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How Much Money Do You Need to Live Comfortably in New York City, According to Research?

New York Culture

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Ah, New York City! One of the best cities in the world, if you ask Americans and many tourists. The best city ever, if you ask Monica from "FRIENDS" and Carry Bradshaw from "Sex and the City," and probably several other pop culture characters. And yet, NYC is unaffordable to many of us. And even if it was somewhat affordable, would you agree to spend a million dollars on a modest home?

While some are willing to give up a lot, others are extremely strategic and frugal of their investments. If I were a millionaire, the last thing I would want to do is waste my money in the Big Apple. And yet, some people choose to do so!

Let's cut to the chase. Imagine you'd want to live in NYC no matter what. How much money would you need, according to scientific research?

The Research Findings

The Financial firm Charles Schwab reported conducting a survey on the topic. According to that survey, you would need a $1.4 million net worth to live comfortably in New York. That's right! A total of $1.4 million.

What happens if you'd like to be wealthy? In that case, the figure goes up to $3.4 million.

San Fran is Still Worse

Well, the only good news is that one area in the United States is worse than NYC. What is it? Yup, that's right: San Fransisco.

San Fran requires one to have $1.7 million to live comfortably or $5.1 million to be a wealthy human. Are you wealthy? I'm certainly not. I'm not even a comfortably-living New Yorker!

Conclusion

All rights, so here's what we learned today:

1. You need to be rich to feel comfy in NYC.

2. You need to be ultra-rich to be wealthy there or in San Fransisco.

3. You probably need much less money to do well elsewhere in the country.

That's it. Would you consider moving to a village after hearing those numbers? I certainly would.

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