Cost of Living in Santa Monica, CA 2023

Time and time again, Santa Monica has been ranked as the #1 Los Angeles suburb. Located along Pacific Coast Highway, the city offers residents the perfect combination of a bustling cosmopolitan and laid-back beach town lifestyle. With the unbeatable views and bohemian feel, it’s no surprise that Santa Monica has become so popular.

Despite the more relaxed vibe of Santa Monica, there are still countless first-rate amenities at your fingertips. In fact, Santa Monica has been rated as one of the top ten most sustainable cities in the U.S. And, for those that love the outdoors, you’ll be happy to hear that there are a plethora of bike paths throughout this incredible city.

No matter why you choose to move to Santa Monica, whether it be the swoon-worthy West Coast weather or for the vibrant city life, you’ll want to get a good idea of what your costs will look like. So let’s look at the cost of living in Santa Monica to understand better how much you need to live there.

Santa Monica Housing Costs

Rental trends slow down in the winter months, with things kicking back into gear as the weather warms up again in the spring. According to the latest rent report on Santa Monica, the city is in line with this national trend with declining rent prices over the past month. The median rent index is currently $2,038 for a one-bedroom apartment and $2,540 for a two-bedroom in Santa Monica.

Although current prices remain flat, the rent prices for a one-bedroom are still 5% higher year-over-year. This increase is above the state average for year-over-year growth at 1.6% and below the national average of 3%.

Over the last year, various Southern California cities also saw rent increases. Some of the most popular cities, including their year-over-year growth, across the state, include Los Angeles (+0.9%) and San Francisco (+0.2%). The median rent index for a two-bedroom apartment in these cities is $2,178 and $2,537, respectively.

The Santa Monica housing market has seen steady, significant growth, with median home prices at $1,814,300. Compared to other major cities across the state, these prices are relatively high, especially when you consider the median price index of Irvine is now at $1,030,900 million. Other comparable cities are lower, with Pomona at $540,500 and Santa Ana at $687,800.

Santa Monica Transportation

Los Angeles County’s Metro and Santa Monica’s Big Blue Bus cover public transportation across the greater Los Angeles Area, including Santa Monica. Santa Monica renters commuting to surrounding Los Angeles cities via public transportation have an easy time. Santa Monica has a transit score of 60.

In addition to the bus, Santa Monica also offers or promotes other alternative transportation, including:

• Walking - Santa Monica has a walk score of 83.
• Biking - Santa Monica has a bike score of 88.
• Metro Expo light rail.
• Electric scooters and bikes

Still, you might want to have a vehicle of your own to get around Santa Monica and enjoy the city and state to its fullest. If you plan to make the most out of living in Santa Monica, you’ll probably want to have a car to get around and see all of the sights.

If you're a single adult without children, you'll spend about $5,316 for transportation living in Los Angeles annually. A family of four, including two working adults and two children, will pay $14,058 for transportation annually. Just don’t forget that gasoline prices in Santa Monica are around $4.66 per gallon, which is above the national average of $3.78.

Santa Monica Food Costs

Santa Monica offers countless dining options with a handful of amazing foods to add to your must-eat list, including the Double HiHo cheeseburger at HiHo, the Godmother sandwich at Bay Cities Italian Deli, and roasted goat from Tar and Roses. However, bear in mind that there are costs associated with eating out in Santa Monica, and expect to pay around $20 per person for a meal at an inexpensive restaurant. At a more upscale restaurant, you'll spend $85 for a three-course meal.

Single adults without children should expect to pay at least $4,686 on food per year. However, if you have a family of two working adults and two children, you should expect to pay $13,802 per year for food.

Anticipate paying below national averages for food items from local grocery stores like Trader Joe’s, Whole Foods, or Viva La Vegan. For example, one gallon of regular milk costs $4.25 in the grocery store, while the national average is $3.87.

Santa Monica Healthcare Costs

When planning your budget in Santa Monica, account for proper medical care. A single adult without children will pay around $3,136 for medical care annually while working adults with two children will pay $9,411. In addition, childcare for this family will cost $45,859.14 per year.

Santa Monica Utilities

One of the many advantages of moving to Santa Monica is the incredible Southern California weather year-round. Winters in Santa Monica are partly cloudy, cool, and wet, and the coldest days fall in December, with an average overnight temperature rarely dropping below 50°F. Summers are clear, arid, and warm, and August is the hottest month with an average daytime high of 76°F.

Still, there may be moments you’ll need to combat the cold winter nights or warm summer days. So, account for higher utilities year-round to stay comfortable. Santa Monica’s basic utilities include electricity, heating, cooling, water, and garbage, running $164 for a 915-sq. ft. apartment.

Adding on the Internet with 60 Mbps or more with unlimited data, cable/ADSL will cost you an extra $68.25 for a total of $232.25 each month.

Before you move, get a better idea of how much utilities will cost in an apartment so that you can know what to expect and budget accordingly.

Santa Monica Fitness and Entertainment

The weather year-round in Santa Monica is pretty pleasant, but you may still opt for a fitness club membership out of personal preference. However, keep in mind there will be costs associated with keeping fit throughout the year if you choose this route. The fee for a fitness club membership for one adult is steep in Santa Monica, averaging around $132.25 per month.

