What's the Cost of Living in Bellevue, WA?

Are you thinking about moving to Bellevue, WA, and want to know more about how much it is going to cost you? Take a look at the cost of living, the average household income, and typical expenses.

Located in the Eastside region of King County, Bellevue, Washington, has become one of the most sought-after places to live in all of Washington. The Seattle suburb is best known as the high-tech and retail center of the Eastside and is highly considered one of the best places to live in Washington.

Not only does Bellevue offer abundant job opportunities, but there are excellent schools, over 150 parks, fabulous restaurants, mild weather, many retail shops, and prime real estate. Bellevue is also known to be on the pricier side, primarily due to its high demand for real estate, although other expenses are not relatively as high. 

The city is great for families, retirees, and especially young professionals. You'll also never find yourself getting bored with the amount of recreational activities to enjoy in the area. There's almost no reason not to move to the area. No matter why you choose Bellevue as your new home, it is crucial first to understand how much you will be spending daily, monthly, and yearly.

Remember that Bellevue can be expensive, but don't assume you will be paying the average price. Before moving to Bellevue, there are many things to know, and the overall cost of living is vital to understand, so let's take a closer look at the cost of living, real estate, average income, and everyday expenses.

Keep reading to learn more about the cost of living and typical expenses in Bellevue, WA.

Cost of Living

Bellevue is one of the most expensive places to live in Washington. Compared to the national average, the cost of living is 68% higher; Bellevue is not considered the best place for individuals on a budget. Most cost increases are in food, transportation, and housing expenses. The good news is that these three expenses can vary greatly depending on how you spend your money, your lifestyle choices, and many other factors. 

Looking a little closer at the cost of living, housing is 158% higher, utilities are 6% higher, groceries are 25% higher, and transportation is 23% higher than the national average. These higher prices can be intimidating, but you can trust that the quality of living is just as high. This is why people from places like Spokane, Vancouver, and California are relocating to Bellevue. Check out the cost of living in other major Washington cities like Vancouver and Seattle. 

As a suburb of Seattle, many people move to Bellevue for a job opportunity in Seattle and choose to live in a quieter area away from the city. Bellevue does have a 16% higher cost of living compared to Seattle. However, it should be noted that these statistics may not accurately reflect the exact amount that you will be spending.

Here are some typical costs of living aspects according to Payscale.

Real Estate

Housing prices are the most expensive expense in Bellevue, at 158% higher than the national average. The average home price in Bellevue is over one million dollars, meaning the housing market can be highly competitive, and homes usually only stay on the market for about five days. 

Housing prices will vary depending on location, home size, and many other factors. We know how important it is to find the perfect home, and luckily, there are many single-family homes, townhomes, condos, and more for you to check out in Bellevue. Bellevue's housing prices have risen by 8.6% compared to last year. However, the median price per square foot has decreased by 5.2% and now stands at $642.

As you can tell, Bellevue is a top-rated destination to move to in Washington. There are many beautiful and safe neighborhoods to pick from in Bellevue, almost guaranteeing that you will find that perfect home. 

Income

With over 192,800 jobs and the second-largest city in Washington State in 2023, Bellevue is a strong and growing economic center. The number of jobs has grown significantly in recent years, with an average annual growth rate of 1.12% since 2000. Only about 22% of residents work in the city, as most commute from surrounding areas. 

The average annual salary is around $74,744 a year or $36 an hour; your salary will vary depending on your occupation, experience, and other factors. With 75 major Fortune 500 company jobs in Bellevue, there are many companies to work for. 

Finding the perfect job for your budget and lifestyle can be overwhelming, and knowing what kind of job market you're walking into is good. The economy of Bellevue is mainly influenced by four major industries: Information Technology, Business Services, retail, and tourism. Many major companies are located in and around Bellevue, including Microsoft, Amazon, Expedia Group, Intellectual Ventures, and Esterline. You may also find employment with one of the many local businesses around the downtown area.

Food

Bellevue is home to award-winning five-star restaurants and friendly cafes, making it one of the best places to dine in all of Washington. There are many delicious options for you to try, with a combination of international and Pacific Northwest cuisine. From a romantic date night to a casual night out, you can guarantee that your dining experience in Bellevue will be exceptional.

Here are the average prices of everyday grocery items according to Payscale.

These averages represent the median price of various grocery items from different stores across the city. Just to let you know, your actual cost may vary depending on your shopping location, family size, lifestyle, and specific preferences. You could end up paying either more or less than these averages. 

You can check out the list below if you are looking for some of the best local places to eat in Bellevue.

