C-
21%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
62%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Royal Palm Beach Florida National
Cost of living12198100
Goods & Services10598100
Groceries10499100
Health care9396100
Housing16296100
Transportation10199100
Utilities10397100

An Overview of Cost of Living in Royal Palm Beach, FL

Are you thinking about relocating, but curious about the potential cost of living in Royal Palm Beach? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Royal Palm Beach stands at 121, making it 21% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

If you value affordability in your search for a new place to live, Royal Palm Beach may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Royal Palm Beach falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs are a very significant part of the Royal Palm Beach cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 61.9% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Royal Palm Beach Affordable?

Is Royal Palm Beach affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Royal Palm Beach, for instance, where the median home price falls 54.1% higher than the national average, and monthly rent rates are 80% higher than usual. Additionally, median income levels contribute to the equation, with Royal Palm Beach flaunting a median household income of $83,636, 51.2% higher than the national norm.

What Factors can Influence the Cost of Living in Royal Palm Beach?

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Royal Palm Beach, the transportation index is 1.1% higher than the national average.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Royal Palm Beach, the groceries index is 4.3% higher than the national average.

Where is the Data From?

The cost of living in Royal Palm Beach, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Royal Palm Beach is 24% higher than the Florida average
  • The cost of living in Royal Palm Beach is 21% higher than the national average
  • Royal Palm Beach housing is 62% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Royal Palm Beach

See all the best places to live around Royal Palm Beach

Compare Royal Palm Beach, FL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$88,331$7,361$2,061$2,650
      Renters$69,029$5,752$1,611$2,071
      To approximate the cost of living and the housing affordability in Royal Palm Beach, FL, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Royal Palm Beach have a median income of $88,331. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,061 per month to avoid calamity and poverty. The renters in the city have an income of about $69,029, which would make their monthly maximum allowable rental costs $1,611.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Royal Palm Beach National avg. Difference
      Haircut $22.18$24.268.6%
      Beauty Salon $73.78$45.5661.9%
      Toothpaste $3.50$3.705.6%
      Shampoo $1.49$1.2816.0%
      Movie $13.42$12.1310.6%
      Bowling $23.13$18.0028.5%

      Groceries

      Item Royal Palm Beach National avg. Difference
      Ground Beef $5.79$5.840.8%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.58$4.672.0%
      Potatoes $5.27$4.936.8%
      Pizza $14.00$12.0915.8%
      Beer $11.23$10.417.9%

      Health Care

      Item Royal Palm Beach National avg. Difference
      Optometrist $113.16$125.6810.0%
      Doctor $114.67$135.7815.5%
      Dentist $106.72$113.295.8%
      Ibuprofen $10.94$10.652.7%
      Lipitor $489.98$468.604.6%

      Housing

      Item Royal Palm Beach National avg. Difference
      Home Price $284,600.00$184,700.0054.1%
      Avg. Mortgage Payment $3,476.17$2,346.6948.1%
      Apartment Rent $1,708.00$949.0080.0%

      Transportation

      Item Royal Palm Beach National avg. Difference
      Gasoline $3.43$3.460.9%
      Tire Balancing $63.46$59.925.9%

      Utilities

      Item Royal Palm Beach National avg. Difference
      All Electricity $200.94$193.993.6%
      Phone $194.37$192.251.1%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Plantation Mobile Home Park, FL1,6538713.1%
      Mangonia Park, FL2,228973.0%
      Lake Worth, FL36,838981.6%
      San Castle, FL4,0611010.5%
      Royal Palm Estates, FL1,6151011.1%
      Royal Palm Beach, FL39,61512120.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Romeoville, IL39,6441099.1%
      Indian Trail, NC39,64411110.9%
      Marlborough, MA39,66313939.2%
      Crystal Lake, IL39,6851043.7%
      Columbia, TN39,515955.2%
      Royal Palm Beach, FL39,61512120.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.