Are you in the center class? Many Americans wish to think so, even when there are several definitions of what “middle class” actually means.
The reply largely will depend on how much you make and where you reside, in line with the nonprofit Pew Research Center, which has studied the scale of the center class for over a decade.
In accordance with the middle’s latest report, 52% of Americans were a part of the center class in 2022, marking a slight increase from 50% in 2015. Nevertheless, this continues to be significantly lower than the 61% who were members of the middle class in 1971.
The report found that lower-income households make up 28% of the population, while 19% of Americans were within the upper-income tier.
To see the way you stack up, use Pew’s updated calculator, which just asks you to enter your location, income and household size.
You can too see the way you compare to other individuals who share your demographic characteristics. In the event you plug in your education, age, marital status and race or ethnicity, the calculator tool will show the share of Americans with matching details who’re in the center class.
Are you a member of the center class?
The “middle class” could be a somewhat abstract term. While definitions vary, the final concept is closely related to the concept of the “American dream,” or the promise that should you work hard at a typical job and manage your money, it is best to have the ability to purchase a house, raise a family and ultimately enjoy a comfortable retirement.
Pew’s evaluation qualifies someone as middle class if their income is between two-thirds to double the median household income. The calculator adjusts for household size so incomes are made such as a family of three.
For the country as a complete, the center class income bounds were $56,600 to $169,800 in 2022, but Pew’s calculator will let you know should you’re in the center class based on where you reside using income data on your metro area.
In San Francisco, for instance, one of the crucial expensive metros, it takes $66,700 of income to be on the low-end of the center class. In Jackson, Tennessee, a less expensive metro, $49,200 is enough.
The country’s middle class is facing key challenges today, having lost buying power since 2021 because of inflation while goals like homeownership have also turn into less attainable.
Addressing these issues — and bolstering the center class — stays at the middle of many political discussions going into the 2024 elections. Republicans say inflation is killing the center class, while Democrats argue their economic platform would support the center class through tax breaks and homebuying assistance.
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