The cost of living is one of the most important things to consider when relocating here. Due to strong demand and excellent job opportunities in the area, Bellevue's housing expenses can be significantly higher than the US average. An average home in the city cost about $608,500, which is high even compared to the rest of Seattle. Luckily, the average rent is more affordable and costs about $1,600 a month. Interestingly, around 56% of residents here own their homes even with the more expensive home prices.
Unlike the rest of the US, you don't pay a personal income tax in Washington state. Instead, companies are required to pay a business and occupation tax based on their product's value and sales number.
The city's Downtown is the second-largest business center in Washington state, employing over 45,000 individuals in over 1,300 companies. This makes Bellevue one of the state's wealthiest cities, which reflects on both its living expenses and median income. Residents that own their homes have an average income of $122,000, higher than Seattle's $111,500. People who rent have substantially higher disposable wages, about $81,000, compared to $51,000 in Seattle.
The city is continuously ranked as one of the top places to live in Washington and the US overall, especially for young working professionals. Some of the biggest companies that have their headquarters in the city include T-Mobile, Valve, and PACCAR Inc.