Otherwise, as weather permits most of the year, you can and should enjoy the beautiful landscape of Southern California’s great outdoors. Hike some of the city’s most popular trails, including Mishe Mokwa Trail, Los Liones, or Solstice Canyon Loop. Santa Monica’s other great outdoor activities include biking the Strand to Manhattan Beach, strolling along the iconic Santa Monica Pier, or hitting the beach.

Of course, you can also enjoy the indoors with plenty of entertainment options throughout the city. Some favorite local activities include the Museum of Flying, the VOID, or Mi’s Westside Comedy Theater. Just be sure you account for these additional expenses in your budget.

Other Expenses to Consider in Santa Monica

Living on the wildly popular west coast region of the U.S. comes at a cost. Unfortunately, California is notorious for having some of the highest taxes in the country. Income and sales taxes are high, but the good news for anyone looking to purchase is that property sales taxes rates are below average.

In Santa Monica, the total sales tax is a whopping 10.25%. The state charges a 6.0% sales tax rate, Los Angeles County imposes an additional 2.0% sales tax, and Santa Monica City charges an extra 1.0% on top of that in sales taxes.

Anyone moving out of state to Santa Monica will also need to consider costs associated with transportation, hotels, storage, and cross-country movers. Other additional fees that sneak up on you with these types of moves include pet deposits, security deposits, application fees, and more.

Lastly, it’s crucial not to overlook the cost of furnishing your home. Get some tips for decorating your apartment on a budget to help you save some money.

What Salary Do I Need to Live in Santa Monica?

Your recommended salary in Santa Monica depends entirely on the type of lifestyle you plan to lead. The living wage in Los Angeles County is $21.22 per hour, which is the basic wage needed to pay for essentials like housing, food, and necessities. When calculating your budget, don’t forget to account for extra costs like dining and entertainment, as they are not a part of the living wage.

However, according to the U.S. Census Bureau, the median household income in Santa Monica is $99,847 per year, roughly $49 per hour.

To help you determine your ideal salary in Santa Monica, you can use the 30% rule for rent. You shouldn’t spend more than one-third, or 30%, of your gross income on rent when you follow this rule.

An example of the 30% rule would be looking for a one-bedroom apartment in Santa Monica with an average rent price of $2,038. You can use the 30% rule to determine your minimum gross income by using the following formula:

10/3 x rent price

Based on this rule, your gross income should be about $6,793.33 per month or about $81,520 annually.

When budgeting, keep in mind that the living wage, average salary, and recommended salary are three different tools you can use. Other additional living costs, such as dining, entertainment, etc., are not included. Once you add in these costs, you may find that you will need to adjust your apartment search for less expensive rent, a higher salary, or possibly, both.

Thankfully, the typical annual salaries for common professions in Santa Monica are highly competitive. For example, the three highest typical annual salaries belong to Management, Computer and Mathematical, and Architecture and Legal, respectively.

Job Market in Santa Monica

The good news for anyone looking to call Santa Monica home is that even though the cost of living is slightly above the national average, there is a strong job market throughout Los Angeles County. Unfortunately, though, the unemployment rate in the Los Angeles and Samta Monica area falls presently above the national average of 3.4%, currently at 4.7%.

Los Angeles County is notorious for constantly shifting demographics, and Santa Monica is no different. As a result, the economy throughout the area can be challenging to narrow down. Above all, though, Santa Monica is a creative economy filled with countless jobs in fashion and design, entertainment, museum, and theater.

Final Thoughts

If you are interested in moving to Santa Monica, a city filled with bohemian charm and urban energy, then you’ll need to determine which Santa Monica neighborhood is best for you and learn how to apartment hunt. Then, register with Apartment List today and start checking out the available apartments to rent in Santa Monica!

FAQs: Cost of Living in Santa Monica

How expensive is an apartment in Santa Monica?

Santa Monica rents are higher than many areas of the country, and throughout California. The average rent for a one-bedroom apartment in Santa Monica costs $2,038. A two-bedroom apartment costs around $2,540.

What is the cheapest rent in Santa Monica?

The cheapest rent in Santa Monica is $2,038 for a one-bedroom apartment.

How expensive is it to live in Santa Monica?

The average rent for a one-bedroom apartment in Santa Monica costs $2,038. Food costs at least $4,686 a year for a single adult living in Santa Monica. For a family of two working adults and two children, food costs at least $13,802 a year. Transportation will cost an average of $5,316 for a single adult living in Santa Monica. For a family of four, the price rises to $14,058.

How far is Santa Monica from Los Angeles?

Santa Monica is 16.5 miles from Los Angeles via I-10 W. Los Angeles traffic is notorious, but it should take around 35 minutes to get between Santa Monica and Los Angeles, depending on the time of day.

What is the population of Santa Monica?

According to the U.S. Census Bureau, at the end of 2020, the population of Santa Monica was 91,105. The population of the entire state of California is 39,142,99.

What is a good salary in Santa Monica?

According to the U.S. Census Bureau, the average household income in Santa Monica is $99,847. We recommend using the 30% rule to live comfortably in Santa Monica. The rule states you spend no more than 30% of your take home pay on rent. If a one-bedroom apartment in Santa Monica costs $2,038, your annual income should be $81,520. If a one-two bedroom apartment in Santa Monica costs $2,540, your annual income should be at least $101,600.