(NEXSTAR) – Feeling “financially comfortable” is getting more challenging for Americans as the cost of just about everything has skyrocketed over the past year.
The cost of all goods is about 8% more than this time last year. The housing market is also especially tough right now. A recent CoreLogic report found the cost of homes nationwide rose more than 20% between March 2021 and March 2022, pricing out many would-be homebuyers. Renters haven’t had it easy either — a Zumper analysis published this week found the price of a one-bedroom apartment was up about 13% compared to last year.
Here in San Francisco homeowners and renters face incredibly steep prices — the median price for a home within the city of San Francisco was $1.3 million in April of this year, according to Realtor.com. Renters searching for a one-bedroom apartment in San Francisco are looking at median prices of $2,900, according to the Zumper analysis.
With those rising costs in mind, what would it take to feel financially comfortable? A survey, conducted by Logica Research for a Charles Schwab report, posed that question to people in 12 U.S. cities. The cost of living is so high in Seattle and New York that survey respondents said they’d need to be millionaires just to feel comfortable financially.
How did we fare here in San Francisco? We came out on top; those surveyed responded that they would need to have a net worth of at least $1.7 million to feel financially secure here in the city.
Here’s the net worth people feel they would need to be financially secure in 12 U.S. cities, according to the Modern Wealth Survey:
- Atlanta: $771,000
- Boston: $892,000
- Chicago: $956,000
- Dallas: $840,000
- Denver: $671,000
- Houston: $919,000
- New York City: $1.4 million
- Phoenix: $747,000
- San Francisco: $1.7 million
- Seattle: $1.2 million
- Southern California (covering Los Angeles, Orange County and San Diego): $1.3 million
- Washington, D.C.: $1.1 million
A person’s net worth includes the value of everything they own (like cars, homes, and savings) combined, minus any debt they have (like a mortgage or student loans).
Think those numbers are sky-high and out of reach? The net worths required to qualify as “wealthy” are even higher, the survey found.