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The middle class is shrinking.
You may have heard this phrase repeated on the news or during conversations with friends.
The thing is its true.
Whats Considered Lower Middle Class for Households?
According to the Pew Research Center, middle-income households earn between two-thirds and double the median U.S. household income.
The latest figures from the U.S. Census Bureau show that thenational median household incomeis $74,580.
To summarize:
What Factors Determine Whether Your Household Falls Into the Lower-Middle-Class Income Range?
Here are some of the factors that affect socioeconomic class categories.
It also varies according to state.
In Mississippi, for example, a $35,323 household income would be considered middle class.
In contrast, households in Maryland need to bring in at least $65,641 to be considered middle class.
Education Level
Education is a significant indicator of income level.
According to U.S. Census data, the median income for households with no high school diploma was $34,850.
In contrast, households with at least one bachelors degree or higher had a median income of $118,300.
Household Size
Themedian household income figuresfrom the Pew Research Center are adjusted for a three-person household.
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