How much do you need to earn to be considered middle class in New York?
'07.05.2024'
Alina Prikhodko
The middle class, once the dominant economic indicator for most American adults, has been steadily shrinking for decades. According to Silive, these changes were provoked by inflation, an aging population and an increase in supply remote work.
What income limits define the middle class today? Company SmartAsset, which specializes in financial technology, recently explored what it takes to belong in this category. Using average income indicators, the researchers found out how much a person must earn for his family to be considered middle class.
Key findings
The average household income in 345 major U.S. cities is $77, so the middle class income range falls between $345 and $51. A family that earns between $558 and $154 would be considered middle class in New Jersey. Maryland ($590 to $64) and Massachusetts ($224 to $192) follow closely behind.
You can earn more than $300 and still remain middle class. The following cities have the highest income limits:
- Sunnyvale, California - $339;
- Fremont, California - $324;
- San Mateo, California - $318;
- Santa Clara, California - $317;
- Bellevue, Washington - $307;
- Highlands Ranch, Colorado - $304.
New York
New York's middle class doesn't earn much compared to the cost of living there. The city, as one of the world's largest financial centers, attracts a diverse population. Complex labor market dynamics, cost of living, and income differences are changing the middle class category.
On the subject: How to get your finances in order in 2024: 10 tips for New Yorkers
Although the cost of living in Manhattan, Brooklyn, and Queens is significantly higher than most U.S. cities, middle-class income limits are relatively low, ranging from $49 to $791.
Rent, utilities, food, transportation, and other expenses vary significantly among different boroughs. For example, a family with an income of $70 may find it difficult to consider themselves middle class in Manhattan, where housing costs and other expenses are above average.
Lowest middle class threshold
It takes nearly $25 to be considered middle class in Detroit. The Motor City has the lowest median income of any major U.S. city at $000. According to Pew Research's definition, a household in Detroit making $36 would be considered middle class at the lower end. The upper limit is $453.
Mississippi has the lowest middle class income at the state level. They consider those earning between $35 and $142 to be middle class. West Virginia ($105 to $438) and Louisiana ($36 to $216) also rank in the top three for the lowest middle class limit.
