You need a personal
of at least $1.4 million to be “financially comfortable” in the New York area, according to a survey of 500 local residents in the 2022 Charles Schwab’s Modern Wealth report.
To be considered “wealthy” in New York, you need a net worth of $3.4 million — over one million more than the national average.
The survey’s New York results are the second highest after San Francisco. Bay Area residents say you need $1.7 million in order to be financially comfortable in the California tech hub and $5.1 million to be considered wealthy, Charles Schwab found.
Comparatively, the survey’s national average was $774,000 to be comfortable and $2.2 million to be wealthy.
From soaring rent to costly grocery bills, the Big Apple is consistently ranked as the No. 1 or No. 2 most expensive city in the US. The median asking rent for a one-bedroom apartment in Manhattan was $3,950 as of May 2022, Bankrate reported.
As US inflation hits a 40-year high, prices in the greater New York area rose 0.5% percent between April and May and 6.3% over the year, per the US Bureau of Labor Statistics. Meanwhile, the median household income in New York City is $67,046, with 17.3% of the population living below the poverty line, according to US census data.
More than half (54%) of New York workers surveyed said they are interested in switching jobs within the next 12 months, compared to a national average of 43%. With the city’s cost of living on the rise, the top factor New Yorkers consider when selecting a new job is salary, followed by work-life balance and hours, according to locals surveyed.