Boca Life

Study: Boca Raton is America’s Second-Happiest Affluent Community

by
Daniel Nee
December 13, 2024

The Atlantic Ocean along Spanish River Park, Boca Raton, FL. (Photo: Boca Daily News)

Money may not buy one happiness, but communities known for their affluence can offset an elevated cost of living with amenities and a lifestyle that makes residents smile.

In a study released earlier this week, CardRates, a financial consulting company and website, surveyed more than 3,000 residents of suburban communities deemed “affluent” by its creators, and used a methodology to gauge the level of happiness among residents of those communities. Across America, Boca Raton came in second out of 150 cities for happiest residents, beaten out only by a northern neighbor. Five out of the top ten cities on the list were located in Florida.

Taking the top spot was Palm Beach, home to celebrities, billionaires and President-Elect Donald Trump. A close second, however, requires a short trip down I-95.

“At number 2 is Palm Beach’s near-neighbor, Boca Raton,” the study said. “It’s home to plenty of golf courses, the stunning, Mediterranean Revival-style Boca Raton Hotel, and more sun-kissed stretches of sand.”

The study found home prices or rent was the most expensive factor of living in the city, where the overall cost of living is 28 percent above the U.S. average, and 26.4 percent higher than Florida’s state average. Still, a single-family home can be purchased for as little as $470,000, and property taxes were among the lowest of the communities surveyed.

Over a third of respondents – 38 percent – rated the high quality of schools and the family-friendly environment as the most favorable aspects of the city, “suggesting they feel safe and secure here,” while 34 percent loved the access they had to nature and outdoor activities. Proximity to high-paying job opportunities was rated by 16 percent while a vibrant cultural or social scene was appreciated most by 12 percent.

The majority of respondents said if they were to experience financial trouble, they would cut back on other expenses or seek a new or additional job rather than find a new city in which to live.

“Our study shows that although living in some of the most desirable areas comes with significant financial strain, it is a price worth paying for many residents, who place an enormous value on the unique lifestyle they bring,” said Jon McDonald, senior editor at CardRates. “It’s a testament to the aspirational appeal of some of these affluent locations.”

After Palm Beach and Boca Raton, communities from across the nation rounded out the top ten, including: