What is the average income in Bellevue, Washington?
The median household income in Bellevue, Washington was reported at $149,551 in 2022, indicating that half of all households earn more than this amount while the other half earn less.
In comparison, the average household income in Bellevue is significantly higher at approximately $208,947, primarily due to the presence of high-income earners in the area.
Bellevue's income levels are about 1.4 times higher than those of the greater Seattle-Tacoma-Bellevue Metropolitan area, which had an average household income of around $106,909.
The income in Bellevue is also over 1.5 times higher than Washington state's overall median household income, which stands at approximately $91,306.
Approximately 54% of households in Bellevue earn over $100,000 annually, showcasing that a significant portion of its population is part of higher-income brackets.
The increasing population in Bellevue, which grew from 149,365 to 150,606 between 2021 and 2022, reflects a growing trend in demand for housing and services, affecting both the local economy and income levels.
Age demographics influence income significantly, with residents aged 25 to 44 earning a median income of about $167,300, while those aged 45 to 64 earn about $184,754, suggesting that income tends to peak in middle age.
Younger residents, those under 25, earn a median income of $74,231, reflecting the entry-level positions typically held by this age group.
For individuals over 65, the median income is approximately $82,617, indicating that retirees may have lower income levels, often relying on savings, pensions, or Social Security.
Bellevue has a notable foreign-born population accounting for around 37% of its total residents, which may influence economic activities and income levels.
Historically, Bellevue's growth from a small suburb to a significant economic center has been driven by the presence of major tech companies, such as Microsoft and Amazon, affecting employment and income trends in the region.
Transportation plays a critical role in economic connectivity, with major highways and transit systems increasing accessibility to employment centers and impacting local housing prices and household incomes.
The quality of education in Bellevue's school districts is comparatively high, contributing to better job opportunities and higher income potential for residents.
Economic diversification in Bellevue includes sectors like tech, retail, health care, and manufacturing, contributing to more stable income sources for residents.
Economic indicators such as the unemployment rate in Bellevue are generally lower than national averages, suggesting a robust job market that supports higher income levels.
Property values in Bellevue reflect its economic status, with median home prices far exceeding state and national averages, which in turn affects the affordability and distribution of income in the region.
Bellevue also demonstrates a trend of high net worth individuals, as many executives and entrepreneurs from prominent tech companies reside in the area, leading to a concentration of wealth.
The city's strategic location directly across Lake Washington from Seattle makes it highly desirable for both living and working, influencing both migration patterns and income levels.
Bellevue has invested heavily in parks and city planning, as a thriving urban environment often attracts professionals seeking a high quality of life, which correlates with income growth.
The economic landscape in Bellevue exemplifies a shift where technology and innovation are primary drivers of income, indicating that education and skills related to these fields are critical for future income prospects.