2023-06-21 20:39:00
While it is true that each family may have a different concept of economic stability, a recent survey tried to determine what is the heritage that people should accumulate to feel “financially stable” in the United States and found that the amounts vary depending on the cost of living and the conditions of the place of residence.
With almost a million dollars difference between the ranks of the cities analyzed, the financial services company Charles Schwab created a ranking of the largest metropolitan areas in the country, after asking residents about the net worth they need to be financially comfortable in 2023.
Net worth is defined as the total value of the assets a person owns, minus the liabilities they oweTowfiqu barbhuiya / Unsplash
Los California’s two largest population centers top the list, with 1.5 million dollars for the inhabitants of Los Angeles and San Diegoas well as one of US$1.7 million in the bay of San Francisco. “Although the amounts are high, it must be taken into account that most cities also have a relatively high cost of living,” he said. CNBC by disseminating the results.
In third place appears New York, with a net worth range of $1.2 million, followed by Seattle and Washington DC with US$1 million each. At the bottom of the list of cities analyzed are Phoenix and Houston, where residents reported being comfortable with almost half of what they estimated in California cities: US$653 thousand and US$606 thousand respectively.
The ranking of the most important cities in the United States, ordered by the Net worth declared by its inhabitants to feel “financially stable” is:
Despite the high expectations reflected in Americans’ estimates of financial stability, it is unlikely that most people will reach these rangesas the median net worth of American households is just $121,700, according to the most recent data from the Federal Reserve.
It is worth mentioning that the cities that appear in the lead, such as San Francisco, New York and Los Angeles, are also the most expensive places to live in the country, with median home prices close to a million dollars, a considerable difference from the US$436,800 national average in the United States, according to data from the Census Bureau.
San Francisco has the highest costs of living in the US and is also reflected in residents’ wealth expectationsAlessandra Verre / Unsplash
Net worth, considered by financial services firm Charles Schwab’s Annual Modern Wealth Survey to assess the people’s feelings about their financesis defined as the total value of the assets owned by a person or company, minus the liabilities owed.
However, being comfortable from a financial point of view is not the same as feeling comfortable. When respondents were asked how much money did they need to feel richthe numbers shot up to $2.5 million in Denver and up to $4.7 million in the case of San Francisco, which also appeared at the top of that list.
The study from which the data arises was carried out from an online survey, with a sample of 500 to 750 residents of each metropolitan area, aged between 21 and 75 years. “The non-financial assets, such as health and family, are much more important when defining wealth than having large sums of money”, remarked the researchers in the presentation of your results.
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