Is It Possible?
Are you considering where you might live because you have a new job in Santa Monica? As a new employee, your budget might be squeezed and Santa Monica can be a pricey city to live. How can you make it work? I’ve listed some tips below to help you get by on a budget in Santa Monica without starving to pay the rent!
Recommended Income
First, let’s look at the median incomes of people living in Santa Monica. Now, you might be thinking ‘well the neighbor is driving that new Tesla and going out most nights for dinner! What does she do for work to have that lifestyle? ‘
Let’s not be unrealistic. While a Tesla might not be in the cards, a very affordable Honda or Toyota would make more sense. If you’re living and working in Santa Monica, having no car at all is feasible since Santa Monica offers several alternatives to get you places.
Take a look at the table below to get the whole picture of individual and family incomes to see what people are earning in order to live at the beach.
According to niche.com, these are the median incomes in Santa Monica.
| Median Household Income | Median Individual Income |
| $98,300 | $59,768 |
| Median Family Income | Median Individual Income |
| <25k | 17% | <15k | 18% |
| 26-44k | 11% | 15-34k | 17% |
| 45-74k | 12% | 35-64k | 17% |
| 75-149k | 26% | 65+ | 47% |
According to niche.com, these tables represent median income for families and individuals who live in Santa Monica. From conversations I hear and read, I don’t think people realize that you can live here without earning a six figure salary. An individual making $65,000 a year can live here , with some cost cutting corners.
How is it possible? Let’s take a closer look at major life expenses and how to trim those costs.
1. Housing
For the most cost effective housing you can give up some space and rent a studio apartment. Of course this is much more difficult for a family but for singles, it’s workable.
The recommended amount is 30% of your income or about $1,600.00 for rent on a $65,000 budget. In Santa Monica, studio apartments are a bit more costly than that.
Sharing Your Space
Living with a friend can give you more space with a combined rental payment.
“Over the past month, the average rent for a studio apartment in Santa Monica remained flat.The average rent for a 1-bedroom apartment decreased by -2% to $2,825, and the average rent for a 2-bedroom apartment increased by 5% to $4,500” according to zumper.com.
2. Transportation- How To Live And Thrive In Santa Monica Without A Car
The above picture is typical LA traffic at about 8:30 am. Then starting at approximately 3:30pm, traffic picks up again and your google driving app will probably look like an artery surgery gone bad, or maybe like you spilled ketchup on your phone.
So, the pictures below show you how to live and thrive in Santa Monica without a car.
Whether you choose a bird, a mountain bike, an electronic bike, or some other form of transportation the city has spent lots of money installing bike lanes all over the city. And since it’s almost always great weather, with beautiful sunny clear skies, you can appreciate and understand how the local residents can thrive without owning a car while living here.
If you feel unsafe taking one of these modes of transportation or it’s one of those unusually cold days, Uber or Lyft are always available. Santa Monica also has its own very affordable big blue bus.
You can spend about $300-$350/month on ‘other’ transportation and still save more money compared to car ownership!
Living Without A Car In Santa Monica
When I spoke to a New York transplant, she discussed how she’s been living and thriving without a car in Santa Monica. She works remotely, regularly goes hiking, dines at restaurants, enjoys happy hour, brunch, bars- and all without a car!
Cost Of Transportation
Her typical per monthly spend for Lyft, Uber and Zipcar is about $200/month.
She bought a bike for longer distances around the city and a bird scooter for shorter trips. If she needs to travel outside of Santa Monica where she might need a car for the day, she uses zipcar which can be more affordable than taking an Uber/Lyft ride round trip to your destination and back.
The drawback with Zipcar is that you have to drop it off where you picked it up, making it essential to drive round trip with the rental. You also have to wait for zipcar to mail you a keycard that unlocks the car you choose before you start using the service.
However, zipcar lets you rent for as little as one hour, charging you for one hour and not the full day. Rates cover cost of gas, car insurance, maintenance and roadside assistance. Last I checked, I counted approximately 15 locations for car pick up in Santa Monica. It can be reserved through their app!
Cars- Lyft, Uber, Zipcar = $200/month
Bird scooters = $300 1x purchase
Bikes = $500 1x purchase
Bike Lanes In Santa Monica
If you choose to take a bike or a bird scooter for your short trips, google maps can show you exactly where all the bike lanes are and show you the route using them. Santa Monica is an environmentally friendly city that encourages and invests in bike lanes all around the city.
Costs Of Car Ownership
- Car Insurance = $150/month
- Car payment= $200/month
- Gas= $60/month (approximately)
Personally, I know several people who live in Santa Monica and and thrive without a car. The restaurants, grocery stores, health care practitioners, dentists, cafe’s and parks are practically within walking distance in most Santa Monica neighborhoods. It’s a very walkable city!
3. Food
Most neighborhoods in Santa Monica have a grocery store within walking distance, and a ton of choices! Food is one major spend you can save on by cooking your own food.
The pictures above are from 1 of 7 farmers markets. Every day of the week you can find farmers from different parts of California driving in their fresh produce! They’re always happy to give advice on how you might use their offerings in a meal.
You can find vegetables, berries, flowers, meat, nuts and items you never even knew existed! The pictures above are from the Wednesday market. You’ll see many local chefs, who serve farm to table plates at their restaurants, shopping here.
Of course there are the big chain grocers like Vons, Trader Joes, Ralphs, Gelsons. If you prefer organic choices and grass fed meat then Whole Foods, Erewhon, and the Co-op are a little slice of heaven!
There you have it, 3 ways to save on major expenses while living in Santa Monica. Whether you’re saving for a down payment on a house, recently employed here, or just choose Santa Monica since you work from home, you can put some cash in the bank without sacrificing quality of life! Let me know in the comments if you have any cost cutting tips.