Living in Beverly Hills, Calif., is often associated with glamour, luxury, and a high standard of living. Known for its prestigious zip code, celebrity residents, and iconic landmarks, Beverly Hills offers a unique lifestyle that many aspire to. However, understanding the actual cost of living in this coveted area is essential for anyone considering making it their home.
In this blog, we will explore the various aspects contributing to the cost of living in Beverly Hills, providing a comprehensive overview for potential residents.
Housing Costs
Housing is the most significant factor in the cost of living in Beverly Hills. The real estate market here is one of the most expensive in the country. Whether you're looking to rent or buy, you can expect to pay a premium for the privilege of residing in this prestigious area.
- Median Home Price: The median home price in Beverly Hills significantly surpasses national averages ($7.5 million median list price as of June 2024). Luxury condominiums offer a more accessible entry point but still command a premium price tag.
- Rentals: Rental costs in Beverly Hills are equally high. A one-bedroom apartment can range from $4,000 to $8,000 monthly, while larger units with multiple bedrooms climb even higher. When evaluating rental options, consider the size, location, and amenities offered.
- Location: Beverly Hills’ central location makes it one of the most desirable areas to live in LA, making it more expensive. Beverly Hills’ location combines unparalleled proximity to luxury shopping, world-class dining, and iconic entertainment venues, all while offering a serene and prestigious residential environment that provides privacy and exclusivity in the heart of Los Angeles.
Beverly Hills homes range from luxurious single-family estates to high-end condominiums. The average price for a single-family home can easily exceed several million dollars, while upscale condos and apartments also come with hefty price tags. For renters, monthly rates for a luxury apartment or house can be several thousand dollars.
Property Taxes
Property taxes are another critical consideration when evaluating the cost of living in Beverly Hills. California's property tax rates are relatively moderate compared to other states, but given the high property values in Beverly Hills, homeowners can still expect to pay substantial amounts annually. Property taxes are based on the assessed value of your property, which can increase over time with property value appreciation.
Property Maintenance
The area's premium property values drive up the cost of services, and the upscale nature of the community means that maintenance standards are higher, further contributing to the overall expense. Luxurious landscaping, for example, requires extensive upkeep and irrigation to maintain its pristine appearance.
Education Expenses
Families with children must consider education expenses when evaluating the cost of living in Beverly Hills. The city is served by the highly regarded Beverly Hills Unified School District, which offers excellent public school options. However, many families also choose private schools, which can be a significant financial commitment. Private school tuition in Beverly Hills is high, but it often comes with the benefit of smaller class sizes and enhanced educational opportunities.
Lifestyle
Living in Beverly Hills offers access to many entertainment and leisure activities, from cultural events and museums to high-end shopping and recreational opportunities.
Shopping and Retail
Beverly Hills is synonymous with luxury shopping, and the city's retail scene reflects this reputation. High-end boutiques, designer stores, and exclusive shops line the streets, offering everything from fashion and jewelry to home decor and art.
Ready to Find Your Next Home?
Living in Beverly Hills offers an unparalleled lifestyle characterized by luxury, exclusivity, and convenience. However, to make informed decisions about moving to this prestigious area, it's essential to understand the true cost of living there. Considering housing costs, property taxes, utilities, and lifestyle expenses, you can better prepare for the financial commitment required to enjoy life in Beverly Hills.
About Nancy Ellin
Work with Nancy Ellin for your real estate goals and experience her unparalleled ability to connect people and create opportunities. With over a decade of industry experience and over $80M in gross sales in 2021, Nancy's track record speaks for itself. Known for breaking records and securing high-end properties in LA and NYC, she offers a unique blend of expertise and a vast network of elite connections. Partnering with Justin Leigh, Nancy provides clients access to top private schools, luxury builders, interior designers, and exclusive memberships.
