Before you know how much money do you need to Live in Beverly Hills, let me explain what is the reason behind it. Luxury, a high-end lifestyle, glamour, and fame, you name it, and Beverly Hills has got it all. To many people, this neighborhood in Los Angeles County in Southern California does not need an introduction. It’s already part of all their dreams and fantasies. Beverly Hills is one of the most desired neighborhoods to live in, and almost everyone in the country is familiar with this name. However, for the purpose of defining how much money you need to live in Beverly Hills, let’s first see what’s special about it.
What’s So Special About Beverly Hills Real Estate?
History Of Beverly Hills
It is a common misconception that this neighborhood is a few centuries old. In fact, it dates back only around a hundred or so years. When a group of investors who were looking for oil in the region found water instead, they started constructing a small residential area around it. The neighborhood became known as Beverly Hills, and it gradually gained fame as the rich and influential people began calling it home. Today, Beverly Hills has become a glamourous small town renowned for its high-end retail experience and the luxurious and private lifestyle of its inhabitants.
Location and Accessibility in Beverly Hills
Beverly Hills is located neither too close to the busy metropolitan city of Los Angeles nor too far from it. This unique location protects it from the daily hustle and bustle associated with large cities and also makes everything accessible by car or public transport for its residents. You can reach downtown from Beverly Hills in under 20 minutes. Santa Monica beach, Hollywood, and Los Angeles International Airport (LAX) are also less than 20 minutes away. There are plenty of retail and dining options in Beverly Hills, but if you feel like eating or buying something that is specific to Los Angeles city or any other neighborhood in the County, everything is accessible.
Luxury Life Style in Beverly Hills
Beverly Hills luxury real estate is considered to be the most luxurious in Los Angeles county. Why is this so? Well, most people who live here want much more than just four walls, a roof, and basic necessities for living. Residents of Beverly Hills are fond of huge mansions and estates with luxurious amenities and features that are rarely found elsewhere. From top-notch security systems to state-of-the-art driveway designs, residents of Beverly Hills have got it all in their homes. Most of these homes also have swimming pools, Jacuzzis, extensive lawns, backyards, and fountains. If you want to live a modern and luxurious lifestyle, Beverly Hills is the best place for you.
Numerous celebrities call this place home. It’s not uncommon to find celebrities roaming down the streets of Beverly Hills. All the expensive boutiques and restaurants are also full of famous people. How can you benefit from a neighborhood full of celebrities? Well, you can make friends with people who’re famous. Then you’ll be able to attend those luxurious dinner parties and events. If you move to Beverly Hills, you’ll have a chance to live under the spotlight just like the famous Hollywood stars!
Who is Beverly Hills Real Estate for?
According to Payscale.com, the median price for Beverly Hills homes for sale is around $2.2 million, which is approximately 533% greater than the national average. Renting a home in Beverly Hills is also expensive. While the average monthly rent for a two-bedroom house in the United States is $1,148, the same in Beverly Hills is $2,620. This gives you a fair idea of the real estate prices in the neighborhood. With such expensive property prices, you need to be proactive in finding the right agent.
In the real estate business, there is often a mismatch between supply and demand. In a market with a huge number of buyers, you’ll sometimes need to participate in bidding to buy the home you need. All this makes Beverly Hills real estate even more expensive.
The cost of buying property is the most influential factor in determining how much money you need to live in a particular area. However, it is by no means the only cost you’ll incur. Overall living expenses in Beverly Hills are also much higher than average. In the next section, we outline the cost of living in Beverly Hills.
Cost of Living in Beverly Hills
The overall cost of living in this neighborhood is higher than the average costs in LA, California, and the whole country. For example, utilities are 8% more expensive, and groceries cost 12% more than the national average. Moreover, the cost of transportation in Beverly Hills is 31% higher, and healthcare is 10% higher than the national average. All these costs need to be accounted for when determining how much money you need to be able to live comfortably in Beverly Hills.
How Much Money Do You Need To Live in Beverly Hills?
