Charles Schwab study concludes that you need $6 million to be 'wealthy' in the Bay Area

You can't afford to live here. You can't afford to live here. Photo: Marcio Jose Sanchez, Associated Press Photo: Marcio Jose Sanchez, Associated Press Image 1 of / 30 Caption Close Charles Schwab study concludes that you need $6 million to be 'wealthy' in the Bay Area 1 / 30 Back to Gallery

If you don't already feel poor living in the Bay Area, you will now.

A new Charles Schwab survey says that in order to be considered "wealthy" in the Bay Area, you need a net worth of at least $6 million. A net worth of $1 million is the baseline for being "comfortable."

Excuse us while we take a quick break to cry into the $8 artisanal coffee that we really can't afford.

Charles Schwab surveyed 1,000 Bay Area residents aged 21 to 75 in Alameda, Contra Costa, Marin, San Francisco, San Mateo, Santa Clara and Solano counties. The survey asked what residents considered enough money to be "wealthy" vs. "comfortable."

Respondents said they believed $2.5 million was the average needed to be wealthy in other parts of the country.

Unsurprisingly, the survey also found that locals are shocked by the cost of living here. Eighty-six percent said the cost of living is "unreasonable" and 55-percent said living in the Bay Area makes it "difficult to reach their financial goals." Only two percent agreed strongly that the cost of living in the Bay Area is reasonable. Who these people are, exactly, remains a question.

Off-setting those depressing statistics are upbeat outlooks on job opportunities. Eighty percent believe the region is a great place for career growth, 88-percent say it's a prime place for innovation and 70-percent say the Bay Area's economy is better than the national one.

To read the full Charles Schwab study, click here.