According to a recent survey, Americans are deemed "financially comfortable" if they have a net worth of $774,000, which falls somewhere between living paycheck to paycheck and owning a yacht.
Nevertheless, that sum varies based on the city you reside in.
According to the annual Modern Wealth Survey conducted by financial services provider Charles Schwab, in cities with high cost of living like San Francisco or New York, you need to have a net worth of at least $1 million to be regarded as financially comfortable by your peers
A net worth of $1.7 million is the minimum amount that survey participants in San Francisco consider to be financially comfortable.
This is the highest total found in the survey, which looked at 12 of the largest American metropolises.
Here is a look at the requirements for being considered to be in good financial standing in each city in 2022, ranked by net worth thresholds.
1. San Francisco: $1.7 million 2. New York City: $1.4 million 3. Southern California (includes Los Angeles and San Diego): $1.3 million 4. Seattle: $1.2 million 5. Washington, D.C.: $1.1 million
1. Chicago: $956,000 2. Houston: $919,000 3. Boston: $892,000 4. Dallas: $840,000 5. Atlanta: $771,000
1. Phoenix: $747,000 2. Denver: $671,000
To put things in perspective, the Federal Reserve's most recent data shows that the median net worth per household in 2019 was $121,700.