You decide you might want to move to the Santa Monica area. It seems like a really nice place to live. But is it right?
Before you contact a realtor near Santa Monica, it’s a good idea to know what kind of market you will be entering and what the area cost of living is like. Then you will be able to make a more educated judgment about whether it would be worth pursuing or if you would be better off looking in another area. That way, you can avoid a potentially expensive or embarrassing mistake.
Wondering about all of this? We are here to help you. Read on to learn more about the cost of living in Santa Monica.
It Is Costly But Still Less Than Other Parts of Los Angeles
The first thing that you are going to notice is that the asking rate for homes tends to begin at a million dollars. That is just to even get bids in and those homes tend to be on the smaller side, at like 800 feet. While it is not in mega-mansion territory, it is still on the pricier side.
You are going to have to be on very stable financial footing to get here, but it is not unobtainable. It will be a matter of really knowing your worth and going from there. If you fit this criteria, then keep on reading.
The Homes Are High Quality Though
Yes, some of the homes are small, but they are very unique. These are not just cookie cutter places that can be found in any neighborhood. You will be getting your money’s worth.
While there may be some homes that are under a million, those tend to be quite rare, so the market for that would be extremely competitive. You would have to be ready to pounce at a moment’s notice to even have a chance. So be ready to pay north of a million.
Rent Before Buying?
Want to get the best idea of Santa Monica life without having to pay for a house? You could rent first and get an idea. That makes renting an enticing option.
The market for renting is more reasonable, especially for a one-bedroom unit. You would have to pay more for larger apartments. Talk it over with a realtor if you are uncertain.
Is Santa Monica expensive? Like many places, it depends on where you look and where you live. It will depend on your own circumstances.