Santa Monica Real Estate
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This is an overview of the Santa Monica real estate market. It is intended as a resource for investors and other home buyers when researching Santa Monica homes for sale.
The information is compiled from many sources, and will be updated every 3 months, however, some of the sources drawn from may be a few years older.
Last updated 3/15/2010.
OVERVIEW
Santa Monica is located in Los Angeles County in Southern California. The area code is 310 and the zip codes include: 90401 through 90411. The population is around 90,000 and the area covers 8.26 square miles.
Compared to the rest of California, Santa Monica has a higher percentage of the foreign born populaton, a higher percentage of renters, homes with a smaller number of rooms. There is also higher percentage of residents with at least a bachelor's degree.
Click here for more info in the Santa Monica Vacation Guide.
MEDIAN HOME PRICE
The median sale price according to Zillow is $833,000 and according to Cyberhomes is $1,065,000.
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PROPERTY TAXES
The median property taxes for houses with a mortgage are around $5714.
RENTS
The median gross rent is $1354 with a 5.4% vacancy rate.
RENTERS VS. HOMEOWNERS
Around 64% are renters and 8% of homes are vacant.
MEDIAN INCOME
The estimated median household income is $101,000.
THE HOUSES
Most of Santa Monica real estate was built in the 1960's, with the next largest group being built in the 1950's. The third largest group was built in the 1970s.
JOBS
The most common 3 occupations include professional & related, sales & office, and management & business. The publishing, motion picture and sound recording industries are major industries that employ people from Santa Monica.
There was 13.6% unemployment as of February 2010.
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COMMUTING
The average time for commuters to get to work is 27 minutes. Approximately 8% work from home.
THE PEOPLE
Ethnic makeup in this area is 72% white non-hispanic and 13% hispanic and the rest are under 5% each. Of the 25% foreign born residents, most are from Mexico, Iran or the UK.
EDUCATION
55% have a bachelor's degree or higher, while 23% have a graduate or professional degree.
THE WEATHER
Temperatures range from 70 in summer to 50 degrees Fahrenheit in winter. There are usually 33 days of precipitation and you can expect about 262 sunny days per year. Rainfall is 13 inches annually.
CRIME
Crime is a lot higher than the national average.
DISCLAIMER: All information is obtained amd combined from multiple sources but we cannot guarantee their accuracy.
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