What is the amount of money needed for financial comfort in 12 major U.S. cities?

The term "financially comfortable" can have varying interpretations, with some considering it to mean owning a home, while others see it as the ability to travel frequently without financial stress.

According to Charles Schwab's annual Modern Wealth Survey, which surveyed 1,000 Americans ages 21 to 74 in March 2024, Americans believe the ideal net worth is approximately $778,000.

The amount of net worth needed to feel comfortable varies depending on location. In San Francisco, it's $1.5 million, according to a survey of 750 residents, the highest among 12 major U.S. cities surveyed.

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A majority of San Franciscans struggle to meet their financial goals due to high cost of living and elevated housing prices, according to a study, with only 16% of residents feeling "on top of their finances."

The net worth thresholds for what is considered "financially comfortable" in all 12 cities, ranked in order, are as follows:

1. San Francisco: $1.5 million
2. Southern California (includes Los Angeles and San Diego): $1.2 million
3. New York City: $994,000
4. Washington, D.C.: $968,000
5. Boston: $903,000
6. Denver: $876,000
7. Chicago: $875,000
8. Seattle: $789,000
9. Atlanta: $781,000
10. Dallas: $724,000
11. Houston: $662,000
12. Phoenix: $650,000

What you own, such as savings or a home, minus what you owe, like credit card or auto loan debt, determines your net worth.

The significant disparity in net worth thresholds among cities is primarily attributed to the high cost of housing, particularly in cities with acute housing shortages, such as San Francisco, Los Angeles, and New York City.

Nearly half of all homes in San Francisco exceed $1 million, while the median-price homes in all surveyed cities surpass the national median of $412,300, according to U.S. Census and Realtor.com data.

The survey distinguishes between feeling "financially comfortable" and being "wealthy."

Across the country, survey respondents identified $2.5 million as the net worth threshold to feel wealthy. In cities, the range varies from $4.4 million in San Francisco to $2.2 million in Dallas.

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