After carefully considering all the major costs you will incur while living in Beverly Hills, we can conclude that you need at least twice the national average household income to live in Beverly Hills. This is around $150,000 to $160,000. I don’t mean to say that you can’t live in Beverly Hills if you have less money than that. You won’t be able to enjoy life like the average residents of this neighborhood do. Now, how do you make sure you have a decent amount of money to be able to live a luxurious life in Beverly Hills? Read on.
How to Make Sure You Have the Money?
If you wish to invest in Beverly Hills real estate, here are a few tips to check your finances:
- Pay all your debts well before you even consider buying expensive real estate or applying for a real estate loan.
- Make sure your credit score is exceptional (Ideally, it should be greater than 740). This really helps when you apply for real estate loans.
- It is also a great practice to have an emergency fund ready for whenever you might need it. Expensive homes are also costly to maintain, and you must have sufficient money in your bank at all times.
Do you have the required money? If yes, then let’s look at how to start your real estate hunt in Beverly Hills.
Hunting Real Estate in Beverly Hills
Here are the steps you need to take to find the best real estate in Beverly Hills:
List Your Requirements to Live in Beverly Hills
The first thing you must do is to list down all your requirements. This is the first and most important step (even before looking for an agent). If you’re buying a home for your family, then sit down with them and discuss what they would like their new home in Beverly Hills to be like. Decide on what are the must-have features of the house and what you need to avoid at all costs. It’s an excellent practice to write all this down somewhere so you can easily communicate it to the real estate agent when the time comes. A list of requirements also helps in narrowing down the search for properties to a great extent.
Find A Renowned Real Estate Agent
The number of houses for sale has greatly decreased recently. Hence, the demand for real estate sometimes forces people to pay much more for a property than it’s actually worth. You must choose the best Beverly Hills Real Estate Agent to help you negotiate the price of your desired property. I assure you that you’ll find your dream home if you work with me, Erik Brown. Moreover, I will also make you understand how real estate works and help you plan your finances for buying the property you want.
Make Sure Your Mortgage is Approved
Before you start searching for properties, ensure that your mortgage is approved. This small tip will go a long way in convincing sellers that you’re a serious buyer. Many people look interested in a property, but in reality, they’re not serious at all and don’t have an approved mortgage. This is a major turn-off point for a seller, so avoid it. Trust me, as I have enough experience to know all this.
Visit Houses on a Schedule
Determine a schedule for visiting houses with your real estate agent based on times that are convenient for you. I would advise that you communicate your schedule to me in advance so that I plan the most detailed and proper visits possible. Making a schedule will also ensure that you don’t miss any homes on your list. Document all your visits in a typed or written format so that you don’t forget what you liked and disliked about each property.
Effects of the Global Pandemic
The whole process of buying real estate has been slowed down due to the ongoing coronavirus (COVID-19) pandemic. There have been numerous lockdowns and gathering restrictions in the past year, which has affected the real estate industry to a great extent. Sellers cannot have open houses where buyers and agents come and inspect their properties. Now that things are easing up a bit, the real estate sector is also picking up.
You need to ensure that you do not violate any social distancing rules and gathering restrictions while buying your dream real estate. Furthermore, the pandemic has also had a profound financial impact on many people throughout the country. If you’ve been impacted, consider postponing buying real estate in Beverly Hills as it is expensive. However, if you are in contact with the best Beverly Hills real estate agent, you might get a fine deal that you can afford.
So, have you made up your mind yet about living in one of Southern California’s most in-demand neighborhoods? You will love Beverly Hills in every way possible. It has all kinds of unique properties designed by celebrity designers, and you can easily find properties here according to your liking. Just make sure that you have the minimum amount of money required to live in Beverly Hills and then leave the rest to me. It does not matter if you are looking for an enormous mansion, a luxury estate, or a private apartment for rent because Beverly Hills has it all.
If you want to become a resident of Beverly Hills, contact me to learn more about houses for sale in this neighborhood and schedule a private showing with me. You can follow me on Facebook, LinkedIn, Twitter, and Instagram to know more about the Beverly Hills real estate market. Also, subscribe to my YouTube channel for exclusive insights into Beverly Hill real estate.