Six million dollars — that’s what you need to be considered wealthy in the San Francisco Bay Area.
A study conducted by wealth management company Charles Schwab found the local cost of living to be unreasonable for nearly all Bay Area residents — a cost that has more than doubled compared to the rest of the country.
Although the 1,001 San Francisco Bay Area residents who participated in the study admitted that living in the nation’s best place for technology was a plus, the overwhelming majority agreed that the cost of living was the worst.
When asked if living in San Francisco hurt their ability to reach their financial goals, more than half said yes.
Out of the residents who participated, only a quarter are natives to the Bay Area — an interesting fact that could be linked to sky-rocketing rent prices over the past couple years.
It doesn’t come as a surprise that more than three quarters chose retirement as their top savings priority.