Oh, that's it? Apologies in advance for the buzzkill, but according to a new Charles Schwab survey, to be considered "wealthy" in the Bay Area, you need a net worth of at least $6 million. A net worth of $1 million is the baseline for being "comfortable." That's all, no big deal.
Charles Schwab surveyed 1,000 Bay Area residents aged 21 to 75 in Alameda, Contra Costa, Marin, SF, San Mateo, Santa Clara and Solano counties. The survey asked what residents considered enough money to be "wealthy" vs. "comfortable." They believed $2.5 million was the average needed to be wealthy in other parts of the country.
The survey unsurprisingly found that locals are shocked by the cost of living here. 86% said the cost of living is "unreasonable" and 55% said living in the Bay Area makes it "difficult to reach their financial goals."
To counteract these depressing stats, the majority also believe this is a prime place for career growth and innovation, and the Bay Area's economy is better than the national one.
All things real estate.