Does happiness have a price? For a majority of Americans, the answer is yes — but it doesn’t come cheap.
About 6 in 10 of Americans believe money can buy happiness, according to a new poll from financial services firm Empower. Yet to achieve happiness through financial means, most people say they’d need a significant raise, as well as a big chunk of money in the bank.
Median household income in the U.S. stands at about $74,000 annually, but respondents told Empower that they’d need to earn roughly $284,000 each year to achieve happiness.
And as for wealth, Americans said they’d need even more in the bank to feel content: $1.2 million, to be exact, the poll found. Many people are wealthier than they were a few years ago, thanks to the rise in real estate and stock market values, yet the median net worth of U.S. households stood at $192,900 in 2022, according to the Federal Reserve.
Most of America, geographically, is significantly cheaper than people often think it is.
When you can get a 3br for $600, your median income doesn’t need to be that high. Several states have a median income in the $40s - North Dakota is in the 30s, even.
These states are generally rural, as a rule, but they directly impact the national numbers.
If you just pulled cities of, say, greater than 200k people, I’m sure you’d see quite different numbers.
Most of America, geographically, is pretty far away from what people want to experience. Yes, rural is cheap, but there is a distinct lack of theater, variety of culture, and massive distances to anything other than outdoor recreation in those areas. It works for some people, but not for a lot of people.
Not to mention the lack of high paying local jobs. Sure, it is great for a technical person who can work remote and doesn’t want to go to the clubs, but that isn’t everyone.
Right but it does affect the median, which was my point.