A new report lays bare just how much it takes to live the good life in California. <\/p>\n
Americans say they\u2019d need to earn $420,000 per year to feel financially secure, according to a survey conducted last year by Bankrate \u2014 but in parts of California, you\u2019d need double that to be considered \u201crich.\u201d <\/p>\n
An analysis conducted by the San Francisco Chronicle<\/a> found that in San Jose, Calif., which sits at the heart of Silicon Valley, you\u2019d need to earn $878,000 annually to meet the threshold for \u201crich\u201d \u2014\u00a0defined as the top 2.5% of earners in a particular area. <\/p>\n You need to earn at least $782,000 annually to be \u201crich\u201d in San Francisco. JFL Photography \u2013 stock.adobe.com<\/p>\n California metro areas dwarfed the rest of the country by this metric. <\/p>\n In San Francisco and Oakland, the heart of the pricey Bay Area, you need an annual wage of $782,000 to sit pretty in the top earnings bracket, according to the paper. In the Napa Valley wine country enclave, that figure is $798,000.<\/p>\n Napa Valley, where you need close to $800,000 to be in the top 2.5%. PR Image Factory \u2013 stock.adobe.com<\/p>\n In Santa Cruz, which recently made headlines as the most expensive rental market in the United States, you need $701,000 annually to be considered rich. <\/p>\n More affordable markets include the East Bay city of Vallejo, where the \u201crich\u201d threshold sits at $424,000, along with Stockton, Modesto and Merced, at $375,000, $331,000, and $266,000, respectively. <\/p>\n California has the most expensive housing costs in the US. Michal \u2013 stock.adobe.com<\/p>\n The income needed to be rich in Los Angeles is $535,000, according to the analysis. <\/p>\n Outside of California, \u201crich\u201d incomes in New York and Seattle are uncommonly high at $678,000 and $637,000. <\/p>\n The national \u201crich\u201d threshold is $473,000, by the Chronicle\u2019s analysis. <\/p>\n Although Californians living in costal hubs like San Francisco often command higher salaries, high costs of living can eat up even high personal incomes. <\/p>\n Los Angeles residents must earn $535,000 to be considered \u201crich.\u201d Llstock \u2013 stock.adobe.com<\/p>\n California is the most expensive state in terms of rental costs,<\/a> with residents needing to earn $52.79 per hour to afford a typical two-bedroom home at $2,745 per month, according to the National Low Income Housing Coalition<\/a>. <\/p>\n In expensive areas like Santa Cruz, the hourly wage needed to simply rent a 2-bedroom apartment runs as high. as $81 per hour. <\/p>\n