How to live in expensive cities (like Santa Monica) for 30% less | What I learned from being cheap

Watch a regular guy tell you how to live in a nice place for way less. According to rentcafe.com, the average rent for a 773 sq ft, 2 bed apartment in santa monica is $3590 a month, which is actually a 7% decrease compared to pre pandemic costs. This is a near perfect comparison to my place as it’s about 760 sq ft and also a 2 bed. So as you can tell by the title, the big reveal is that i actually pay $2500 a month, which is a about a 30% discount on the average 2 bed apartment in SM. So how do you get a 25-30% discount renting in one of the most expensive cities in the world? When we moved to this apartment in july of 2019, it was literally one of the most affordable 2 bedroom apartments in the city. I think there are three main components to getting a steep discount to living more affordably in a city like santa monica. My building is very old. The building was built in the 40s. The 2040s. They haven’t been built for a decade. My apartment is from the future. And let me tell you, the future is bleak. Just kidding my apartment is around 80 years old. My apartment essentially has no amenities. It has a shared washer and dryer for the 8 people who live here. It has a small patio. My apartment is on the smaller side for a 2 bed. I don’t know the exact sq ft but i think it’s safe to assume it’s around 760 sq ft. So if you follow those three easy steps, you too can find an affordable place to live in your city. So that’s what you get for $2500 a month in santa monica california. But why would such a small space cost so much?. I mean the mortgage for a 5000 sq ft house with 20% down in ohio is 2500. Why is rent so high in santa monica? There are lots of reasons why people move to major cities like new york, san fran, chicago, and los angeles. These cities attract people for all sorts of reasons, things like jobs, specific industries, cultural diversity, greater economic opportunity. All things that can sometimes be more difficult to find in smaller communities. So one of the main reasons for cities generally being more expensive is the basic supply and demand principle of economics. Lots of people want to and do live in these cities, but there is limited supply of housing. So lots of demand, not enough supply means the price is quite high. Of course there are other factors like taxes and infrastructure that make a city expensive. And It’s no surprise that LA and santa monica are impacted by these factors; however, SM particularly has a much higher cost of living than the rest of LA. Honestly when you drive around santa monica, it looks pretty much like every other part of los angeles with the exception of downtown. Unfortunately there is no grand answer. It’s pretty much the same reason so many people move to southern california. It’s the weather and the water. The fact is, the closer you get to the beach, the closer you are to the water, the better the weather, the higher the prices. So are people really paying for weather and water? In los angeles you’re likely to see an average temp of 75 for the year, with summer temps often between 85-95 in the summer with a handful of days getting up between 105 and 115. In santa monica, you’re likely to see an average of about 66 for the year with summer time temps often staying between 75-85. Matter of fact, our apartment, along with many other buildings in santa monica, has no air conditioning. For all but just a few weeks during the summer/fall months, you can be perfectly comfortable with windows open, and the ocean breeze getting pulled through your apartment. So is weather worth it? Probably not. But it’s really nice. The weather and water make outdoor activities incredibly convenient and enjoyable. Quick access to water sports of all kinds, hiking, biking, you name it, you can pretty much do it. So that’s it. That’s what you get for $2500 a month in Santa Monica, CA. Hope you enjoyed this video. Like it and comment or whatever.