If you’re considering Hollywood Hills for buying your first home in, you’re entering the territory of the wealthy and the famed. The city of Hollywood Hills has stunning views of Los Angeles, Hollywood Lake, and, of course, proximity to Hollywood. Because of these reasons, it lodges many a screen star and magnate. It also has several recreational areas and gasping views of the Monica hills.
Tourists. Scores and scores of them. They come mainly to see the famous white Hollywood slapped letters dangling midair on the hill. And they come to stroll the streets looking for celebrities. You may be one of them. The streets attract hikers and traffic. Residents complain about the congestion; the noise; the trash; people smoking in high-fire areas. And the place is beautiful. It has wide avenues, drooping palm trees and a sky as blue as its lakes. It also has spectacular public parks, Griffith Park’s hiking trails, stables, top-notch education, and its famous Hollywood sign.
Thinking of buying there? Here’s what you need to know
Hollywood Hills is affluent with a median income of $85,685 per household. It’s comparatively older than other regions of Los Angeles, with a median age of 40. More than 45% of the homes in Hollywood Hills are owned, while 44.5% are rentals. Topping the list of best schools in the neighborhood is Carpenter Avenue Elementary School.
Real estate reports have largely been positive and mimic the rest of pricey Los Angeles. Demand is high and prices are available – for the wealthy. Or rather, for the super wealthy. In the last month (November), agents managed to sell 63 homes; a 5.0% increase from last month’s report. Contrast this to Studio City which had 51 sales in the same time frame, the most of all neighborhoods in the area. Prices have been climbing since. This month’s reported median sales approximate $1,376,650 in a four-week upswing.
On the whole, however, prices fluctuate. You may want to bide your time and study the market – or ask a broker for options and professional advice if you’re considering moving here. In general: The median value of homes in Hollywood Hills is $843,645, making it one of the most valuable areas in Los Angeles. At the same time, the average list price of available homes is,at this moment of writing (mid December 2015) $2,079,433.
Hollywood Hills has one of the lowest population densities in the city. The median age is 37. The population mostly swings towards white individuals (74% as of 2014). Latinos make up 9.4%, Asians are at 6.7%, black people at 4.6% and others at 5.3%.The median household income in 2008 dollars was $69,277, considered high for the city but average for the county. The percentage of households earning $125,000 or more is high, compared to the county at large. The average household size is 1.8%. 85% of the homes are headed by two partners (married or otherwise).
Famous people who called Hollywood Hills their home included the usual Hollywood repertoires of actors, comedians, film directors, show people, and so forth. You may recognize the names of Sage Stallone (actor and son of Sylvester Stallone); Matthew Perry (actor); Robert Culp (actor); and Joaquin Phoenix (actor) on this list. The only two exceptional individuals at time of this writing are Tom Leykis, radio and internet talk show personality and Earle D. Baker, a Los Angeles City Council member of the late 19th century.
Cost of living.
- The cost of living in Hollywood Hills is 38.6% greater than the Los Angeles average.
- The cost of living in Hollywood Hills is 97.1% greater than the national average.
AreaVibes gives Hollywood Hills a flat F for cost of living. In contrast, this same website gives the city an A+ for housing, amenities, and livability (which includes beautiful climate, stable housing market, and high graduation rates). Hollywood Hills is ranked #2 in California. AreaVibes grants the city an A for employment, weather and crime. Altogether an attractive city to live in – for those who can afford it.
The short of it is this…
You’ll find Hollywood Hills, Los Angeles to be a high-income, low-density, well-educated and youthful urban residential district. Housing prices are high. you may want to consider renting; more than half of the population do.
If you’re thinking of buying here, consider the following: Do you want to rent, buy for residential reasons, or buy in order to flip? Each makes a big difference. You may also want to consider why you want to live in Hollywood Hills. Some agents suggest that you choose Hollywood Hills for career reasons – particularly if you are in the entertainment industry and that you lodge your family in one of the more family-oriented neighboring regions. Beverly Hills, for one. The cheapest properties are likely to be foreclosures and will need a lot of work. People in Hollywood Hills on average sell their homes every five years. If you’re planning to flip consider a minimum ten year wait for the market to stabilize. Buying is without question cheaper than building. In all cases, if your’e a first-time homebuyer in Hollywood Hills you may definitely want to seek a qualified broker to discuss options.