Bridget Reed Morawski
WASHINGTON — (WMAL) DC residents are bullish about the local economy, according to a study commissioned by the Charles Schwab Corporation.
The company surveyed 1,000 residents of the Washington metro area regarding their perception of the local economy and their personal finances. Many respondents were confident about the region’s immediate economic future.
Of the surveyed Washingtonians, 39% believed that the city was becoming more prosperous, although only 23% believed that the nation as a whole was improving economically.
Six in ten residents saw the Washington economy as better off than that of the American economy as a whole.
But to enjoy that prosperity, these same respondents believed that they needed more money than most Americans in order to be financially comfortable. Participants responded that, on average, they needed a net worth of at least $720,000 to considered themselves financially comfortable. Across the United States, the average response was $620,000.
To consider themselves wealthy, Washingtonians reported that they needed to accumulate 33% greater net wealth than the rest of the country. On average, Americans thought that $1.8 million was enough to be considered affluent, whereas in Washington an individual’s net worth had to be at least $2.7 million to be perceived as a wealthy.
Outside of finances and economics, respondents thought quite highly about their quality of life; 79% of those surveyed believed that the arts and culture scene of the District is one of the best in the country, while a slightly lower 75% believed that the food-and-dining scene is also top notch.
Atwone Harris, a Vice President and Senior Financial Consultant at Charles Schwab, says that the higher quality of life in the District lures residents to establish their families here, closer to the action, and to own a home here. According to the Charles Scwab survey, 62% of the 1,000 residents owned their homes.
“In my future here, I want to build something here, I want to own property here, I want to continue to try to evolve here, so I think that that’s why they’re willing to pay the additional prices for some of the houses in the area,” said Harris, referring to the generally high cost of living in the region and the reasons that people want to remain in the area.
According to Harris, this indicates that, while residents view the area as being wealthier than much of the country and see a reflection of that in the cost of living, they are willing to pay more to live closer to the city and raise families here.
Results of the survey, including further information regarding residents’ perspectives on the region, here.
Copyright 2016 by WMAL.com. All Rights Reserved. (Photo: US Navy)
