To be comfortable, you need $ 1,7 million a year: the cost of living in San Francisco is amazing
San Francisco residents must have a net worth of $1,7 million to feel "financially comfortable," according to Charles Schwab's Modern Wealth Survey 750 survey of 2022 locals. Insider.
This puts the technology hub at the top of the list of American cities with the highest wealth threshold.
New York came in second with $1,4 million, southern California with $1,3 million and Washington DC with $1,1 million.
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But being considered "wealthy" in the Bay Area is an even bigger leap: Residents surveyed estimated the required average net worth at $5,1 million. That's compared to the national average of $2,2 million, according to a sample of 1000 American adults who represent the state.
According to Charles Schwab, the national financial comfort threshold has still not recovered from the pandemic drop, despite rising inflation and the cost of living.
The average net worth required for “financial comfort” reached $1,4 million in 2018 and fell to $624 in 000 before rising again to $2021 this year.
The cost of living continues to rise across the country. Inflation hit a 40-year high of 8,6% last month as house, gas and food prices coincided.
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Living in the Bay Area is notoriously expensive, and many residents flock to bustling tech hubs elsewhere in the US, including Phoenix, Arizona; Miami, Florida; and Austin, Texas.
According to real estate website Zumper, the median rent for a one-bedroom apartment in San Francisco is now $3000. However, San Francisco is no longer the most expensive city to rent: Zumper reports that an apartment in New York costs an average of $3600 per month.
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