• Seastar Restaurant & Raw Bar: Have a delightful culinary experience with various cuisines available in one location. You can savor American classics, delicious sushi, and delectable seafood, making your dinner in Bellevue unforgettable.
• Supreme Dumplings: Enjoy a casual and authentic meal at this local favorite restaurant in Bellevue. 
• John Howie Steak: If you're looking for a romantic, private dining experience, this amazing steak house is the perfect place in Bellevue.

Transportation

Most residents have cars in Bellevue, although it's not essential as many public transportation options are running throughout the city. To get around the city, you can take the Sound Transit Express Bus Route 550, which is an affordable and accessible option to get around town. 

The downtown area is considered walkable, although a car or bus is necessary to travel outside of that area. In addition to the bus system, the Link Light Rail runs from Seattle's International District to downtown Bellevue and the Bel-Red area to Redmond Technology Station. 

If traveling into the city, you can fly right into the King Country International Airport in Seattle or the Seattle-Tacoma International Airport, as Bellevue is only 17 miles away. You can catch a taxi, Uber, Lyft, or the light rail to Bellevue from there. 

Taxes 

Along with the rest of Washington, there is no state income tax in Bellevue. The minimum sales tax rate is 10.1%, a combination of state, country, and city tax rates. Taxes are often overlooked, although they can add up at the end of the year, so it is essential to understand how much you will owe.

Bellevue has a property tax rate of $7.10 per $1,000 of assessed value, and 88 cents of that $7.10 goes to the City of Bellevue. This is less than a 1% tax rate and less than the effective property tax rate for the United States of 1.11%. 

The 2023 State Business Tax Climate Index shows that Washington's tax system has been placed 28th. This indicates that the state's tax rates are neither too high nor too low and fall in the middle range compared to other states nationwide. Remember that tax rates can have a significant impact when evaluating the cost of living.

Healthcare

Healthcare expenses in Bellevue are 30% higher than the national average. However, there are many more affordable options in the city. Healthcare can take up a significant part of the overall cost of living and is crucial to remember. 

The average single adult living in Bellevue spends $3,345 annually on healthcare. This is less than the Washington average of $3,351 annually. Bellevue also has several highly-rated hospitals, including the Overlake Medical Center, Bellevue Medical Park, and Kaiser Permanente Bellevue Medical Center.

Keep in mind that the average healthcare costs may not equate to exactly how much you will be spending. Healthcare costs vary greatly depending on where you go, the specialized service you need, and the type of healthcare you have. 

Check out the average prices for standard doctor visits according to Payscale. 

FAQ: Cost of living in Bellevue, WA

Here are some commonly asked questions about the cost of living in Bellevue, WA.

How much do you need to make to live in Bellevue, WA?

For one individual, a livable wage would be around $21.48 an hour, and $43.85 an hour for a family of four. However, keep in mind this all depends on your lifestyle, budget, and family size.

Is it cheaper to live in Seattle or Bellevue?

Bellevue is more expensive due to the increasing demand for quality real estate, but both cities are excellent choices. They will offer plenty of job opportunities, a good community, and more.

Why is it so expensive to live in Bellevue?

Bellevue is highly sought after for its high quality of life, top-rated schools, plentiful job opportunities, and outdoor recreation. 

Is Bellevue, Washington, a wealthy area?

For a long time now, Bellevue has been known to be a more affluent suburban city in Seattle. It is known as one of the wealthiest mid-sized cities in the nation today. 

What is Bellevue known for? 

The amazing city is known for many things; the most well-known is its many parks. With nearly 100 parks, there are more than enough options for outdoor activities. On top of this, Bellevue is the high-tech and retail center of the Eastside. The city is home to well over 150,000 jobs, making it one of the country's best places to start a career. 

Cost of Living in Bellevue, WA - The Bottom Line

Bellevue is a highly desirable city with many job opportunities, beautiful scenery, excellent schools, and an overall high quality of life. You can enjoy a lively downtown area home to world-class shopping, dining, and entertainment options. 

As you decide on where to move, definitely keep Bellevue in mind. However, many other cities and towns in Washington are worth checking out. Check out amazing cities like Tacoma, Spokane Valley, and Sequim in Washington. No matter where you decide to move, learning the actual cost of living in Washington is imperative. Check out other states and cities like Cleveland to compare the overall cost. 

Whether you decide to move to Bellevue for its abundance of parks, a new job opportunity, or a fresh start, our team at UpHomes is dedicated to helping you find the home of your dreams. If you are ready to find that perfect home, don't hesitate to contact one of our helpful Realty Specialists or check out some fantastic homes for sale in Washington.