Why do Formula 1 drivers live in Monaco?

Monaco and Formula 1 are tied together in history. The 2024 version marks the 70th official World Championship race around the streets of Monaco. Only the Monza Circuit has hosted more races since 1950. F1's presence in Monaco goes back way beyond 1950 and will continue to be ever linked even in the unlikely event a new contract is not signed. This is because at least nine current F1 drivers call the venue 'home'.