New data shows what Americans now need to be "middle class" (2024)

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New data shows what Americans now need to be "middle class"? ›

The range was most drastic in New Jersey, where SmartAsset determined the difference between the lower class and upper class was a whopping $128,468. A household needs at least $64,224 to be considered middle class in the Garden State, and earning more than $192,692 would put you in the upper class.

One commonly used definition from the Pew Research Center sets a middle-class income between two-thirds and twice the national median income, or $67,819 to $203,458 for a family of four in 2022. Most Americans consider the lower end of that range, $75,000 and $100,000, to be middle class, according to the Post poll.

What is the average middle class income? In 2024, a large U.S. city's middle-class income averages between $52,000 and $155,000, with the median household income across all 345 cities at $77,345, making middle-class income limits fall between $51,558 and $154,590, SmartAsset noted.

According to the study, a middle-class income averages between $52,000 and $155,000 in a large U.S. city. The median household income across all 345 cities is $77,345, making middle-class income limits fall between $51,558 and $154,590.

WASHINGTON, D.C. -- Fifty-four percent of Americans identify as part of the middle class, including 39% who say they are “middle class” and 15% “upper-middle class.” Another 31% consider themselves “working class” and 12% “lower class.” Just 2% of U.S. adults characterize themselves as “upper class.”

According to the Census Bureau's Income in the United States: 2022 report, the median household income is $74,580 (a 2.3% decline from 2021), while household income levels for each class level are as follows: Lower class: less than or equal to $30,000. Lower-middle class: $30,001 – $58,020.

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.

In 2021, the median household income is roughly $68,000. An upper class income is usually considered at least 50% higher than the median household income. Therefore, an upper class income in America is $100,000 and higher. However, an upper class income also depends on where you live.

One way some researchers divide individuals into economic classes is by looking at their incomes. From that data, they split earners into different classes: poor, lower-middle class, middle class, upper-middle class and wealthy.

By the Census data, it means that if you earn between $50,000 and $150,000 a year, you are considered middle class. It's a pretty straightforward answer, but it isn't particularly helpful if you're trying to climb up out of a lower income bracket into the middle class.

What is a good household income? ›

“Good income is relative to the average household income in America, which is $78,000 right now.” Real median household income in the U.S. was $78,250 in 2019 and fell to $74,580 in 2022, according to the Census Bureau. "You're not a bad person. You're not a horrible income earner.

The middle class is the economic stratum between the working class and the wealthy.

“A salary range of $80,001 to $95,000 is more reasonable for living comfortably, this aligns more closely with the reality in high-cost living areas.”

The lower middle class is often made up of less educated people with lower incomes, such as managers, small business owners, teachers, and secretaries. The upper middle class is often made up of highly educated business and professional people with high incomes, such as doctors, lawyers, stockbrokers, and CEOs.

Key Findings. In a large U.S. city, a middle-class income averages between $52,000 and $155,000. The median household income across all 345 cities is $77,345, making middle-class income limits fall between $51,558 and $154,590.

Most people in the upper-middle class strata are highly educated white collar professionals such as physicians, dentists, lawyers, accountants, engineers, military officers, economists, business analysis, urban planners, university professors, architects, stockbrokers, psychologists, scientists, actuaries, optometrists ...

The 'new middle class' in India refers to the socio-economic group that emerged in the post-liberalization era of the 1990s, characterized by rapid economic growth, globalization, and the rise of the service sector.

The median income of middle-class Americans has risen from $66,400 in 1970 to $106,100 in 2022—a 60 percent growth. While this is an incredible improvement, during the same five decades the median income of upper-income households rose by 78 percent (from $144,100 in 1970 to $256,900 in 2022).

Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range. "The upper middle class has grown...and its composition has changed.

In 1971, 61% of the population fell into the category of middle class. As of 2021, only 50% of Americans qualified for this category, according to study from the Pew Research Center.