Bellevue Affordable Housing Strategy
The cost of renting or owning housing has been increasing at a faster rate than income for many households in the region, especially in Bellevue. As a result, housing is not affordable to a significant portion of the population. The Affordable Housing Strategy project will identify what it will take to have a healthy housing market that provides a safe, healthy and affordable place to live for people of all income levels.
Providing a safe, healthy and affordable place to live for people of all income levels sustains Bellevue’s livability and economic vitality.
The Affordable Housing Strategy project will identify what it will take to have a healthy housing market that:
- Provides affordability across a range of incomes that mirrors our population and workforce
- Provides a variety of affordable housing choices that meet the needs of our community
- Preserves the integrity of single family areas while considering housing that can accommodate a wider spectrum of needs and foster ongoing investments
AND IMPACT ON HOUSEHOLDS
Historically, costs of rental and ownership housing have been higher in Bellevue and East King County than countywide. Currently, the median single family home sale price in Bellevue is $777,500 and average rents in West Bellevue and Downtown are around $2,000 month.
Over the last 30 years Bellevue has seen a significant increase in the ratio of demand of housing from its workforce to the supply of housing (Job-housing ratio >1.5).
Planned employment growth in Bellevue will create thousands of new jobs and additional demand for housing, adding upward pressure on housing cost.
Bellevue has achieved over 40% of their low income housing goal and exceeded its moderate income goal for increasing affordable housing.
However, the rate of creating affordable units has decreased significantly over the past 10 years to rates similar to other EKC cities.
WHO CAN AFFORD TO LIVE IN BELLEVUE?
A high proportion of Bellevue workers earn salaries in the low (<$30,000)
and moderate (<$50,000) income levels.
Bellevue’s median salary is $51,387.
To live in west Bellevue or downtown ($2,000/month), you would need to make $80,000.
To live in east Bellevue ($1,550/month), you would need to make $60,000.
To live in a single family home ($777,500 median sale price), you would to make $144,000.
24% of workforce
25% of workforce
18% of workforce
34% of workforce
A hotel worker
earning $25,000 ($12/hour) can afford $540 monthly rent.
A dental assistant
earning $42,000 ($20/hour) can afford $1,000 monthly rent.
earning $53,000 (about Bellevue's median wage) can afford $1,200 monthly rent.
A police officer
earning $80,000 can afford $2,000 monthly rent or a $290,000 home.