West Palm Beach-Boca Raton, FL
The Fair Market Rent for a 2-bedroom in West Palm Beach-Boca Raton, FL is $2,254 per month, ranking #38 out of 693 areas nationwide. The area median household income is $73,481, meaning a household spending Fair Market Rent on a 2-bedroom would pay 36.8% of income on housing. Rent in West Palm Beach-Boca Raton has increased 1.3% year over year. The area has a population of 6.1M, with 39.7% of households renting.
West Palm Beach-Boca Raton, Florida sits in the upper band of U.S. rental costs. HUD Fair Market Rent for a 2-bedroom is $2,254, with 1-bedroom at $1,901 and 3-bedroom at $2,920. Above-average rents typically reflect either a major metro pulling in labor demand or limited housing supply.
Rent burden is at the federal "cost-burdened" threshold: 37 percent of median income going to rent. Manageable for most households but leaves limited room for savings or unplanned expenses. For renters and prospective movers, the HUD FMR is the asking-rent baseline for a modest unit; actual market rents on freshly-listed units typically run 5-15 percent above the FMR in faster-growing markets. The county vacancy rate (13.2 percent) is the structural indicator of how much availability exists in the local market.
Fair Market Rent by Bedroom Size
Fair Market Rents (FMRs) are set annually by the U.S. Department of Housing and Urban Development and represent the 40th percentile of gross rents for standard-quality units in an area. FMRs are used to determine payment standards for the Housing Choice Voucher program and other federal housing assistance.
Housing Affordability
In West Palm Beach-Boca Raton, FL, a household earning the area median income of $73,481 would spend 36.8% of their gross income on a 2-bedroom at Fair Market Rent. HUD considers households spending more than 30% of income on housing to be "cost-burdened." This means many renters in this area face financial strain from housing costs.
5-Year Rent Trend
+53.5% since 20212-bedroom Fair Market Rent by fiscal year. Source: HUD FMR API.
Minimum Wage Affordability
The minimum wage in Florida is $14.00/hr. A minimum-wage worker would need to work 123.8 hours per week to afford a 2-bedroom at Fair Market Rent without exceeding 30% of income on housing. This means a single minimum-wage earner cannot afford a 2-bedroom working a standard 40-hour week. The poverty rate in West Palm Beach-Boca Raton is 13.1%, near the national average of approximately 12.4%.
Housing Market Context
The median home value in West Palm Beach-Boca Raton is $405,600. At a median income of $73,481, this represents a price-to-income ratio of 5.5x. 13.2% of housing units in the area are vacant, which is above the national average and may indicate softer demand or seasonal housing.
Other Areas in Florida
Areas With Similar Rent to West Palm Beach-Boca Raton
Frequently Asked Questions
The HUD Fair Market Rent for a 2-bedroom in West Palm Beach-Boca Raton, FL is $2,254 per month. A studio is $1,788/mo, a 1-bedroom is $1,901/mo, and a 3-bedroom is $2,920/mo. The actual median gross rent from Census data is $1,770/mo.
West Palm Beach-Boca Raton has a rent burden of 36.8%, meaning a household earning the median income of $73,481 would spend 36.8% of income on a 2-bedroom at Fair Market Rent. HUD considers spending 30%+ on housing to be cost-burdened. To afford a 2-bedroom without being cost-burdened, a household would need an annual income of at least $90,160.
West Palm Beach-Boca Raton's 2-bedroom Fair Market Rent of $2,254/mo is $1,004 above the national median of $1,250/mo. West Palm Beach-Boca Raton ranks #38 out of 693 areas for highest rent in the United States.
To afford a 2-bedroom at Fair Market Rent in West Palm Beach-Boca Raton without spending more than 30% of income on housing, you would need an annual household income of at least $90,160, or a full-time hourly wage of $43/hour. The area median income is $73,481.
The 2-bedroom Fair Market Rent in West Palm Beach-Boca Raton increased by 1.3% compared to the prior year. This is a modest increase, roughly in line with typical housing cost trends.
Fair Market Rents represent the 40th percentile of gross rents for standard-quality rental units. Rent burden is calculated as annual 2BR FMR divided by area median household income. Census data (income, home value, population, vacancy) is from the ACS 5-Year estimates. Unemployment rates are from BLS Local Area Unemployment Statistics.