What Is the Actual Cost of Living in Bellevue | Inflation Adjusted
Are you wondering what is the actual cost of living here in Bellevue, Washington as of 2024? Bellevue, Washington is a vibrant city known for its thriving tech industry, excellent schools, and beautiful surroundings. And in this video, we'll dive into the details of what it's like to live here in Bellevue from the financial standpoint. Hi, my name is Darius Senses, your Greater Seattle Realtor friend.
If you're new to the channel, please be sure to subscribe. I put out videos weekly about living here in the surrounding areas of Seattle, as well as share tours of the most exclusive properties. And if you're thinking about moving here and are curious about the actual cost of living in Bellevue, you're at the right place.
We'll explore the various aspects that contribute to the actual cost and provide you with the information about Bellevue, Washington that you need to have to make an informed decision. Bellevue's housing market has been on a steady rise over the past few years. As of July 2024, the median home sole price in Bellevue reached an impressive $1.8 million.
It has gone up significantly even since last year, and it continues to appreciate. This upward trend is not surprising, given that Bellevue's growing popularity and its proximity to major tech hubs like Seattle and Redmond. Looking back, Bellevue's home price has consistently increased over the past three to four years.
Bellevue does offer a variety of housing options, and your price will depend on whether you want a condo downtown or a modern new construction home or a larger home or an enlarged lot. There are numerous neighborhoods that give you different options all within the Bellevue city limits. And even though the median price is $1.8 million, depending on what it is, it could range anywhere from under $1 million to $20 million and up.
And despite the high prices, with a population of around 152,000, Bellevue's housing market remains competitive as more and more people discover the city's high quality of life and abundant job opportunities. When it comes to everyday expenses, food is a significant factor in the cost of living. Overall, most food items will be more expensive here as compared to the national average.
Fast food prices in Bellevue are compared to other major cities. A McDonald's Big Mac meal will cost around $8, while a large pizza from a chain like Domino's or Pizza Hut will average around $15. So some of the national chains that you will find and recognize prices will be what you expect in other locations.
But overall, cost of food and groceries here is higher as compared to other parts of the country. The utility costs in Bellevue are also slightly higher than the national average. Expect to pay about $190 per month for energy bills and another $200 or so per month for phone bills.
Cable, internet, and phone packages can vary depending on the provider and the level of service that you choose. Peak utility usage times in Bellevue typically occur during winter months when the heating costs rise. Summer months may also see an increase in electric bills due to air conditioning usage.
Bellevue residents face a variety of taxes that contribute to the overall cost of living. Property taxes in Bellevue are higher than the national average with an effective rate of 0.92%. This means that if your home is valued at $1 million, you can expect to pay around $9,200 a year in property taxes. Sales tax in Bellevue is 10.1%, which is a combination of the state and the local taxes.
Vehicle registration fees in Washington state are based on the vehicle's weight and range from $30 to $65 or higher per year. And homeowner's insurance is another cost to consider when living in Bellevue. The average annual premium for a home insurance in Washington state is $1,500, but this can vary depending on the value of your home and the level of coverage that you choose.
However, it's important to note that Washington is one of the only nine states in the U.S. that does not levy a state income tax. This can be a significant financial benefit, especially for high-income earners. The lack of state income tax helps offset some of the other higher costs of living here in Bellevue and make the area more attractive to businesses and professionals.
For families with young children, child care costs can be a significant expense. In Bellevue, the average monthly cost for a full-day preschool or kindergarten is around $2,100 a month. Public schools in Bellevue are highly regarded, with the Bellevue School District consistently ranking among one of the best in the state.
And kindergarten is free but private school tuition for primary education can cost you approximately $28,000 a year. Bellevue offers a wide range of entertainment options for families and adults alike. Popular kid-friendly attractions include the KidQuest Museum, the Bellevue Downtown Park, which features a large playground and seasonal water park.
For adults, Bellevue Squirrel Mall offers a variety of shopping and dining options, while the Maiden Bower Center hosts concerts, theater performances, and other events throughout the year. Sports enthusiasts can catch the Seattle Mariners baseball game at the T-Mobile Arena Park or Seattle Seahawks football game at the Lumen Park. Both are just a short drive from Bellevue.
So, based on the variety of activities that you have to choose from, it's a bit hard to tell you about how much you can expect to spend on entertainment. Depending on your lifestyle and activities you choose, all of those prices would likely be similar to what you'd expect in any other major city. However, Bellevue also offers tons of outdoor recreational activities that don't cost a thing, with numerous parks and hiking trails nearby.
If you enjoy winter sports, the Summit at Snoqualmie, located about an hour from Bellevue, offers skiing and snowboarding during the winter months. Skiing and snowboarding costs can add up quickly to about $100 to $200 per day. Bellevue has a well-developed transportation infrastructure, making it easy to get around the city and the surrounding areas.
The average commute time in Bellevue is around 24 minutes, with many residents opting to drive their own vehicles. Gas prices in Bellevue are higher than the national average, with a gallon of regular gasoline costing around $4.50 as of July 2024. If you prefer public transportation, the King County Metro provides bus service throughout Bellevue and the greater Seattle area.
Sound Transit also operates a light rail system that connects Bellevue to Seattle and other nearby cities. Ride-sharing services like Uber and Lyft are readily available in Bellevue, offering convenient alternatives to driving or public transportation. So, if you own a vehicle, then the costs can add up for gas, insurance, maintenance, and so on.
But if you live within the city and don't mind public transportation options, all of those that we just discussed will be a more cost-effective way of getting around. Healthcare costs in Bellevue are also higher than the national average, with a doctor's visit averaging around $162 and a dental visit costing around $140. However, many of the major employers in the area, such as Microsoft, Amazon, T-Mobile, offer comprehensive health insurance plans for their employees.
Other notable employers in Bellevue include Expedia Groups, Metro Financial, and PACCAR. These companies, along with the thriving tech industry, contribute to a strong job market and a high median household income of over $140,000 here in Bellevue. So, in a nutshell, while the cost of living in Bellevue may be higher than the national average, the city offers a truly exceptional quality of life, with its thriving job market, excellent schools, stunning natural beauty, and a vibrant community, Bellevue has become a highly desirable place to call home.
As you weigh the pros and the cons and consider should you move here to Bellevue, remember that even though it's a very expensive place to live, it still provides an incredible value and many people are moving here for the excellent quality of life. If you would like to learn more information about Bellevue real estate and its surrounding areas, then please subscribe to my YouTube channel and follow me on all my socials so you don't miss any future videos. Hit the like button if you found this video informative, and you can click on the boxes on the screen to see my other videos too.
Once again, I'm Darius Sencyz, your Greater Seattle REALTOR® friend, thank you for watching and I'll catch you on the next video.
