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Residential Housing
Santa Monica is a densely populated area, therefore,
it is not surprising that a majority of housing in
the community is comprised of multi-family
developments, with the remainder being single family
attached and detached homes. A small number of City
residents live in mobile homes and group housing.
Figure 5.1 illustrates that estimates in 2006
of the 49,383 housing units available, an
overwhelming majority were multi-family units.
Within the multi-family units, most of the units
were in developments with five or more units.
Source: CA.
Department of Finance, Jan. 2006
Reflecting the high proportion
of multi-family units, Santa Monica also has a high
proportion of rental households. As of the 2000
Census, approximately 70% of the households were
occupied by renters as shown in Figure 5.2. Due to
the large number of apartment units, this trend is
expected to continue. Land prices are high and would
discourage construction of new single-family
housing. There has been some conversion of
apartments to condominiums; however, additional
multifamily housing units have also been
constructed, and many of these have been units for
rental.
Source: U.S. Census, 2000
Seven years into vacancy
decontrol, 48% of the controlled rental housing
stock has been rented at market rate and 52% remains
rented to long-term tenants. The rate at which new
units receive market rate increases has slowed each
year since 1999, the first year of vacancy
decontrol. In that year, almost 3,900 units were
first rented at market rate. In 2005, less than a
fifth of that number (686 units) received market
rate increases for the first time.
As a result of vacancy
decontrol, a dramatic shift has occurred in the
affordability of the 13,183 units that received
vacancy increases. Before the increases, 80% of the
units had rent levels affordable to low-income
households. After the increases, just 16% remain
affordable at the low-income level. Additionally,
the number of units affordable only to households of
moderate income or above has grown from just 20%
before the increases to 84% after the market rate
rents were established. Despite the significant
loss of affordability in those units that have had a
vacancy increase, a substantial number of units
(approximately 14,300) have not received vacancy
increases and continue to provide housing at
affordable rents.
For a fuller discussion on the
City's rent control policies, statistics and
information about the impact of market rate
vacancies, visit the
Rent Control
web site. For information on housing policies and
programs, contact the
Housing Division
at (310) 458-8702 or visit the
Housing Division
website.
Median home and condo prices on
the Westside, while not inexpensive, present a wide
array of choices for the prospective homeowner.
Figure 5.2 shows Santa Monica's home median prices
per zip code area for single family homes and
condominiums. According to Data Quick Real Estate
News, Santa Monica’s median home price for June 2006
was $884,000, up 12.61% from $785,000 in June 2005.
Up-to-date information can be
found in the Los Angeles Times’ Real Estate Section,
Sunday Edition at
www.dqnews.com, or by a professional
realtor.
Source: www.dqnews.com
[ Table of Contents for
Demographic & Economic Profile ]
This page was last modified on
03/06/2007
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