What Is The Cost Of Living In Bellevue, Washington?

People and businesses alike flock to Bellevue, Washington, making it a desirable place to live that regularly ranks in the national top 10 lists. Several big companies, including T-Mobile, call Bellevue home. In combination with nearby Seattle, Bellevue residents have plentiful job opportunities to contribute to their standard of living.

The constantly growing population of Bellevue creates demand on the housing market. The median sale price for a single-family home in Bellevue last year was $910,000, and that was actually a 10 percent decrease from the previous year!

Fortunately, median incomes are higher-than-average in the city, with the median individual income being $59,163. On the United States cost of living index with a base of 100, Bellevue’s cost of living index is 196.5, meaning the cost of living there is nearly double that of the average location in the United States.

Much of the high cost of living can be attributed to the city’s desirable location near Seattle with beautiful views of the mountains and water. Two lakes sandwich the city on either side, restricting growth and expansion possibilities in the area and making land a premium cost. The area is heavy-laden with big business headquarters, and as a result, is drawing an increasing number of people to the area each year.

Homeownership will not be attainable for people with light pockets. On the cost of housing index with the national base being 100, Bellevue sits at 391.6, making it nearly four times more expensive to own a home there than the average home cost in the United States. That is without property taxes or utilities.

According to the United States Census Bureau, the average monthly mortgage payment in 2018 was $3,018 per month. In February 2021, the Seattle-Tacoma-Bellevue market came in sixth on a list of real estate markets where homes are selling the fastest. The median home cost in Bellevue is a whopping $1,165,300, compared to a statewide median of $504,200.

Between 2019 and 2020, average rent increased in 39 states across the U.S., and Washington state was among them. In fact, Washington comes in eighth on the list of the states with the highest average rental prices in the country. The state’s average rent is approximately $1,258, which is considerably lower than the average rental price in Bellevue.

To put things in perspective, the following table outlines how the average monthly rent in Bellevue compares to other cities in the state of Washington:

The cost of living index for utilities reports that consumers spend significantly less on utilities in Bellevue than elsewhere in the country. Bellevue’s cost of living index for utilities is at 71 compared to a base of 100 for a nationwide average.

Bellevue’s proximity to the water gives it an oceanic climate, which means it does not experience high highs or low lows in temperature, and this certainly translates to cost savings for residential power bills. Additionally, the monthly average precipitation is just over 2 inches, so residents can avoid running up their water bills for outdoor yard irrigation.

Electricity Rates: The average residential electricity bill in Washington is $88 per month, which is below the national average of $107. In Bellevue, the residential electricity rate is $0.1036 per kWh. Elsewhere in Washington, electricity is significantly less expensive than the state average is $0.0853 KwH.

Once you secure that million-dollar property, don’t forget the property taxes. Washington ranks in the middle of the pack of state assessment rates, but given the high property values, it still adds up to a significant chunk of change. Real estate property taxes are calculated on the assessed value of the home, which is usually not the list or sell price, and is actually a percentage of the home’s value. Regardless, the more expensive the home, the higher the property taxes.

The national average property tax rate is 1.07 percent. In Bellevue, the average rate is .930 percent. This translates to an average annual property tax amount of $3,326 per property.

Residents of Bellevue will have no shortage of recreation and entertainment options. One of the best perks of living in the city is all of the outdoor access that you can enjoy. Because Bellevue itself is flanked by water on two sides, several of its parks have access to the water for swimming and paddling – for free!

You can have the best of both worlds and either take in Bellevue’s cultural activities or travel to nearby Seattle for more entertainment. With all the fantastic options, the high housing prices make sense; who wouldn’t want to live there?

Here are some ideas for activity costs to help you plan an entertainment budget.

Bellevue College offers two-year and four-year degree programs. It was originally founded in 1966 as a community college, and it stays true to those roots in continuing to offer 2-year programming for students who intend to transfer to a 4-year college. Its annual in-state tuition is $3,866.

Eastern Washington University has a presence on the Bellevue College campus and partners with the college to provide the 4-year degree offerings. EWU courses are charged at a per-credit basis that ranges from $322 to $376 per credit hour.

The median annual tuition at a public four-year university in the United States is $10,270

The per-person income for people living in Bellevue is $66,192. The household median income is $120,456. About 6.7 percent of Bellevue residents live at or below federal poverty guidelines. 68.7 percent of the workforce has a bachelor’s degree or higher.

The four main industries in Bellevue are information technology, retail, tourism, and business services. People who live in Bellevue are not only limited to Bellevue proper offerings for work and can also look to nearby Seattle, Kirkland, and Tacoma. Expedia Group, Postmates, T-Mobile, and Eddie Bauer all call Bellevue home.

Six Fortune 500 companies are based in Seattle. Top companies are Alaska Airlines, Amazon, Starbucks, and Nordstrom.

The surrounding area is laden with additional big business bases, including Costco in Issaquah, Washington, and the Seattle Seahawks in Renton. It really is an area with remarkable growth and opportunity if you are interested in any of these industries.

If you can afford it, Bellevue, Washington is a fabulous place to live. The access to the outdoors is magnificent, and coupled with access to the Seattle-Tacoma metropolitan area, residents really can have the best of both worlds.

Bellevue routinely ranks in top-10 lists highlighting the best places to live in the United States. If work is calling you to Seattle, definitely consider Bellevue as an option. As expensive as it is, it is still cheaper than living in Seattle.