If you’re dreaming of being rich — or if you are fortunate to be wealthy already — perhaps you are considering living the high life in one of America’s great cities.
However, it takes more money to live in some of those big metropolises than you might think.
Recently, Charles Schwab polled 1,200 Americans as part of its seventh annual Modern Wealth Survey and asked them to define how much money it takes to be considered wealthy.
Their answer? A net worth of $2.2 million, on average.
In some cities, though, it takes even more cash than that national average suggests. We combed through the survey results for the 12 places where Schwab polled residents, and ranked those locales based on how much money residents said they need to feel “wealthy” as well as “financially comfortable.”
The answers for qualifying as “wealthy” ranged from $2.1 million to $4.7 million.
So, before you take your money to a new home, check out how much it takes to be considered wealthy in a dozen popular places across the American landscape. We start with the least-expensive areas first and work our way up to the priciest.
Houston
Average net worth that respondents in this city said it takes to be considered:
- Wealthy: $2.1 million
- Financially comfortable: $606,000
Of all the places on this list, Houston is the most affordable, at least based on Schwab survey responses. But note that even in this “bargain” city, residents still believe you need more than a half-million dollars tucked away just to feel financially comfortable.
Atlanta
Average net worth that respondents in this city said it takes to be considered:
- Wealthy: $2.3 million
- Financially comfortable: $729,000
Given that Atlanta is relatively affordable compared with other large cities, it might be a good place to move if you are newly rich and still building your wealth.
Younger people with a little extra cash apparently agree, as Atlanta is one of the “15 U.S. Cities Where Millennials Are Buying the Most Expensive Homes.”
Chicago
Average net worth that respondents in this city said it takes to be considered:
- Wealthy: $2.3 million
- Financially comfortable: $817,000
Chicago has long been one of America’s greatest cities. And as far as big cities go, it’s also relatively affordable.
Other places
Following are the other metropolitan areas where Schwab polled residents, and how much of a net worth those folks said it takes to be “wealthy” and “financially comfortable”:
- Dallas: $2.3 million/$820,000
- Phoenix: $2.4 million/$653,000
- Denver: $2.5 million/$710,000
- Boston: $2.9 million/$932,000
- Washington, D.C.: $3 million/$1 million
- Seattle: $3.1 million/$1 million
- New York City: $3.3 million/$1.2 million
- Southern California: $3.5 million/$1.5 million
- San Francisco: $4.7 million/$1.7 million
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