Boca Raton Home Prices: $663K, Down 1% — 9 ZIPs Analyzed (2026)
$663,274. That’s the typical home price in Boca Raton as of February 2026. Prices are down 1% from a year ago, but the recent direction has flipped — values bottomed at $649,377 last September and have climbed every month since.
Quick answer: The average home price in Boca Raton, FL is $663,274 as of February 2026, down 1% year over year according to Zillow.
Current Home Prices in Boca Raton
The numbers tell a split story. Year over year, Boca Raton lost ground. Quarter to quarter, it’s gaining.
| Metric | Value |
|---|---|
| Median home price | $663,274 |
| Year-over-year change | -1.0% |
| Most expensive ZIP | $1,042,233 (33432) |
| Most affordable ZIP | $227,311 (33434) |
| ZIPs analyzed | 9 |
| Metro area | Miami-Fort Lauderdale-Pompano Beach |
| Data through | February 2026 |
The $815,000 gap between the cheapest and priciest ZIP is wider than the entire median price of most American cities. That spread is the story of Boca Raton — luxury coastal blocks pulling the average up, inland condo communities pulling it down.
The 1% annual drop sounds modest. It is. South Florida coastal markets that ran hot from 2020 through 2023 are settling, not crashing. Boca Raton’s pullback looks small next to other Florida cities that fell harder.
You should also look at the recent trend. Five months of monthly gains in a row suggests buyers found a floor late last summer. Whether that floor holds depends on insurance costs, mortgage rates, and how long sellers stay patient.
Boca Raton Home Prices by Neighborhood
Nine ZIP codes cover the city. Three sit above $750K. Three sit below $500K. The rest cluster around the median.
| ZIP Code | Median Home Price | Median Rent |
|---|---|---|
| 33432 | $1,042,233 | $3,186 |
| 33496 | $968,702 | $3,003 |
| 33498 | $770,331 | $5,167 |
| 33486 | $731,599 | $2,503 |
| 33487 | $664,881 | $3,108 |
| 33431 | $630,412 | $3,008 |
| 33428 | $484,349 | $2,730 |
| 33433 | $449,648 | $2,759 |
| 33434 | $227,311 | $2,671 |
Most Expensive
33432 tops the list at $1,042,233 — the downtown and beachside ZIP that anchors Boca’s luxury reputation. 33496 at $968,702 covers the gated communities west of the Turnpike, where rents run roughly the same $3,000 as cheaper coastal areas. 33498 at $770,331 carries the highest rent in the city by far ($5,167), suggesting a thin rental supply tilted toward larger single-family homes.
Most Affordable
33434 is the outlier at $227,311 — less than half the price of the next-cheapest ZIP and a likely concentration of older condo stock. 33433 at $449,648 offers the second-lowest entry point with rents under $2,800. 33428 at $484,349 rounds out the affordable tier, with the lowest rent in the city at $2,730 a month.
Rent vs Buy in Boca Raton
Renting wins on monthly cash flow. Buying wins if you stay long enough.
| ZIP | Monthly Rent | Home Price |
|---|---|---|
| 33434 | $2,671 | $227,311 |
| 33428 | $2,730 | $484,349 |
| 33486 | $2,503 | $731,599 |
| 33432 | $3,186 | $1,042,233 |
| 33498 | $5,167 | $770,331 |
Run the math on the citywide median. A $663,274 home with 20% down ($132,655) leaves a $530,619 mortgage. At a 7% rate over 30 years, principal and interest alone runs about $3,530 a month. Add property taxes (Florida averages about 1% of assessed value, or $550 monthly here) and homeowners insurance — which in coastal Florida can easily exceed $400 a month — and you’re past $4,500 before HOA fees.
Citywide median rent looks closer to $3,100 across the nine ZIPs. That’s a $1,400-plus monthly gap between renting and the carrying cost of owning.
The math flips with appreciation and tax deduction over a long hold. But for buyers planning to leave within five years, renting in Boca Raton currently saves real money each month.
Population Growth and Migration
Boca Raton added 3,988 residents between 2020 and 2024. That’s a 4.1% gain — positive, but slow compared to other Florida growth markets.
| Year | Population |
|---|---|
| 2020 | 98,250 |
| 2021 | 98,829 |
| 2022 | 100,447 |
| 2023 | 101,421 |
| 2024 | 102,238 |
Growth is steady. Each year added more people than the one before, with no contraction. The 2024 total of 102,238 marks a new high.
