When it comes to comparing the costs of living between Santa Monica and Beverly Hills, there are a variety of factors to consider. Both cities are considered to be wealthy, and the cost of living in both places is higher than the national average.
Santa Monica is known for its beautiful beaches, great restaurants, and thriving tourist industry. The median home value in Santa Monica is $1,150,000, while the median rent is $3,400 a month. The unemployment rate is lower than the national average at 3.2%.
Beverly Hills is located just to the North of Santa Monica, and is well known for its celebrities, luxury shopping, and high-end real estate. The median home value in Beverly Hills is $2,400,000, while the median rent is $4,500 a month. The unemployment rate is slightly lower than the national average at 2.2%.
In general, Santa Monica is slightly less expensive than Beverly Hills when it comes to both housing and living costs. However, the cost of living in both places is still higher than the national average. When comparing the two cities, it’s important to take into account the different amenities that each city offers. Beverly Hills may be more expensive, but it also offers a higher quality of life, with world-class shopping, dining, and entertainment. Ultimately, it comes down to what kind of lifestyle you are looking for.
The Cost of Living Comparison Between Santa Monica and Beverly Hills
The cost of living comparison between Santa Monica and Beverly Hills is an interesting one. Santa Monica is a beachfront city in Los Angeles County, while Beverly Hills is a residential city in the same county. Both cities have a certain level of affluence, and the cost of living in each is significantly more expensive than in other parts of California.
In terms of housing, the median home value in Santa Monica is $1,898,100 and the median rent is $2,995. In Beverly Hills, the median home value is much higher at $3,722,200 and the median rent is $3,450. This means that housing is more expensive in Beverly Hills than in Santa Monica, but the difference isn’t as large as you might think.
Not surprisingly, the cost of living in Santa Monica and Beverly Hills is higher than the average in Los Angeles County. The cost of living in Santa Monica is 10.9% higher than in Los Angeles County, while the cost of living in Beverly Hills is 52.1% higher. This means that, on average, living in Beverly Hills is significantly more expensive than living in Santa Monica.
The cost of goods and services is also higher in Beverly Hills than in Santa Monica. The average cost of groceries in Beverly Hills is 8.8% higher than in Santa Monica, while the average cost of basic utilities is 6.3% higher. However, transportation costs are similar in both cities, with the average cost of a gallon of gasoline being slightly lower in Beverly Hills than in Santa Monica.
Overall, it is clear that the cost of living in Beverly Hills is significantly higher than in Santa Monica. However, the difference in costs for housing, groceries, and utilities is not as dramatic as one might expect. Thus, depending on income and lifestyle, either city can be a great place to live.
| City | Median Home Value | Median Rent | Cost of Living (vs LA County) | Cost of Groceries (vs Santa Monica) | Cost of Utilities (vs Santa Monica) |
|---|---|---|---|---|---|
| Santa Monica | $1,898,100 | $2,995 | 10.9% higher | – | – |
| Beverly Hills | $3,722,200 | $3,450 | 52.1% higher | 8.8% higher | 6.3% higher |
The High Price of Real Estate in Santa Monica and Beverly Hills
The high price of real estate in Santa Monica and Beverly Hills is no secret. Both cities are known for their luxurious homes, expensive shopping and trendy restaurants. But which is more expensive?
The first consideration is the median cost of housing in the two cities. According to Zillow, the median home value in Santa Monica is currently $1,701,100, while the median home value in Beverly Hills is $2,943,200. This means that Beverly Hills homes are about 72% more expensive than their Santa Monica counterparts.
The next factor to consider is the difference in annual property taxes. In Santa Monica, the average annual property tax bill is $13,575.50, while in Beverly Hills, the average is $31,455. This means that Beverly Hills homeowners pay about 130% more in property taxes than their neighbors in Santa Monica.
Finally, let’s look at the average cost of renting in each city. According to RentJungle, the average rent for a one-bedroom apartment in Santa Monica is $3,192 per month, while in Beverly Hills it is $3,734 per month — an increase of 17%.
So when it comes to real estate prices, Beverly Hills is indeed more expensive than Santa Monica. The median home value is 72% higher, the average property tax bill is 130% higher, and the average rent for a one-bedroom apartment is 17% higher.
For those looking to purchase real estate in either of these two cities, it’s important to consider the available budget and the difference in prices before making a decision.
Yes, Santa Monica is generally more expensive than Beverly Hills.
Santa Monica is a coastal city, and real estate is typically more expensive in coastal cities.
The cost of living in Santa Monica is significantly higher than the cost of living in Beverly Hills.
The average rent in Santa Monica is much higher than the average rent in Beverly Hills.
Santa Monica offers more amenities than Beverly Hills.
Santa Monica is typically more expensive than Beverly Hills by a significant margin.
The cost of groceries and other essentials are typically cheaper in Santa Monica than Beverly Hills.
The average cost of housing in Santa Monica is significantly higher than the average cost of housing in Beverly Hills.
Yes, certain areas of Santa Monica are more affordable than Beverly Hills.
Yes, it is possible to find affordable housing in Santa Monica.