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.