Spoiler alert: This article is not about Star Wars.
Turning to more ah, pressing real-life matters, a new survey from Charles Schwab featured here on King 5 reports that 45 percent of Seattleites feel that the cost of living is preventing “them from achieving their financial goals.”
This fall, Charles Schwab surveyed 1,000 Seattle residents between the ages of 21 to 75 to compile the data for its report. And while seven out of 10 say our local economy is outperforming the U.S. economy, that performance isn’t necessarily translating into confidence.
“Seattleites tell us that the cost of living is ridiculous here, and it continues to rise,” said Annie Liu, a Charles Schwab branch manager, on King 5. “Matter of fact, it’s really interesting because Seattleites aren’t very optimistic about the local economy, their finances and also the area’s career opportunity.”
Liu said it’s mostly the rising cost of living that has most Seattle-area residents concerned. She said that they reported that they needed “north of $3 million to feel somewhat wealthy,” and wanted to see a yearly household income around $323,000 to feel comfortable in the city.
While many homes are two-income homes, Liu points out that while 72 percent of those surveyed are confident about hitting their retirement goals, the high cost of living is deteriorating that optimism.
See more about how Seattleites feel about how the global tech sector’s growth here is affecting the cost of living below:
