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We always knew you had to be very rich to feel comfortable living in New York... but it never occurred to us just how rich that was.
According to a new survey of 500 city dwellers by financial firm Charles Schwab, locals believe that you need $1.4 million to be "financially comfortable" in the New York area and $3.4 million (that's over a million more than the national average) to be considered "wealthy." Yes, those are pretty insane numbers.
You can read through the full Modern Wealth report right here, but suffice it to say that the New York-specific results are the second highest after San Francisco, whose residents say you need $1.7 million to be comfortable and $5.1 million to reach peak wealth.
As shocking as those sums sound, a mere look at the average cost of groceries, rent and cultural pursuits in New York dampens the shock factor. Study after study deems our town the most expensive city in the United States, after all. According to RentHop, for example, the median rent price for a one bedroom is now $3,450—more expensive than before the pandemic.
Considering that the Rent Guidelines Board voted to raise rents in stabilized homes across town just last week, we expect the tide not to shift any time soon.
The survey also delves into locals' relationship with work. About 54% of respondents revealed they are interested in switching jobs within the next year (the national average is 43%). When choosing a new position, surveyed New Yorkers mention salary as the most important factor involved in the decision, followed by work-life balance aspects and hours.
Basically, it's oh-so-very hard to live in New York but, let's be honest, we don't ever want to call any other city home.