What Is the Real Cost of Living in Point Dume?

 

Relatively unknown by settlers until less than a century ago, Point Dume is now a highly celebrated location in Malibu that has made appearances in Hollywood films and is home to some of the most breathtaking views on the Pacific Coast. With mega mansions perched on remarkably high bluffs, beaches well known for their excellent surfing, and a history of Native American life and Spanish conquest, this small seaside community has come to be intensely sought after by investors and homeowners alike. But what is the real cost of living in Point Dume?

After all, property taxes are steep, utilities may run high, and the chance of natural disaster must be considered in this precariously placed neighborhood seemingly falling into the ocean. Still, the benefits of living in such a lovely place, among celebrities and historical artifacts, and amid such raw and beautiful nature would seem to pay back any losses in spades. For anyone considering purchasing real estate in this part of Malibu, it is critical to consider all the factors at play.

More than 75% of residents in Malibu own their homes, and the Point Dume median home price is two million. Average rents for those who don’t own hover around $3,000, and of course, most homes cost much more than that two million mark and closer to five million. Furthermore, property taxes in Los Angeles County are .82%, which must be factored in as it will add potentially tens of thousands of dollars to your mortgage payment each month. The homes we’re talking about are also of the highest quality and include multi-levels and square footage in the thousands, making them highly competitive for the area. Fortunately, it is still possible to find a great deal in Malibu if you work with the right realtor and bide your time.

On top of your monthly mortgage payment, you will also want to factor in your other monthly expenses. Utilities in Malibu, on average, cost about $195 per month, which is 11% higher than the national average. Gas in the city costs $4.36 per gallon, almost one dollar higher than the national average. Food prices are also 11% higher than the national average, making Malibu one of the most expensive places to live in the country. At the same time, Malibu is also a food oasis, with grocery stores and farmer’s markets offering some of the freshest meat, dairy, and produce in the nation as well as myriad options for organic foods and local ingredients. It simply quite often costs more to live well.

While the cost of living is high in Point Dume compared to other areas of the state and country, median incomes more than makeup for this. In Malibu, the median household income is $178,594, which is almost three times higher than the national average of $69,021. Incomes in the area typically come from corporate jobs in Los Angeles, careers in the film industry, and entrepreneurial pursuits. Thus, while the cost of living is slightly higher than the rest of the country, the incomes are dramatically higher, leveling the playing field overall.

While the cost of living is prohibitive in Point Dume, the rewards for living here are ones on which you simply cannot put a price. Point Dume is one of the most beautiful places on earth, as evidenced by the fact that it has been included in many Hollywood films, including Iron Man, as the location of Tony Stark’s house, and The Big Lebowski, as the spot where the beach party takes place.

The water is crystal clear and bright blue, and the beaches are white with clean, soft sand. It is a true gem among so many of the rougher spots along the coast here. Surfers flock to this point for epic waves, and locals come to just hang on the beach, bask in the sun, and enjoy the views. The fact that you can walk to the beach from pretty much any house in Point Dume is a huge selling point, and as access to nature provides multiple health benefits, you can say one of the many rewards of owning real estate in Point Dume is that you may be more likely pay less in medical bills over time.

While many people drive for miles to shop and dine in Malibu, residents of Point Dume have direct access to some of the best high-end fashion and fine dining in the world. The Malibu Country Mart and Malibu Lumber Yard both offer upscale shopping and eating only a few miles away, and Point Dume Village allows locals to grab a bite, take a pilates class, and pick some high-quality essentials just a few minutes from their homes. The luxury lifestyle is alive and well for Point Dume residents, and it is a lifestyle that is worth paying for.

Finally, you cannot put a price on the opportunity to live where a local indigenous population once made their homes. The Chumash people once lived in and around the caves here, and you can still see the paintings from that time, thousands of years ago. Then, when the Spanish colonists took over the territory, they placed one of the now iconic Spanish missions here in Malibu. Still, later, a British sailor found himself on these shores, which are now named after Padre Francisco Dumetz, the missionary who helped that British sailor so long ago. When you live in Point Dume, you become a part of a rich history.

In terms of cost of living, it is important to understand the financial impact of housing, utilities, transportation, food, and more, but it is also important to think about the wide variety of rewards you will receive in exchange. The true cost of living in any place is a delicate balance between what you spend and what you get in return, which often goes far beyond dollar signs. In Point Dume, you will pay more than you will to live in most places in the United States and the rest of the world, but you will also live a life many people can only dream about.

If you’re ready to make the move to Point Dume, Mark Gruskin is your trusted Malibu realtor. With a background in both real estate and real estate law, Mark has established a solid reputation as a reliable, dependable realtor you can count on to get you what you are looking for and exceed your expectations. He has received rave reviews and multiple rewards in exchange for his hard work and dedication to his clients, and he looks forward to helping you find your next house for sale in Point Dume. Contact Mark today.

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