How does that compare to other Florida cities?
| City | 2024 Population | 4-Year Growth |
|---|---|---|
| Port St. Lucie | 258,575 | +25.0% |
| Cape Coral | 233,025 | +19.2% |
| Miami | 487,014 | +10.0% |
| Orlando | 334,854 | +8.8% |
| Tampa | 414,547 | +6.7% |
| Boca Raton | 102,238 | +4.1% |
Boca Raton is growing slower than every comparable Florida market. That matters for housing demand. Cities adding 20% population see chronic supply pressure. Cities adding 4% see balanced markets where prices respond to rates and inventory rather than relentless demand. The 1% price drop in Boca tracks with that softer demand picture.
Boca Raton Housing Market Trends
The 12-month chart shows a market that fell, found support, and started climbing.
| Month | Median Price |
|---|---|
| March 2025 | $669,768 |
| April 2025 | $667,221 |
| May 2025 | $664,604 |
| June 2025 | $661,480 |
| July 2025 | $656,859 |
| August 2025 | $652,304 |
| September 2025 | $649,377 |
| October 2025 | $649,605 |
| November 2025 | $651,458 |
| December 2025 | $654,898 |
| January 2026 | $658,742 |
| February 2026 | $663,274 |
Prices fell every month from March through September 2025 — a $20,391 drop over six months. Then the trend reversed. Five consecutive monthly gains have erased most of the loss, putting February 2026 back within $6,500 of where the year started.
That’s an unusually clean V-shape for a real estate market. It suggests sellers stopped cutting prices and buyers stopped waiting for cheaper deals around late summer.
Is Boca Raton a Good Place to Buy in 2026?
Mixed signals. The annual number says prices are still down. The recent five months say the floor is in.
For buyers, the case to act: prices rose every month since September, the recent low looks established, and slow population growth means you won’t be bidding against a flood of new arrivals. Inventory in slower-growth Florida markets tends to come back faster than in Tampa or Orlando.
For buyers, the case to wait: insurance costs in coastal Florida remain unstable, condo special assessments after the Surfside-related reforms keep hitting older buildings (relevant for 33434’s price level), and mortgage rates near 7% make the rent-vs-buy math favor renting at every price point in the city.
The neighborhood gap matters too. A $227K condo in 33434 is a different financial decision than a $1M home in 33432. The first looks like a value play if HOA and assessment risk check out. The second is a luxury purchase where short-term price moves matter less than location.
Boca Raton Housing Market Outlook for 2026-2027
The 3-month trend points up. February’s $663,274 is $13,897 higher than November’s reading. Annualized, that pace would push prices past $700K within a year.
That’s unlikely to hold. The same trend data shows Boca Raton can flip direction quickly — six straight monthly drops followed by five straight gains. If the current pace continues, expect the year-over-year number to turn positive by mid-2026 as the weak spring 2025 months roll off the calculation.
The bigger question is what happens after the bounce-back. Slow population growth, high carrying costs, and a wide rent-to-buy gap argue against runaway appreciation. A flat-to-modestly-positive trajectory through 2027 fits the data better than a return to 2021-style gains.
Similar Markets in FL
If you’re comparing Boca Raton to other Florida options, these cities sit nearby on the price scale or geography:
- Fort Lauderdale — closest direct comparison in the same metro, similar coastal premium
- Pembroke Pines — inland Broward alternative for buyers priced out of coastal Boca
- Miami — bigger market, faster growth, generally higher prices than Boca’s median
- Port Saint Lucie — the fastest-growing Florida city on the comparison list, often cheaper than Boca
- Tampa — Gulf Coast alternative with different storm and insurance dynamics
Frequently Asked Questions
What is the average home price in Boca Raton?
The average home price in Boca Raton is $663,274 as of February 2026. That number spans nine ZIP codes ranging from $227,311 in 33434 to $1,042,233 in 33432.
Are home prices going up or down in Boca Raton?
Year over year, prices are down 1%. But the short-term direction has flipped — values rose every month from October 2025 through February 2026, climbing $13,897 over that stretch.
Is it cheaper to rent or buy in Boca Raton?
Renting is cheaper monthly. Citywide rents average around $3,100 per ZIP, while owning a $663K home with 20% down at current rates costs roughly $4,500 a month before HOA — a gap of $1,400 or more.
What is the most affordable neighborhood in Boca Raton?
ZIP 33434 is by far the cheapest at $227,311, less than half the price of any other ZIP in the city. The next-most-affordable areas are 33433 at $449,648 and 33428 at $484,349.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.