GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
Do you consider yourself upper class?
These factors combined have moved the benchmark for whats considered upper class more than you might think.
When people talk about the upper class, they refer to those who are well-off.
This can mean they have a high salary, educational attainment and social status.
Next, find out theminimum salary required to be upper class this year.
In 2021, theU.S.
Census Bureaureported the median household income as $70,784.
Thus, anyone making over $141,568 would be considered upper class.
Things have changed quite a bit since Bidens early days in office.
The most recent income numbers from theU.S.
Census Bureaushow that the median household income in 2023 rose to $80,610.
Heres a look at each of these factors in more detail.
Inflation
Inflation is one of the top contributors to the change in the upper class.
Everything from groceries to gas has become more expensive, meaning living comfortably requires a higher income.
Inflation peaked at 9.1% in July 2022, the highest rate in over 40 years.
Between 2021 and 2024, the actual average hourly earnings for private-sector employees fell by 2.24%,FactCheck.orgreported.
Instead of rising at the same rate as inflation, wages remained stagnant, resulting in less disposable income.
Home Prices
One of the main components of the American Dream is owning a home.
Interest rates and home prices usually work in opposite directions.
As interest rates increase, home prices decrease.
However, this hasnt been the case over the past few years.
However, its also important to remember that what might be considered upper class is only a number.
For some families, it will require more than others to feel truly comfortable financially.
More From GOBankingRates
Share This Article:
