly Insurance Est. | $427 |
| Total Monthly PITI | $6,682 |
| Housing Cost % of Income | 43.9% |
| Required Income (28% rule) | $286,362/yr |
| Max Affordable Home | $565,040 |
$35,875
$8,496/mo
Boca Raton Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $1,025,000 | Boca Raton city median |
| Down Payment (20%) | $205,000 | Conventional loan |
| Monthly PITI | $6,682 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $286,362 | Annual gross |
| Max Affordable Home | $565,040 | Based on median income |
| FHA Down (3.5%) | $35,875 | Minimum FHA |
| Housing Cost % of Income | 43.9% | Median income: $182,500/yr |
| Property Tax Rate | 1% | $10,250/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Boca Raton is $1,025,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $820,000, generating a monthly P&I payment of $5,401. Adding property taxes ($854/mo) and homeowners insurance ($427/mo) brings total monthly PITI to $6,682.
Boca Raton's property tax rate of 1% is near the national average, adding a standard increment to monthly housing costs. On the Boca Raton median home, that is $854/month, or $10,250 per year.
Florida has no state income tax, improving effective take-home pay for Boca Raton residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Boca Raton's median income of $182,500/year can afford up to $4,258/month in total housing costs. Based on Boca Raton's mortgage rate of 6.9% and property tax rate of 1%, that translates to a maximum affordable home price of approximately $565,040 with 20% down on a 30-year loan.
To afford the median Boca Raton home priced at $1,025,000, you need an annual gross income of approximately $286,362. Total monthly housing costs (principal and interest of $5,401, property taxes of $854, and insurance of $427) come to $6,682/month, which equals 28% of the required income.
At the median home price of $1,025,000 and median household income of $182,500, the total monthly housing cost of $6,682 represents 43.9% of gross monthly income. This is well above the standard 28% threshold, making Boca Raton a challenging market for buyers at median income.
A conventional 20% down payment on the median Boca Raton home of $1,025,000 is $205,000. An FHA loan requires just 3.5% down — $35,875 — but adds mortgage insurance of roughly $701/month, bringing total FHA payments to $8,496/month.