Located in the heart of the Los Angeles metro area, Santa Monica, California, has it all. From beaches and boardwalks to cultural hotspots and outdoor recreation, this coastal city has so much to offer new residents. Since it’s mere minutes away from Los Angeles, Long Beach, and Anaheim, it’s also convenient for commuting to just about anywhere in Los Angeles County.
Due to its highly desirable location along the Pacific Ocean, Santa Monica isn’t exactly a cheap place to live. On an index where the United States average is 100, the Santa Monica, California, cost of living is 304.5. Although living in Santa Monica costs much more than average, it’s still possible to find affordable places to live here. Let’s look at the average rental prices in Santa Monica and explore where to find the cheapest apartments in the area.
How expensive is an apartment in Santa Monica?
Is it expensive to live in Santa Monica? That depends on where you’re relocating from and the prices you’re used to paying. Doing a Santa Monica cost of living comparison can be helpful for getting a better idea of the prices in this area.
For example, the cost of living index in California is 149.9, compared to 304.5 in Santa Monica. Along the same lines, the cost of housing index in California is 239.1, compared to 734.7 in Santa Monica. So compared to California as a whole, the cost of living in Santa Monica is high.
However, Santa Monica is much more affordable than some of its pricey neighbors. In Malibu, the cost of living index is 483.9, and the cost of housing index Is 1303.8. In nearby Beverly Hills, the cost of living index is 546.2, and the cost of housing index is 1517.8. That means moving from Malibu to Santa Monica would seem like a great deal.
In Santa Monica, average rent prices typically depend on the location and the size of the unit. Nearly 80% of the rents in Santa Monica are between $1,500 and $5,000 per month and about 10% fall between $5,000 and $8,500 per month. Studios tend to be the cheapest units, with an average monthly rent of $1,795. One-bedrooms average $2,395 per month, while two-bedrooms are about $3,395 per month. Three- and four-bedroom units tend to be the most expensive, averaging $4,907 and $7,450 respectively.
When you’re considering the cost of living, it’s also important to consider expenses other than rent. For example, the cost of utilities index in Santa Monica is 80.8, which makes the cost of electricity, gas, and water significantly cheaper than the average in California or across the U.S. In addition, the cost of health care index in Santa Monica is 89.6, which is lower than the national index of 100 or the California index of 92.4.
It’s usually safe to assume that your rent will increase over time, which means it’s smart to budget a bit more from year to year. However, in Santa Monica, average rents have decreased in recent years. The prices for studios and one-bedroom apartments have dropped by around 20%, so this location may be easier on your budget than you thought.
How do I find cheap apartments in Santa Monica?
Because the average cost of living in Santa Monica is on the high side, finding affordable options requires a strategy. Finding a roommate or looking for a smaller place can help keep your costs in check. These ideas can also help you find the cheapest apartments in town.
- Focus on the most affordable neighborhoods: Rent prices across Santa Monica cover a big spectrum, and some areas are much cheaper than others. To keep your costs low, check out areas that reliably have affordable places to live, such as Northeast Santa Monica.
- Bypass the most expensive parts of town: If you’re on a tight budget, you won’t find many affordable apartments in the more expensive parts of town. You can probably ignore neighborhoods like Downtown Santa Monica and Ocean Park, which tend to have the most expensive rents in the area.
- Ask about an all-inclusive monthly fee: Finding cheap rent is only part of the process. Most landlords tack on fees for apartment complex amenities, utilities, and other extras. That means the amount you have to pay every month could be much higher than what you expected. Look for an apartment that includes utilities and amenities in the monthly rate so it’s easier to stick to a budget.
- Consider a spot in the suburbs: When it comes to the cost of living, Santa Monica is much more expensive than the rest of Los Angeles County. If you aren’t having much luck finding a Santa Monica apartment that works with your budget, think about expanding your search to the greater metro area. On average, monthly rent in the greater Los Angeles metro area is more than $200 less than it is in Santa Monica proper. Just keep in mind your commute to work from your neighborhood; the greater LA area is notorious for its traffic.
What is the cheapest rent in Santa Monica?
If you want to make the relatively high cost of living in Santa Monica work for your budget, zero in on the cheapest rent in town. These neighborhoods are known for having affordable prices.
- Northeast Santa Monica and Sunset Park typically have the lowest prices for studios
- Pico and Sunset Park have some of the most affordable one-bedroom apartments
- Sunset Park and Mid-City are home to some of the cheapest two-bedroom units
- Mid-City and Pico are your destinations for affordable three-bedroom apartments
- Wilshire-Montana is your best bet for finding the least expensive four-bedroom rentals
While the Santa Monica cost of living may be higher than what you’re used to paying, this area is home to affordable options in a wide range of budgets. Start your Santa Monica apartment search today and find the perfect place to call home.
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