An Overview of Cost of Living in Bellaire, TX
Are you thinking about relocating, but curious about the potential cost of living in Bellaire? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Bellaire stands at 183, making it 83% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If you're in pursuit of an economical living environment, Bellaire may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Bellaire falls within this bracket.
Housing costs are a very significant part of the Bellaire cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 278.2% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Bellaire Affordable?
Wondering if Bellaire is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Bellaire, for example, the median home price is 349.1% higher than what folks pay nationally, and monthly rent is 113% higher than the usual rates. Plus, income levels matter too, with Bellaire boasting a median household income of $200,250, which is 262% higher than the national average.
What Factors can Influence the Cost of Living in Bellaire?
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Bellaire, is 278.2% higher than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Bellaire, the standard sales tax rate starts at 6.25%, and the income tax rates commence at 0%.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Bellaire, the transportation index is 9.6% lower than the national average.
Where is the Data From?
The Bellaire cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
Here are the best places to live in Texas
10 best cities to buy a new house in Texas
These are the 10 most affordable cities in Texas
See the best places to live in & around Bellaire