How Much Do You Have To Make In New York To Be Middle Class?
As of 2021, about half of the population was considered to be middle class…but what does that even mean?
With the way the economy has been lately, it may feel like you’re way behind this year as compared to last year. And that may be true, with inflation and everything else becoming a factor.
The “Middle Class” is defined by Pew Research Center as “any household that earns between two-thirds and double the median U.S. household income.” But those numbers look different in each state, due to the cost of living and a handful of other factors.
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The most recent middle class calculator takes a look at income numbers from 2016, but we’re going to adjust the numbers with consideration for inflation to have a more accurate approximation.
New York State Middle Class
The Pew Research Center breaks up the range of household incomes by family size. Original numbers show data from 2016, but using the cumulative rate of inflation of 24.2%, we can figure out what those numbers look like in today’s world.
In New York state, a single person household was considered to be middle class if they made anywhere between $30,164 - $90,492 in 2016. In 2022, that range is more accurately reflected in the given range of $37,454.05 - $112,362.15.
A New York couple is considered to be middle class if they made anywhere between $42,658 - $127,975 in 2016. Now, a couple may be considered middle class if they make anywhere between $52,967.60 - $158,904.06.
Family of Four:
If a family of four could bring in anywhere between $60,328 - $180,984 back in 2016, that would be considered middle class. In 2022, a family of four would have to bring in $74,908.10 - $224,724.29.
It’s crazy to see how much those numbers have been affected when you adjust them with consideration to inflation.
United States Averages For Middle Class
When you compare the numbers for middle class households in New York state to the national average, you may be surprised to learn how different those ranges are.
On a national level, here are what the middle class ranges are for the following households.
Factoring in the cumulative rate of inflation, a single person household in the United States is considered to be middle class if they make anywhere between $32,399.17 - $97,198.75.
In 2022, a couple in the United States is considered to be middle class if they make anywhere between $45,820.49 - $137,460.23.
Family of Four:
If a family of four can bring home anywhere between $64,799.58 - $156,560, they are considered to be middle class in 2022.
Are You Middle Class?
Last year, Statista revealed that 13.9% of the population is in poverty in New York state, the highest recorded number in the last 5 years.
I used to think I was middle class, but not anymore! That went out the window with these numbers.
What about you?