Cost of Living in West Palm Beach-Boca Raton, FL

How far does a $70,000 salary go in West Palm Beach-Boca Raton? Estimated income taxes on that gross salary total approximately $7,241 per year — Florida levies no state income tax, so that figure covers federal tax only. Subtract rent for a 2-bedroom apartment ($2,254/month based on HUD Fair Market Rents for the West Palm Beach-Boca Raton metro area) and the estimated annual take-home is $35,711, or roughly $2,976 per month for everything else: food, transportation, savings, and discretionary spending.

The West Palm Beach-Boca Raton metro has a cost of living index of 156.6 according to the Bureau of Economic Analysis Regional Price Parities (national average = 100). At 57% above average, West Palm Beach-Boca Raton is a noticeably expensive metro — groceries, services, and everyday purchases cost more than in most of the country.

At a $70,000 salary, the estimated 2-bedroom rent in West Palm Beach-Boca Raton represents approximately 39% of gross income. That is well above what most financial advisors recommend, indicating that West Palm Beach-Boca Raton is a financial stretch at a $70,000 salary without roommates or a higher-earning household. Florida's zero income tax helps offset the rent burden compared to otherwise similar cities that also levy state income tax.