What makes you rich? New survey finds owning a home is one indicator

Almost 50 percent of those surveyed said owning your own place qualified as "rich"

New York /
May.May 28, 2018 11:30 AM

(Credit: Public Domain Pictures, overlay by Nick Youngson)

Your home says a lot about you.

According to Charles Schwab’s most recent Modern Wealth Index, owning your own home qualifies as an expense that makes “a rich daily life” in the minds of nearly 50 percent of those surveyed; it was the highest-scoring expenditure following “spending time with my family” and “taking time for myself,” as cited by Bloomberg.

Other key takeaways about how Americans define wealth: respondents concluded that the average amount needed to be financially comfortable in America is $1.4 million, while being rich was defined by anyone who’d amassed a net worth of about $2.4 million.

In general, most Americans defined wealth as the idea of living a stress-free life. Considering 60 percent of those surveyed said they lived paycheck to paycheck, there seems to be a direct link between the peace of mind respondents prize and growing their bank account balances. [Bloomberg]Erin Hudson


Related Articles

arrow_forward_ios
Seattle Seahawks receiver and newly-licensed realtor Tyler Lockett along with 812 245th Place Northeast in Sammamish, Washington (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Redfin)
NFL star earns his real estate wings
NFL star earns his real estate wings
Toll Brothers' Douglas Yearly and property at Sparks, Nevada (Toll Brothers)
“Honey, I bought the town:” Buyer ends up with big chunk of subdivision
“Honey, I bought the town:” Buyer ends up with big chunk of subdivision
75 Park Lane South (Plaza Construction)
This year’s top-selling Hudson County homes
This year’s top-selling Hudson County homes
(Illustration by The Real Deal with Getty)
Housing affordability hits 33-year low
Housing affordability hits 33-year low
Daniel Grollo and 106 Central Park South (Photo Illustration by Steven DIlakian for The Real Deal with Getty Images)
Trump Parc condo tied to embattled Australian construction magnate hits market
Trump Parc condo tied to embattled Australian construction magnate hits market
Richard Gere and Ryan Murphy with 81 Lyndel Road (Redfin, Getty)
Celeb buyer of Richard Gere’s Westchester estate revealed
Celeb buyer of Richard Gere’s Westchester estate revealed
REAL NY's Louis Adler, Compass' Eugene Litvak, and ROART's Ran Oron with the Milk Factory (REAL New York, Compass, ROART, Milk Factory)
East Williamsburg’s resi market reaches new heights
East Williamsburg’s resi market reaches new heights
Homeward founder Tim Heyl (Homeward, Getty Images)
Power buyer Homeward lays off 20% of staff
Power buyer Homeward lays off 20% of staff
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...