Middle Class or Not? Use Our Calculator to Discover Your Economic Status
Table of Contents
Defining the Middle Class
Are you in the middle class? Many Americans like to think so, even if there are several definitions of what “middle class” actually means.
The Numbers
The answer largely depends on how much you make and where you live, according to the nonprofit Pew Research Center, which has studied the size of the middle class for over a decade.
A Shift in the Middle Class
According to the center’s latest report, 52% of Americans were part of the middle class in 2022, marking a slight increase from 50% in 2015. However, this is still significantly lower than the 61% who were members of the middle class in 1971.
Income and Location
The report found that lower-income households make up 28% of the population, while 19% of Americans were in the upper-income tier. To see how you stack up, use Pew’s updated calculator, which just asks you to enter your location, income and household size.
What is the Middle Class?
The “middle class” can be a somewhat abstract term. While definitions vary, the general concept is closely related to the idea of the “American dream,” or the promise that if you work hard at a typical job and manage your money, you should be able to buy a home, raise a family and ultimately enjoy a comfortable retirement.
Middle Class Income Bounds
Pew’s analysis 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 equivalent to a family of three. For the country as a whole, the middle class income bounds were $56,600 to $169,800 in 2022, but Pew’s calculator will tell you if you’re in the middle class based on where you live using income data for your metro area.
Challenges Facing the Middle Class
The country’s middle class is facing key challenges today, having lost buying power since 2021 due to inflation while goals like homeownership have also become less attainable. Addressing these issues — and bolstering the middle class — remains at the center of many political discussions going into the 2024 elections.
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