Bellevue, Washington, is a city in Kingston County, WA. It’s a short drive or ferry to Seattle, but Bellevue has plenty to offer, so venturing out is rarely necessary. Bellevue has a higher cost of living than most cities in the US, with the Cost of Living Index (COLI) for the Seattle-Bellevue-Everett WA Metro Div being 152.7, compared to the US average of 100. The higher cost of living is due to a few factors, including beautiful neighborhoods, great schools, a low violent crime rate, and numerous beautiful Washington parks.
Bellevue, WA, is a great place to live and was ranked the 3rd happiest city in America. However, before moving to Bellevue, WA, there are a few things to consider, and the higher COLI (Cost of Living Index) is one of them. While many residents feel the high cost of living in Bellevue, WA is worth it, it’s still an important variable to think about. Bellevue is known for being a more expensive place to live, but so are most Washington cities.
Bellevue Cost of Living Index
The COLI, or Cost of Living Index, is a measurement used to help people differentiate how much living in a certain city or state will cost. 100.0 is the US average, meaning anything higher than 100 is more expensive to live in than an average city in America, and anything below 100 is more affordable.
Is Bellevue expensive? The Cost of Living Index in Bellevue, WA is 166.0, or 66% higher than the national average. While housing is a whopping 158% more than the national average, utilities are only 6% higher, while groceries are about 25% higher, according to Payscale. Utility costs in Bellevue are more affordable than in the metro area and in most Washington cities. The cost of living index of the Seattle-Bellevue-Everett WA Metro Division is 152.7, which means Bellevue is more expensive than its metro.
- Consumer Price Index (CPI)
The index evaluates the fluctuation in the average cost incurred by consumers when purchasing a specific range of products and services, which typically includes everyday expenses such as groceries or fuel. The consumer price index in the Seattle area (Seattle, Tacoma, and Bellevue) has increased by 8% over the past year and 1.4% over the past two months.
- Consumer Expenditures Survey
The Bureau of Labor Statistics provides data from household surveys conducted by the Bureau, which tracks the everyday spending habits of the citizens of specific cities. This data provides great insight as to what are the most costly expenses in a new city. Each survey consists of two sections: the Interview Survey and the Diary Survey.
The average cost of living in Bellevue, WA, is $86,303 per year, according to the U.S. Bureau of Labor Statistics. These figures are much higher than the US average of $64,187 annually. However, the amount the average Bellevue household spent on healthcare was only 5.5%, compared to the US average of 8.3%.
|Seattle and Bellevue Metro Area|
|Income before taxes||Average annual expenditures|
- Average Cost of Living in Bellevue, WA
How much do you need to make to live in Bellevue, WA? According to the Economic Policy Institute, for a family of four to live comfortably in Bellevue, Washington, they should earn a salary of $107,916.
Cost of Household Items, Utilities, Gas, & Groceries in Bellevue
Here we’ve included some information about the average cost of living in Bellevue, Washington, including the cost of groceries, gas, and the average cost of utilities.
The average cost of groceries in Bellevue
- Ground beef per pound: $7.00
- Chicken filet per pound: $6.59
- A dozen eggs: $3.74
- Local cheese per pound: $5.83
- Tomatoes per pound: $2.19
Bellevue Public Transportation Cost
Bellevue has a wonderful public transportation system, and all-day passes are available for only $2.50. For convenience, you can utilize their online trip planner. King County Metro and Sound Transit buses serve Bellevue, but there are other transportation options in Bellevue as well!
Average Cost of Utilities in Bellevue WA
The average cost of utilities in Bellevue, WA, is $718, which is slightly above the US average of $538 to $613. While these figures seem high, utility bills across the US are experiencing record highs.
Car insurance in Bellevue cost an average of $1,371 a year, and the lowest rates are $673 per year. The national average for car insurance per year is $1,601.
Bellevue Real Estate Market
While the Bellevue real estate market was at record highs for a long stint, recent tech layoffs have slowed down the Bellevue housing market. The median house price dropped 21% in February, and fewer homes are being listed. And while King County was ranked the 6th most expensive zip code in the US, those figures may continue to drop.
According to Redfin, Bellevue, Washington, real estate has grown very competitive, as most listings receive three or more offers and sell within 21 days. As of March, the median home price was $1.39M (15.4% lower than in 2022), equivalent to $625 a square foot. Only 2.2% of homes sold under the listing price. Fifty-three percent of Bellevue residents own their homes, while 47% rent.
