Posted on 06/21/2023 3:04:59 PM PDT by NohSpinZone
According to the 2023 edition of Charles Schwab's "Modern Wealth Survey," a net worth of $1.7 million is needed in order to feel "financially comfortable" in San Francisco. In order to feel "wealthy," that number spikes to $4.7 million.
The survey was conducted online over a three-week span this year among 750 Bay Area residents aged 21 to 75. According to the survey, 39% of San Franciscans feel "wealthy" today, and 71% are confident about someday reaching their financial goals.
The amount San Franciscans needed to feel wealthy is down $400,000 from last year's $5.1 million, but $1.7 million is the same figure needed to reach a feeling of financial stability in last year's survey.
These numbers place Bay Area residents' ideas of wealth generally above the rest of the country's. Americans, as a whole, reported needing a net worth of $2.2 million in order to feel wealthy. According to the survey, 48% of Americans currently feel wealthy, though those surveyed suggested that their notions of wealth don't always have to do with money.
(Excerpt) Read more at sfgate.com ...
Got to back out the primary residence. You can’t sell it without replacing it. But do have to take into account the mortgage.
If you have a tent in San Francisco, you are part of the new wealthy class.
What’s this “feel” wealthy crap? That’s irrelevant and not based in any reality, especially in San Francisco. I have an active listing at 1 TWIN PEAKS BLVD, and I pray no “feel wealthy net worth” idiot ties me up in an offer based on how rich he’s feeeeeling at the moment.
The 2500 sq ft San Jose house (with almost no yard) my dad rented from 73 to 75 when he was PCS’d there for 2 years was $350/month and sold for $45000 new in 1972. It’s now worth $1.6M. I’ve been back and the whole area is a dump. Crazy!
My uncle bought a place right across the golden gate bridge in Marin County in 1966. Recently sold it. Got $1.8 million for a cracker box.
In SF, Bezos is just Middle Class.
same as the weather channel BS....actual temp: 80 Feels like 86....Rush hated that crap
A lot of idle rich out there.
Marin County is status, apparently. Santa Clara County is pretty much one big expensive slum now. It was nice in the 70s even tho the schools were not as horrible but for the 70s were still so bad that I had to be put a year ahead. And it only gets worse going south from there on 101. All I can figure is that people there just don’t realize how bad it is or think they have it good. Sort of like North Koreans.
Exactly. What are their incomes? People who make 500k a year may "feel wealthy" with a net wealth of $100k.
"feeling wealthy" is a very weird metric.
It’s expensive to stay there as well. I have immediate family in SF - we used to stay at a ho-hum, run of the mill Holiday Inn that was $350/night.
“big expensive slum”
By the looks of it most of Florida should be very affordable.
When visiting in the SF area I used to stay in Newark, CA.
It seemed to be a bedroom community for Silicon Valley.
I think I paid $38/night around 2005 for a decent motel.
I have several neighbors that have substantial government pensions.
Only one couple I know lives anywhere near as well as they could.
I pray no “feel wealthy net worth” idiot ties me up in an offer based on how rich he’s feeeeeling at the moment.
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Well! That’s wealthaphobic of you.
My brother and my best friend lived in Bay Area suburbs as opposite ends. They are both out clean now. SF itself sucks. It is smash and grab central the minute you park your car. The laws, crime, filth and traffic suck beyond belief. The whole area is so full of left wing insanity it feels like you are visiting the Middle East. After you send 1.5 to 3.0 for a nice place the taxes and utilities will kill you and that is in the burbs. In SF I have no idea how you could even have a nice place.
Middle east? .... Left wing insanity ... doesn’t make sense. The only place left wing anything happens in the Middle East is in Tel Aviv.
I just used the first name that seemed (1) alien, (2) uncivilized and (3) threatening. It is perhaps a poor choice but 40 years ago it was America — today it is something else. (apologies to any FReeper that lives there)
Aren't you that dopey nerd that always tells Freepers to "sod off"? Probably... So let me explain it to you. I was making fun of the articles awkward phraseology. It doesn't escape me that you'd be dumb enough to think that someone like me, who owns a $6 million listing would be a "wealthaphobe".
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