The typical owner-occupied home in Santa Monica is worth about $1,755,500, 2.4 times the California median of $734,700 and 5.3 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 0.57% of their home's value, lower than the California rate of 0.70%. The median household earns $114,885 a year, so the median home costs 15.3 times the median income (7.4 times for California). 28% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Santa Monica at a glance
| Santa Monica | California | U.S. | |
|---|---|---|---|
| Median home value | $1,755,500 | $734,700 | $332,700 |
| Median property tax paid per year | $10,001 | $5,124 | $3,119 |
| Property tax as a share of value | 0.57% | 0.70% | 0.94% |
| Median household income | $114,885 | $99,122 | $80,734 |
| Homes lived in by their owners | 28% | 56% | 65% |
| Owner homes with a mortgage | 62% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $2,946 | $1,963 |
| Those costs as a share of the owners' income | 26.3% | 24.8% | 21.0% |
| Median rent | $2,402 | $2,036 | $1,413 |
| Rent as a share of renters' income | 27.5% | 32.8% | 30.6% |
| Median year homes were built | 1968 | 1976 | 1980 |
| Vacant homes | 11.2% | 7.5% | 10.1% |
| Population | 91,169 | 39,287,377 | 334,922,499 |
What a typical home costs per month in Santa Monica
At this week's average 30-year rate of 7.11%, buying the median Santa Monica home of $1,755,500 with 20% down costs about $11,013 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $14,220, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $471,978 for the 20%-down payment. That payment is 115% of the median Santa Monica household income of $114,885; at that income and 20% down, the 28% guideline points to a home of about $427,000.
The median rent here is $2,402 a month, so owning the median home costs about $8,611 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $351,100 |
|---|---|
| Loan amount | $1,404,400 |
| Principal and interest | $9,447 |
| Property taxes (0.57% a year) | $834 |
| Homeowners insurance (our estimate, 0.5% a year) | $731 |
| PMI | $0 |
| Total per month | $11,013 |
Change the numbers in the calculator
| Down payment | $61,442 |
|---|---|
| Loan amount | $1,723,704 |
| Principal and interest | $11,595 |
| Property taxes (0.57% a year) | $834 |
| Homeowners insurance (our estimate, 0.5% a year) | $731 |
| FHA mortgage insurance | $1,059 |
| Total per month | $14,220 |
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Questions about home buying in Santa Monica
What is the median home value in Santa Monica?
About $1,755,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Santa Monica?
Homeowners pay a median $10,001 a year, which is about 0.57% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Santa Monica?
For the median home with 20% down at 7.11%, the payment is about $11,013 a month. Keeping that under 28% of gross income takes about $471,978 a year.
More about Santa Monica
- Mortgage Refinance in Santa Monica
- Debt Relief in Santa Monica
- Home Equity Loans in Santa Monica
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data