Here's how much money it takes to be considered middle class in 20 major U.S. cities (2024)

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Here's how much money it takes to be considered middle class in 20 major U.S. cities? ›

As of 2022 (the most recent Census data), the average median household income in the U.S. was $73,914, meaning the national range for the middle class is roughly $49,271 to $147,828. Across the nation's largest cities, the range is between $51,558 and $154,590, according to SmartAsset.

In a large U.S. city, a middle-class income averages between $52,000 and $155,000. The median household income across all 345 cities is $77,345, making middle-class income limits fall between $51,558 and $154,590.

The report used income tiers based on Pew Research's household income percentile ranges for economic classes: Lower-middle class: $30,001-$58,020. Middle class: $58,021-$94,000. Upper-middle class: $94,001-$153,000.

What is the average middle class income? In 2024, a large U.S. city's middle-class income averages between $52,000 and $155,000, with the median household income across all 345 cities at $77,345, making middle-class income limits fall between $51,558 and $154,590, SmartAsset noted.

Income data released by the U.S. Census Bureau shows that the 2021 median household income was the highest on record at just around $65,000.10 Pew defines the middle class as those earning from two-thirds to double the median household income.11 This Pew classification means that the category of middle income is made ...

Based on that number, if you earn between $50,000 and $150,000 a year, you qualify as middle class. Around half of Americans fall into the middle-class category as of 2021, according to the Pew Research Center, but the numbers have been shrinking over time, down from 61% in 1971.

With a $500,000+ income, you are considered rich, wherever you live! According to the IRS, any household who makes over $500,000 a year in 2023 is considered a top 1% income earner. Of course, some parts of the country require a higher income level to be in the top 1% income, e.g. Connecticut at $580,000.

The analysis revealed that the median household income across the 345 cities is $77,345, making middle-class income limits fall between $51,558 and $154,590. In six cities, a household can bring in more than $300,000 and still be considered middle class.

Middle class: Those in the 40th to 60th percentile of household income, ranging from $55,001 to $89,744. Upper middle class: Households in the 60th to 80th percentile, with incomes between $89,745 and $149,131. Upper class: The top 20% of earners, with household incomes of $149,132 or more.

Where you rank by income. According to the Census Bureau's Income in the United States: 2022 report, the median household income is $74,580 (a 2.3% decline from 2021), while household income levels for each class level are as follows: Lower class: less than or equal to $30,000. Lower-middle class: $30,001 – $58,020.

What is the wealthy class income? ›

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.

Upper Class Is Relative To The Median

In 2022, the national median household income is around $75,000, up from $68,000 in 2021. Therefore, as a whole, the typical upper-class household in the new decade has a median household income of over $130,000. $130,000 is a good household income amount.

Based on that number, if you earn between $50,000 and $150,000 a year, you qualify as middle class. Around half of Americans fall into the middle-class category as of 2021, according to the Pew Research Center, but the numbers have been shrinking over time, down from 61% in 1971.

Can You Retire on $50k per Year? For many people, $50,000 is enough income to live comfortably, although your location and lifestyle are important factors.

But just how much does a single person in California need to make to live comfortably? A new study from Smart Asset determined that a person must make at least $ 89,190 to get by comfortably.

Bankrate's key takeaways on housing affordability

To afford a median-priced home of $402,343, Americans need an annual income of $110,871, up 46 percent since the start of 2020. Americans must earn at least $100,000 annually to afford a median-priced home in 22 states and the District of Columbia.

One commonly used definition from the Pew Research Center sets a middle-class income between two-thirds and twice the national median income, or $67,819 to $203,458 for a family of four in 2022. Most Americans consider the lower end of that range, $75,000 and $100,000, to be middle class, according to the Post poll.

An income of $300,000 a year is generally considered to be upper-middle class or even rich, particularly in regions with a lower cost of living.

Middle class: Those in the 40th to 60th percentile of household income, ranging from $55,001 to $89,744. Upper middle class: Households in the 60th to 80th percentile, with incomes between $89,745 and $149,131. Upper class: The top 20% of earners, with household incomes of $149,132 or more.