Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Beverly Hills | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,563,986 | $642,203 | $242,182 |
| Price Trend (Annual %) | 2.4% | 10.0% | 8.2% |
| Median Gross Rent | $2,805 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.1% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Beverly Hills is about 144% higher than in California. Rent is about 43% higher than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Beverly Hills, up about 2.4% and 5.1% a year respectively. Rent is changing faster.
Median rent in Beverly Hills rose about 45.5% between 2015 and 2023, from $1,927 to $2,805. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 12.2 yearly household incomes in Beverly Hills.
Buying the median-priced home in Beverly Hills costs roughly 46.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Beverly Hills. The price-to-rent ratio in California is about 27.4.
| Metric | Beverly Hills | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,563,986 | $642,203 | $242,182 |
| Median Household Income | $128,642 | $96,718 | $78,145 |
| Price-to-Income Ratio | 12.2 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Beverly Hills rose about 30.6%, while median household income rose about 53.3% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Beverly Hills | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 36.2% | 51.6% | 58.2% |
| Rental Rate | 50.0% | 40.9% | 31.3% |
| Vacancy Rate | 13.8% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Beverly Hills has a homeownership rate of 36.2%, lower than the California average of 51.6%. Its housing vacancy rate is 13.8%, compared with 7.6% in California.
Housing Stock
| Metric | Beverly Hills | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1956 | 1975 | 1978 |
| Median Number of Rooms | 4.9 | 5.0 | 5.5 |
The typical housing unit in Beverly Hills was built around 1956. On average, 2.2 people live in a home with about 4.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Beverly Hills, California.
What is the median home price in Beverly Hills, California?
The median home price in Beverly Hills, California is $1,563,986, higher than the California average of $642,203.
What is the average home price in Beverly Hills, California?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Beverly Hills, California?
The median gross rent in Beverly Hills, California is $2,805 per month, higher than the California average of $1,955.
What was the median gross rent in Beverly Hills in 2020?
In 2020, the median gross rent in Beverly Hills, California was $2,258 per month.
What is the price-to-rent ratio in Beverly Hills, California?
The price-to-rent ratio in Beverly Hills, California is about 46.5, meaning it would take roughly 46.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Beverly Hills.
Are home prices or rent rising faster in Beverly Hills, California?
Both home prices and rent are rising in Beverly Hills, up about 2.4% and 5.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Beverly Hills, California?
36.2% of households in Beverly Hills, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Beverly Hills, California?
The housing vacancy rate in Beverly Hills, California is 13.8%, higher than the California average of 7.6%.