The notion of luxury living extends beyond elegant homes with modern architectural designs and amenities to exclusive neighborhoods with a high-class lifestyle. One such neighborhood is Hollywood Hills, which has risen to become one of the most luxurious neighborhoods in Los Angeles. Located in the central region of Los Angeles, this upscale neighborhood is home to A-list stars, including entertainment moguls.
Picturesque sceneries remain one of the focal points of this neighborhood. Perched at a high elevation point, Hollywood Hills offers panoramic views of the sprawling Los Angeles skyline, the iconic Hollywood sign, and the shimmering Pacific Ocean. The Hollywood Reservoir is another local landmark with beautiful vistas, treating residents to unforgettable sunsets.
Hollywood Hills also boasts proximity to the heart of the entertainment industry; many Hollywood studios and production companies are just a stone's throw away, making it an ideal location for industry professionals. Additionally, it is about 10 miles from downtown Los Angeles, making it a perfect home for high-net-worth investors and successful professionals. But at what cost does this luxurious lifestyle come? Below is a look at the real cost of living in Hollywood Hills, covering housing expenses and major utility costs.
Home prices in Hollywood Hills
In Hollywood Hills, elegant mansions are the norm rather than the exception, with homes boasting unique architectural designs, state-of-the-art amenities, and breathtaking views. This comes at a hefty price, with most
homes for sale in Hollywood Hills listing at $4 million.
There are variations in pricing within Hollywood Hills because the size of the property and location within the neighborhood influence the listing price. For instance, a home at the upper ridges of the hills may list for a higher price due to breathtaking views, while a property lower down the hills may come at more standardized prices. Proximity to upscale shopping, dining, and entertainment venues may also impact prices.
While the pinnacle of luxury may be reserved for the ultra-wealthy, more affordable options are also available for homebuyers who wish to experience the charm of this prestigious neighborhood without breaking the bank. It is worth mentioning that the Hollywood Hills real estate market is subject to economic swings leading to price fluctuations. Homebuyers are advised to consult a local real estate expert for the latest prices.
But what salary do you need to purchase a $4 million home? According to
Think Real Estate, you’ll need to bring in about $1.5 million annually to afford a home at this price point. Don’t forget, you must consider taxes, maintenance, and insurance. Most people have at least $12 million in net worth to qualify for a $4 million home.
Consider the 28/36 rule—housing expenses shouldn’t fall above 28% of your (pretax) income and your debt should be no more than 38% of that income as well.
Utility costs in Hollywood Hills
Beyond the initial cost of buying a home in Hollywood Hills, homeowners will also need to consider utility costs. The neighborhood is served by the Los Angeles Department of Water and Power, the main provider of electricity in the city, meaning electricity and water rates in Hollywood Hills are on par with those of the rest of Los Angeles.
However, the overall cost of utilities may be offset by the sheer size of Hollywood Hills properties and their amenities. Homes with high-tech appliances and entertainment systems come with high electrical demands. Their landscaping often includes sprinkler systems, pools, and other water-intensive amenities. Combining these elements leads to rates 11% above the
national average utility bill.
A notable point is that technological advancements have led to smart home systems, which have permeated the neighborhood and are mitigating energy consumption. The adoption of eco-friendly features in the renovation of Hollywood Hills luxury homes is also helping lower utility costs. Again, utility costs vary based on property size, individual usage, and energy-saving initiatives.
Dining costs in Hollywood Hills
Although a primarily residential neighborhood, Hollywood Hills is served by gourmet restaurants and green groceries in the nearby neighborhoods of Hollywood, West Hollywood, and Studio City. Kensho Hollywood is a great example of fine dining in the vicinity, offering delectable Japanese cuisine in a cozy atmosphere. Hollywood Hills's dining costs reflect the quality, impeccable service, and ambiance, with
dinner in a typical restaurant starting around $84.20. Groceries are also fairly priced, with the
median cost being 11% above the national average.
Transportation costs in Hollywood Hills
Hollywood Hills and the neighboring areas are served by a reliable connection of roads and highways, providing access to Hollywood, downtown Los Angeles, and other major employment and entertainment hubs. The exclusivity of this enclave requires the use of personal vehicles, with public transit options being limited. Metro Bus and Metro Rail are popular public transportation options but may require additional modes of transportation to access specific points due dispersed population and the hilly terrain. Residents also have the option of ride-sharing services, which are convenient and reliable.
As for
transit costs, Hollywood Hills' average is 28% above the national average, with bus fares and gas prices factored into the equation. This is a fair price considering the exclusivity of this prestigious neighborhood and the stunning views. In addition to the typical transit costs, residents may also need to pay for parking.
The average income in Hollywood Hills
Hollywood Hills has an average
individual income of $90,000, which is significantly higher compared to the
national average of $41,535. The average household income is about $167,000.
Hollywood Hills is about three miles from Hollywood — the hub for the film industry, and thus attracts actors, directors, producers, and other industry professionals. Beyond the entertainment industry, Hollywood Hills is home to business executives, successful entrepreneurs, and affluent professionals. The neighborhood's proximity to the commercial and financial centers of Los Angeles is the underlying factor for this.
Are you ready to find your next home in Hollywood Hills?
Hollywood Hills is the epitome of luxury living in Los Angeles, housing celebrities, executives, and other wealthy individuals. While buying a home may be pricey, luxury living in Hollywood Hills does not have to be a money splurge.
If you are looking to become a part of this upscale neighborhood,
Lorissa Singleton will be happy to assist you. Her
proven customer satisfaction is rooted in her extensive knowledge of luxury real estate, years of experience, integrity, and hard work ethic.
Contact Lorissa Singleton today to discuss your options and to learn more about the Hollywood Hills real estate market.
