What amount of income defines middle class?
Middle class income has been declining in recent years. Some middle class incomes are good for different regions due to the cost of living. Do you feel middle class in your area and why?
Hi, Stacie. I've taken a few economics courses and love to discuss the economy; I'm no expert, but I can provide some information. While we have no set-in-stone definition for middle class, the former Secretary of Labor, Robert Reich, defines middle class as any household that makes within 50% (lower or higher) of the national median income. Our median income is always changing, but is usually around $51,000. Thus, many people believe middle class is anywhere from about $25,500 to $76,500.
I reside in a region of Louisiana; it's one of the four states I've lived in. There are some great people here, but compared to my homes in other areas, the buildings and roads seem more dilapidated, and a greater number of people appear to struggle financially. Luckily, we found a nice neighborhood, and I do consider myself to be middle class due to our stable (but not astronomical) income.
We can gauge how we are doing and whether we feel like middle class or not.
I think it definitely depends on your location. A modest salary in rural Kentucky can afford a wonderful lifestyle but move to metro NY and you'll feel like a pauper!
I agree! As long as I make enough to not have to worry about how to pay for bills, I'll probably consider myself middle class.
And that's a good point, makes you think twice about heading to such an urban environment.
If you are saving for retirement and kids' college, because you have enough to meet your needs and enough left over to plan long term, you are middle class
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