This is the 978th most frequent French word.
élevé
High; raised; elevated; or student/pupil (depending on context).
Here, 'élevé' is used as an adjective meaning 'high' or 'elevated' to describe the level or amount of something, specifically prices.
Les prix des maisons sont très élevés dans cette région.
House prices are very high in this region.
In this sentence, 'bien élevé' means 'well brought-up,' demonstrating its use in describing someone's upbringing or manners.
Cet enfant est très bien élevé.
This child is very well-mannered.
In this case, 'élevé' is the past participle of the verb 'élever,' describing the action of being lifted or raised.