The results of Charles Schwab’s Modern Wealth Survey are in – among other things, the survey asked respondents to share their definition of ‘rich’.
Predictably, older people think you need more than the young in order to pass the bar. In our office, some recalled a time when they thought, “A thousand dollars a week, that would be plenty.” Add twenty years and how much is enough? No one was willing to admit the inflated truth.
More than age, location seems the ruling factor. Residents in the notoriously expensive San Francisco – a beautiful place to live, though one wonders how anyone manages it – said you need $4 million to be wealthy. When narrowed down to Baby Boomers (now the older generation), the number zips up to $5.1 million. We’ll be staying in New York, it seems.
The big problem with San Francisco is finding an affordable place to sleep. A real estate survey suggests that 81% of the homes there cost $1 million or more. Even robotic genius programmers find it hard to meet that mortgage. For perspective, across the US, only 3.6% of homes are worth that much. We don’t advocate sympathy for the wealthy, but the plight of San Franciscans occasionally stirs our hearts, if only a little.
Baby Boomers polled in New York and Washington DC said you’ll need around $3.5 million to join the ranks of the richy-rich. In NYC, only 10% of the homes exceed the $1 million tag, while the DC result is only half that figure. Longing to be donning the old top hat? The East Coast might be your ballroom.
Pretty Denver, Colorado seems the easiest locale to set yourself up as rich: residents there said you’ll need only a paltry $2 million to wear the crown.
For more information, please read:
Being Rich In America Can Really Depend on Where You Live | Wealth Management