An Overview of Cost of Living in Bellevue, WA
Understanding the cost of living in Bellevue can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Bellevue cost of living index is 204, which is 104% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
The cost of living in Bellevue is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Bellevue falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs significantly influence the Bellevue cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 302.9%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Bellevue, these items will cost you 19.5% more than what most folks pay, making it a bit more expensive to live here.
The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in Bellevue, the news isn't any better as grocery prices are 16.3% higher than the national average.
What Do Locals Say About the Cost of Living in Bellevue?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 21 locals to understand their opinions on the cost of living in Bellevue. The results indicated that 14% found it reasonably priced with decreasing prices of goods and services, while 86% viewed it as quite expensive, with increasing prices.
Is Bellevue Affordable?
Is Bellevue an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Bellevue is 380.6% higher than the national average, while the average monthly rent prices are 121.7% higher than average. The affordability of any location can also be influenced by median income levels. Bellevue has a median household income of $129,497, which is 134.1% higher than the national average.
What Factors can Influence the Cost of Living in Bellevue?
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Bellevue, healthcare costs are 37.6% higher than the national average.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Bellevue, the groceries index is 16.3% higher than the national average.
Where is the Data From?
The Bellevue 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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