Are you better off owning or renting a home? Owning offers permanence, but that comes with responsibilities. Renting frees you of the demands of home ownership, but can you justify spending that money monthly? If you’re thinking of living in the Los Angeles area in high style, it turns out that you probably can. Just take a big-picture look at the numbers, and see how things add up:
The cost of purchasing a house in Beverly Hills can run anywhere from $2 million to $48 million.
Add a Homeowners Association Fee, from $550 to $1,000 per month—or more.
Together, your monthly costs may run approximately $12,000 to $18,000—or much higher.
That cost doesn’t even touch on landscaping, pool maintenance, and home repairs. Toss in gym memberships, club memberships, security systems, having a driver on-call, and it adds thousands of dollars each month. Access to all of this comes with living at Ten Thousand.
In addition to the financial cost, think about the quality of your life—something that’s impossible to fix as a dollar amount. How can you put a price on strolling through your own private park? Or taking a swim in the heated pool instead of finding someone to drive your child to karate class?
“The amenities, the staff, the location, the views, and the residences are all excellent,” says Ten Thousand resident Kelly S. “After downsizing from a longtime home, it is a remarkable change.” When you’re deciding between renting and owning, the real question is what you want your life to focus on, and whether you’re worth it.