How much does it cost to live in one of the most prestigious cities in the world? Living in Beverly Hills does not come cheap, but it’s at par with similar upscale communities in Los Angeles, like Malibu, Pacific Palisades, and Westwood.
According to BestPlaces.net, the cost of living index in Beverly Hills is 546.2 – more than five times the national index of 100. Here’s how it’s broken down:
As in most communities, housing is the biggest factor that impacts cost of living in Beverly Hills. In PropertyShark’s Top Most Expensive US Zip Codes in 2019, a study that tracks areas in the US with the highest priced homes, Beverly Hills’ 90210 ranked fourth nationwide and second in California after Santa Monica. The median sale price in the city for the year was $4.08 million, compared to $650,000 for the entire LA County.
About 59% of the population are renters. According to Renthop.com, in 2017, the median rent for a two-bedroom apartment in Beverly Hills was $4,200. To qualify to rent in the city, you must be making an annual income of $168,000, which is 284% higher than the average household annual income in LA.
Food and groceries
Food and groceries make up about 5.7% of the household expenses in Beverly Hills, and the cost index in the city is about 19.6 higher than the national index. There’s no shortage of grocery stores and supermarkets in Beverly Hills, including upscale ones like Whole Foods, Trader Joe’s, and Bristol Farms. In addition, there are plenty of specialty food and grocery stores that cater exclusively to the community, including a weekly Farmers’ Market.
Transportation, including gasoline, insurance, and car maintenance, accounts for around 7.5% of household expenses. Beverly Hills residents spend 56.7% more than the national average. Almost 80% of the residents drive alone to work, while only around 6% take the bus or trolley bus. Average car ownership is around two per household.
Utilities, or the use of electricity, gas, and other fuel sources to cool or heat a home, is one area where the cost is lower in Beverly Hills. It is about 85.2% of the national average and 83.2% of the California average, and makes up around 4% of the cost of living in the city.
Healthcare costs in Beverly Hills, including hospital rooms and primary medical and dental care, is lower than the national and state averages. It makes up only about 4% of the total cost of living in the city. A large majority of Beverly Hills residents have healthcare insurance.
Miscellaneous expenses, including clothing, restaurants, entertainment, and other expenses, are 4.5% higher in Beverly Hills than the national average. They also make up the fourth highest expense for households – approximately 5% of the cost of living. Home to many of LA’s most stylish restaurants, bars, and shopping centers, Beverly Hills has no lack of luxurious lifestyle options for its residents.
Learn more about living in Beverly Hills. As one of LA’s top Realtors, I can guide you to the best homes and the lifestyle in the city. Get in touch with me, Sasha Rahban, at 310.963.9680 or send me a message.