Is 75k a year middle class?

According to a Pew study released last fall, the median income of middle-class American households is $74,015, based on Census data from 2016, the latest available. (Pew defines middle class as two-thirds to twice the U.S. median household income, adjusted for household size.)

hellawealth.com - Are you part of the middle class? This calculator can tell you

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Middle class can mean different things to different people. You can think of middle class as a certain lifestyle, a state of mind, or a strict measurement of wealth. And how you define middle class determines who falls into it. Using annual incomes and the cost of living around the country as barometers, the experts at the Pew Research Center have concluded that 52% of Americans qualify as middle class—but that portion can vary widely depending where you live. According to a Pew study released last fall, the median income of middle-class American households is $74,015, based on Census data from 2016, the latest available. (Pew defines middle class as two-thirds to twice the U.S. median household income, adjusted for household size.) So where do all these middle-class folks live? Pew drilled down by community as well, and found that the 10 highest concentrations of middle-class Americans reside in the Midwest and Northeast. In Sheboygan, Wisc., the middle class makes up about 65% of the population. In Laredo, Texas, on the other hand, only 39% percent of residents qualify. That roughly half of American households fall into the middle class is similar to what Pew found in 2011, the last time they did this analysis. But over time the middle class has been shrinking: In 1971, 61% of adults lived in middle-class households. And during that time both upper and lower-income segments of the population have been growing at the expense of the middle class. Plus, the top group has seen bigger income gains, widening the income gap. Of course, the median income tells you only so much. You also may wonder how much you have to earn to qualify as middle class in the first place. In the table below, you’ll find the minimum and maximum incomes for middle class households by size of your family, from a singer person to a family of four. The amounts vary because Pew adjusts the data to reflect the cost of living around the country. So, for example, in an area where livings cost are lower, you’ll need a lower income to enter the middle class. Keep in mind the this is based on 2016 income, but since inflation has been modest in recent years the exact number probably won’t have changed much.

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Middle class calculator

Finally, if you want to check out whether you qualify as middle class in your hometown, Pew’s income calculator will let you drill down by metropolitan area. Range of household incomes needed to be considered middle class, by family size State Single Couple Family of four U.S. average $26,093 – $78,280 $36,902 – $110,705 $52,187 – $156,560 Alabama $22,597 – $67,791 $31,957 – $95,870 $45,194 – $135,581 Alaska $27,502 – $82,507 $38,894 – $116,683 $55,005 – $165,015 Arizona $25,024 – $75,071 $35,389 – $106,166 $50,047 – $150,141 Arkansas $22,675 – $68,025 $32,067 – $96,202 $45,350 – $136,051 California $29,851 – $89,552 $42,215 – $126,646 $59,702 – $179,105 Colorado $26,876 – $80,629 $38,009 – $114,026 $53,752 – $161,257 Connecticut $28,364 – $85,091 $40,112 – $120,336 $56,727 – $170,181 Delaware $26,146 – $78,437 $36,975 – $110,926 $52,291 – $156,873 District of Columbia $30,242 – $90,727 $42,769 – $128,307 $60,484 – $181,453 Florida $26,015 – $78,045 $36,791 – $110,373 $52,030 – $156,091 Georgia $24,032 – $72,096 $33,986 – $101,959 $48,064 – $144,192 Hawaii $30,895 – $92,684 $43,692 – $131,075 $61,789 – $185,367 Idaho $24,267 – $72,801 $34,318 – $102,955 $48,534 – $145,601 Illinois $25,806 – $77,419 $36,496 – $109,487 $51,613 – $154,838 Indiana $23,562 – $70,687 $33,322 – $99,966 $47,125 – $141,374 Iowa $23,536 – $70,609 $33,285 – $99,856 $47,072 – $141,217 Kansas $23,615 – $70,844 $33,396 – $100,188 $47,229 – $141,687 Kentucky $22,910 – $68,730 $32,400 – $97,199 $45,820 – $137,460 Louisiana $23,588 – $70,765 $33,359 – $100,077 $47,177 – $141,530 Maine $25,676 – $77,028 $36,311 – $108,934 $51,352 – $154,055 Maryland $28,572 – $85,717 $40,407 – $121,222 $57,144 – $171,433 Massachusetts $28,129 – $84,386 $39,780 – $119,340 $56,257 – $168,772 Michigan $24,345 – $73,035 $34,429 – $103,288 $48,690 – $146,071 Minnesota $25,441 – $76,323 $35,979 – $107,937 $50,882 – $152,646 Mississippi $22,545 – $67,634 $31,883 – $95,649 $45,089 – $135,268 Missouri $23,354 – $70,061 $33,027 – $99,081 $46,707 – $140,121 Montana $24,554 – $73,662 $34,724 – $104,173 $49,108 – $147,323 Nebraska $23,615 – $70,844 $33,396 – $100,188 $47,229 – $141,687 Nevada $25,415 – $76,245 $35,942 – $107,827 $50,830 – $152,490 New Hampshire $27,633 – $82,899 $39,079 – $117,236 $55,266 – $165,797 New Jersey $29,538 – $88,613 $41,773 – $125,318 $59,075 – $177,226 New Mexico $24,423 – $73,270 $34,540 – $103,620 $48,847 – $146,540 New York $30,164 – $90,492 $42,658 – $127,975 $60,328 – $180,984 North Carolina $23,719 – $71,157 $33,544 – $100,631 $47,438 – $142,313 North Dakota $23,875 – $71,626 $33,765 – $101,295 $47,751 – $143,253 Ohio $23,301 – $69,904 $32,953 – $98,859 $46,603 – $139,808 Oklahoma $23,223 – $69,669 $32,842 – $98,527 $46,446 – $139,339 Oregon $26,041 – $78,124 $36,828 – $110,483 $52,082 – $156,247 Pennsylvania $25,676 – $77,028 $36,311 – $108,934 $51,352 – $154,055 Rhode Island $25,989 – $77,967 $36,754 – $110,262 $51,978 – $155,934 South Carolina $23,562 – $70,687 $33,322 – $99,966 $47,125 – $141,374 South Dakota $23,040 – $69,121 $32,584 – $97,752 $46,081 – $138,243 Tennessee $23,536 – $70,609 $33,285 – $99,856 $47,072 – $141,217 Texas $25,284 – $75,853 $35,758 – $107,273 $50,569 – $151,707 Utah $25,389 – $76,167 $35,905 – $107,716 $50,778 – $152,333 Vermont $26,511 – $79,533 $37,492 – $112,476 $53,022 – $159,065 Virginia $26,694 – $80,081 $37,750 – $113,251 $53,387 – $160,161 Washington $27,529 – $82,586 $38,931 – $116,794 $55,057 – $165,171 West Virginia $22,858 – $68,573 $32,326 – $96,977 $45,716 – $137,147 Wisconsin $24,215 – $72,644 $34,245 – $102,734 $48,429 – $145,288 Wyoming $25,232 – $75,697 $35,684 – $107,052 $50,465 – $151,394 Notes: Range of household income needed to qualify for middle-income status, by family size, in 2016 dollars. Source: Pew Research Center analysis of 2016 American Community Survey (IPUMS)

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hellawealth.com - Are you part of the middle class? This calculator can tell you

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