Your home may speak volumes about your state of mind. According to Charles Schwab’s Modern Wealth Index (out this week), owning a home qualifies as an expense that makes for “a rich daily life” in the minds of nearly 50% of those surveyed; it was the highest-scoring expenditure following “spending time with my family” and “taking time for myself,” on the contentedness scale.
Other key data from the study about how Americans define wealth: Respondents concluded that the average amount needed to be financially comfortable in America is $1.4 million, while being rich was defined by anyone who’d amassed a net worth of about $2.4 million.
In general, most Americans think of the idea of wealth as providing “less stressors” in life. Considering 60% of those surveyed said they lived paycheck-to-paycheck (and 87% of those were renters), there seems to be a direct link between the peace of mind respondents prize and growing their bank account balances. According to the study, owning a home or homes—to bring them contentment and financial security—is a “significant part of experiencing a high quality of life.”