Wealth Index
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Boca Raton | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $98,522 | $71,865 | $78,145 |
| Median Personal Income | $98,522 | $71,865 | $78,145 |
| Average income growth | 5.1% | 5.1% | 5.1% |
The median household income in Boca Raton is about 37% higher than in Florida. Income has been growing slower in Boca Raton (5.1%/yr) than in Florida (5.7%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Boca Raton, Florida grew by 45.8% from 2009 to 2023, reaching $98,522 in 2023. That's an average of about 3.3% per year.
Economic Inequality in Boca Raton | Gender Pay Gap | Gini Coefficient
| Metric | Boca Raton | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.572 | 0.566 | 0.570 |
| Male Median Income | $100,905 | $58,426 | $67,746 |
| Female Median Income | $65,446 | $48,893 | $54,793 |
| Gender Pay Gap | 35.1% | 16.3% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Boca Raton, it is 0.572, higher than Florida's 0.566, so income is less evenly distributed here than there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 54% more than women's income in Boca Raton, Florida.
Income by Sex Over Time
Since 2009, the income gap between men and women in Boca Raton, Florida has widened from about 29% to 35% in 2023.
Employment
| Metric | Boca Raton | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 4.8% | 5.2% |
| Working from Home | 20.5% | 13.9% | 13.4% |
| Commute time (minutes) | 18 | 23 | 22 |
The average commute time in Boca Raton is 18 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Boca Raton, Florida has fallen from 8.4% to 5.9% in 2023.
Conclusion
Considering all these factors, Boca Raton, Florida has an overall wealth index grade of B, making it notably better than Florida, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Boca Raton, Florida.
How Rich Is Boca Raton, Florida?
Boca Raton has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $98,522, about 37% higher than the Florida average of $71,865.
What is the current median household income in Boca Raton, Florida?
As of 2023, the median household income in Boca Raton, Florida is $98,522.
What was the median household income in Boca Raton in 2023?
In 2023, the median household income in Boca Raton, Florida was $98,522.
What was the median household income in Boca Raton in 2020?
In 2020, the median household income in Boca Raton, Florida was $81,715.
What is the Gini coefficient in Boca Raton, Florida?
The Gini coefficient in Boca Raton is 0.572. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Boca Raton, Florida?
Since 2009, the income gap between men and women in Boca Raton, Florida has widened from about 29% to 35% in 2023.