The middle class just ain't what it used to be—the cost of entry is more expensive than ever. According to a new study from GoBankingRates.com, middle class household incomes in the U.S. increased 41.7% from 2012 to 2022. In several states, the increase has been higher than 50%. Nationally, the minimum household income considered middle class rose from $35,364 in 2012 to $50,099 in 2022. The ceiling rose too, from $106,092 in 2012 to $150,298 in 2022.
The study, which contains data sourced from American Community Surveys as conducted by the US Census Bureau, offers detailed insights into how the meaning of middle class has changed state by state.
Close to $200K and still middle class
Middle class has a very high ceiling in Maryland, New Jersey and Massachusetts. To get out of the middle class in Massachusetts, a household has to make over $193K. That number is even higher in New Jersey, at $194K. It's the highest, however, in Maryland, where $197K is still considered just middle class. To get into Maryland's middle class, a household has to have an income of at least $65,641. Compare that to the $35,323 middle class floor of Mississippi, the lowest on the list.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.