Total monthly cost of ownership
Cost to Own a Home in Santa Monica, California
A $1,810,000 home here costs
$12,707per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $544,500 a year.
A standard mortgage calculator would have told you $9,868. The real number is $2,839 higher every month, 29% more than the payment most buyers budget for.
Compare Los Angeles County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Santa Monica against Los Angeles County and California
| Measure | Santa Monica | Los Angeles County |
|---|---|---|
| Median home value | $1,810,200 | $783,300 |
| Median property tax | $10,001 | $5,438 |
| Effective tax rate | 0.552% | 0.694% |
| Median gross rent | $2,338 | $1,893 |
| Population | 91,535 | 9,848,406 |
The weather behind that power bill
Santa Monica sits in Los Angeles County, which averages a high of 88.9°F in its hottest month and a low of 44.2°F in its coldest, with 13.91" of precipitation a year and 67% of it in a single three-month stretch. That climate drives 1,481 cooling and 1,400 heating degree days, which is what sets the $150 electricity line above.
See the full climate breakdown for Los Angeles County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Los Angeles County
Full Los Angeles County cost breakdown · Every county in California
Talk to someone who works this market
These are Santa Monica averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Santa Monica every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Santa Monica I already own here and may sell
Common questions
How much does it cost to own a home in Santa Monica?
A $1,810,000 home in Santa Monica, California costs approximately $12,707 per month with 20% down at 7.24%. That is $9,868 principal and interest, $833 property tax, $281 homeowners insurance, $218 utilities and $1,508 set aside for maintenance.
What is the property tax rate in Santa Monica?
Santa Monica has an effective property tax rate of 0.552%, based on a median home value of $1,810,200 and median real estate taxes of $10,001. That is lower than the Los Angeles County average of 0.694%.
What is the average home price in Santa Monica?
The median owner-occupied home value in Santa Monica, California is $1,810,200, against $783,300 across Los Angeles County.
Is it cheaper to rent or buy in Santa Monica?
Median gross rent in Santa Monica is $2,338 a month, against $12,707 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Santa Monica?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Santa Monica, California at today's rate takes a household income of roughly $544,500 a year. That covers the full $12,707 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Santa Monica, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for California.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.