The price-to-rent ratio provides a formula that calculates the housing market so you can make the most fiscally responsible decision. It will tell you whether you should buy a home or continue renting based on the economic climate.
The price-to-rent ratio is calculated by dividing the median home price by the median annual rent. The equation for Bellevue: 1.39 million divided by $2,561 equals 45.22972797084472. Anything above 21 indicates that, in the current economic climate, it’s a better decision to rent than buy.
Northwest Bellevue is the most expensive neighborhood in Bellevue, WA, with a median sale price of 3,010,000. If you’re looking for luxury real estate in Bellevue, WA, look in the Northwest!
The most affordable Bellevue neighborhood is Factoria, with a median sale price of $515. Overall, Bellevue real estate can be tough, and although renting is a good option for some, it is possible to find well-priced houses for sale in Bellevue, WA.
Bellevue Rental Market – Average Rent in Bellevue WA
According to Rentcafe, the average rent in Bellevue, WA, is $2,561 for an 848-square-foot apartment. The average rent in Bellevue, Washington, is higher than in Seattle ($2,233 for 691 square feet), Tacoma ($1,653 for 824 square feet), and Vancouver ($1,710 for 923 square feet). However, the average Bellevue rental is bigger than in Seattle and Tacoma. Less than 2% of Bellevue rentals are less than $1,500 a month; 25% are between $1,501 and $2,000, and 72% are $2,000 or more monthly.
There are many affordable Bellevue apartments for rent! The neighborhoods with the highest rent are Clyde Hill ($2,875), Downtown Bellevue ($2,875), Northwest Bellevue ($2,875), West Bellevue($2,707), and Wilburton ($2,707). Whereas the most affordable neighborhoods are Factoria ($2,610), Newport ($2,610), Somerset ($2,610), and Eastgate ($2,282).
According to ATTOM, it’s more affordable to rent in the Seattle-Tacoma-Bellevue metro than to buy. According to the National Low Income Housing Coalition outreach report, to afford a two-bedroom rental in Bellevue, WA, you would have to earn over $23 an hour.
Average Salary & Household Income in Bellevue WA
The median household income in Bellevue, WA, is $144,274, well above the US median household income of $70,784. Based on information from Payscale, the average salary in Bellevue, Washington, is $89,000, which is equivalent to an average income in Bellevue of $24.15 an hour. While the cost of living has increased by 66%, the wage trends have only increased by 1.6%.
Income, Sales, & Property Taxes in Bellevue WA
Taxes affect the overall cost of living in any city. When choosing a city to call home, researching their income, sales, and property taxes is a great way to avoid surprise expenses.
Income Tax in Bellevue WA
Washington has no income tax for individuals or corporations; therefore, Bellevue, WA, has no income tax.
Sales Tax in Bellevue WA
Bellevue, WA, has a sales tax of 3.6%, and Washington has a sales tax of 6.5%, putting Bellevue at a 10.1% sales tax.
Bellevue, Washington Sales Tax Rate
|Washington Sales Tax||6.5%|
Washington is ranked as #4 for the highest sales tax rates in the US.
Bellevue WA Property Tax
For Bellevue and King County, the property tax rate is accessed using its full market value, whether comparable sales, reproduction or replacement cost or income or capitalization of economic rents. Residents of Bellevue, Washington can expect to pay $7.10 on every $1,000 of assessed value compared to 2022’s tax rate, where the rate was $8.20 per $1000.
The property taxes in Bellevue, WA, aren’t the most affordable in the US, but they aren’t the most expensive.
Bellevue is one of the largest suburbs of Seattle. While the overall cost of living is higher than the national average, and the area is considered expensive, many people continue moving to Bellevue, despite its low housing inventory and high median house prices. You may be curious about what the lure is behind this dreamy city. Well, Bellevue has tons to offer! From its luxury neighborhoods, beautiful parks, proximity to Seattle, wonderful nearby waterways, and breathtaking scenic views, people are willing to pay top-dollar to call this Washington city home! Are you? Contact All Ready Moving at 360-507-2447 for a free moving estimate. We have friendly, professional Bellevue Movers waiting to lend a hand with your relocation.