Is a Gross Salary of $135,000 Sufficient for Living in Bellevue, WA, with a Family of Three?

To determine if a gross salary of $135,000 per year is sufficient for two adults and one child living in Bellevue, WA, we need to consider several factors including housing costs, utilities, groceries, transportation, healthcare, childcare, and other expenses. This article will break down these factors and provide a detailed budget estimate.

1. Housing Costs

1.1 Rent

As of 2023, the average rent for a 2-bedroom apartment in Bellevue ranges from $2,800 to $3,500 per month, depending on the location and amenities.

1.2 Mortgage

If buying a home, the median home price in Bellevue is significantly higher than the national average, often exceeding $1 million.

2. Utilities

Electricity, heating, cooling, and water: These costs can range from $150 to $300 per month. Internet and cable: These can add another $100 to $200 per month.

3. Groceries

Monthly grocery costs for a family of three might range from $600 to $1,000.

4. Transportation

Depending on your commuting needs, transportation costs for gas, insurance, and possibly public transportation can range from $400 to $800 per month.

5. Healthcare

Health insurance costs can vary, but budgeting around $300 to $600 per month is common for a family.

6. Childcare and Education

If your child is in daycare or preschool, costs can range from $1,000 to $2,500 per month.

7. Miscellaneous Expenses

This includes clothing, entertainment, and other personal expenses, which might average $300 to $600 monthly.

Budget Summary

Expense Category Estimated Monthly Cost Housing (Rent/Mortgage) $3,000 Utilities $250 Groceries $800 Transportation $600 Healthcare $450 Childcare $1,500 Miscellaneous $400 Total $7,950

Annual Summary

Total Annual Expenses:

$(7,950 x 12) $95,400

Conclusion

With a gross annual salary of $135,000, after federal and state taxes (which could be around 25-30%), your take-home pay might be approximately $95,000 to $101,250. This would cover the estimated annual expenses of $95,400, leaving a small buffer for savings or unexpected costs.

Final Thoughts

While it is possible to live on a $135,000 salary in Bellevue for a family of three, it may be tight depending on your specific lifestyle choices, housing situation, and childcare needs. Consider creating a detailed budget based on your specific circumstances to see if this salary meets your family’s needs.