What is Middle Class Income in the USA?
The middle class is a term used to describe a certain income level in the United States. It is generally considered to be between two-thirds and double the national median income when adjusted for local cost of living and household size. According to the Pew Research Center, middle class earners have an income of between $52,200 and $156,600.
In 2021, the median income in the United States was $70,784, according to the U.S. Census Bureau. This means that the middle class income range for 2021 is between $47,186 and $141,568. This range is slightly lower than the 2020 range of $52,200 to $156,600, due to the economic impact of the coronavirus pandemic.
The middle class is often seen as the backbone of the American economy. Middle class earners are typically employed in professional or white-collar jobs, such as doctors, lawyers, teachers, and other skilled professionals. They are also more likely to own their own homes and have a college degree.
The middle class is also important to the economy because they are more likely to spend money on consumer goods and services. This spending helps to create jobs and economic growth.
It is important to note that the middle class is not a static group. As the economy changes, so does the definition of middle class. For example, in 2020, the middle class income range was lower than in 2021 due to the economic impact of the coronavirus pandemic.
The middle class is an important part of the American economy. Based on Pew’s calculator, middle class earners are those who have an income of between $52,200 and $156,600, or two-thirds to double the national median when adjusted for local cost of living and household size. In 2021, the median income was $70,784, according to Census Bureau data. As the economy changes, so does the definition of middle class. It is important to keep an eye on the changing economic landscape to ensure that you are in the middle class.