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What do you consider as Middle Class in America today?
Posted on 1/14/16 at 11:50 am
Posted on 1/14/16 at 11:50 am
As far as I know, this is not clearly defined. Do you consider yourself middle class? I do, but mainly because student loans prevent us from getting ahead. Wife and I make around 120k/year; would this put us as middle, upper/middle?
Growing up, I thought my family was middle class, but looking back we would probably have been defined by the government as poor or near poverty. We were happy though, good family and good memories. I now make almost 3 times as much as my father made at the highest point in his career. I say this because I don't feel middle class, I feel poor because of debt and the drastic steps we are taking to try to pay it off.
I'm sure others who make a lot also feel middle class (or worse). An article about the state of the middle class in America had me wondering whether the middle class ideal really is dying.
Growing up, I thought my family was middle class, but looking back we would probably have been defined by the government as poor or near poverty. We were happy though, good family and good memories. I now make almost 3 times as much as my father made at the highest point in his career. I say this because I don't feel middle class, I feel poor because of debt and the drastic steps we are taking to try to pay it off.
I'm sure others who make a lot also feel middle class (or worse). An article about the state of the middle class in America had me wondering whether the middle class ideal really is dying.
10
Posted on 1/14/16 at 12:17 pm to AnonymousTiger
You are middle class. Once you're debt free, you will be well on your way to upper middle class.
Posted on 1/14/16 at 12:23 pm to RickAstley
I think the big issue with Americans is debt in general.
One of my friends make 110k a year but due to poor financial decisions (credit cart debt) and necessary debt (student loans, mortgage) he's pretty much lives paycheck to paycheck.
Not to mention - this friend has a wife that literally does nothing and both are really into the concept of "keeping up with the jonses".
One of my friends make 110k a year but due to poor financial decisions (credit cart debt) and necessary debt (student loans, mortgage) he's pretty much lives paycheck to paycheck.
Not to mention - this friend has a wife that literally does nothing and both are really into the concept of "keeping up with the jonses".
Posted on 1/14/16 at 12:23 pm to RickAstley
Honestly he is probably already upper middle class relative to US society as a whole.
Posted on 1/14/16 at 12:30 pm to AnonymousTiger
quote:
Wife and I make around 120k/year
quote:
As social classes lack clear boundaries and overlap there are no definite income thresholds as for what is considered middle class. Sociologist Leonard Beeghley identifies a male making $57,000 and a female making $40,000 with a combined households income of $97,000 as a typical middle-class family.[31] Sociologists William Thompson and Joseph Hickey estimate an income range of roughly $35,000 to $75,000 for the lower middle class and $100,000 or more for the upper middle class. Many social scientists including economist Michael Zweig and sociologist Dennis Gilbert contend that middle class persons usually have above median incomes.
Posted on 1/14/16 at 12:33 pm to AnonymousTiger
I think middle class would vary by region. Middle class in california is going to start over 100k. While 100k in ruston is going to be rich.
But I would say the middle is the middle 50% of households. If you look at household income that makes it roughly 25k-95k.
LINK
But I would say the middle is the middle 50% of households. If you look at household income that makes it roughly 25k-95k.
LINK
Posted on 1/14/16 at 12:36 pm to Hawkeye95
The question is middle class not middle income.
Posted on 1/14/16 at 12:49 pm to Athanatos
quote:
The question is middle class not middle income.
If you go with a cultural viewpoing, income is largely irrelevant.
Posted on 1/14/16 at 12:50 pm to RickAstley
quote:
Once you're debt free, you will be well on your way to upper middle class.
Can I get a definition of upper middle class?
Posted on 1/14/16 at 12:52 pm to AnonymousTiger
It depends. How many & what types of Yeti products does your family possess. Yeti Ice chests = upper. Yeti koozie/rambler middle.
Posted on 1/14/16 at 1:05 pm to AnonymousTiger
I think a good way to look at it is to subtract debt payments from income. If you make 100k a year but have 40k in debt payments you fall squarely into the middle class. 100k with a thousand dollar a month house note and paid off vehicle? Upper middle
Posted on 1/14/16 at 1:29 pm to tissle
quote:
I think the big issue with Americans is debt in general.
One of my friends make 110k a year but due to poor financial decisions (credit cart debt) and necessary debt (student loans, mortgage) he's pretty much lives paycheck to paycheck.
This is similar to the predicament I got myself into as well. And it's probably the mindset that makes me not feel like I'm middle class. I guess it's just all relative.
This post was edited on 1/14/16 at 1:43 pm
Posted on 1/14/16 at 1:30 pm to kywildcatfanone
quote:
Can I get a definition of upper middle class?
This was one of my questions too. We always hear the term, but I don't know if it's defined anywhere.
Posted on 1/14/16 at 1:31 pm to AnonymousTiger
All about how much you spend
Posted on 1/14/16 at 1:34 pm to yellowfin
(no message)
This post was edited on 6/25/17 at 7:37 pm
Posted on 1/14/16 at 2:19 pm to kywildcatfanone
My thoughts on the matter center around your ability to live with what you make. If you are buried in debt or make next to nothing and struggle day-to-day financially you are lower class.
Middle class is a person/family that is able to buy a house, support themselves as well as others, and budget in a yearly vacation or two (does well budgeting in general). Upper middle includes the traits of the middle class, but also able to spend more lavishly, place themselves on a path for early retirement, invest beyond retirement accounts etc... all without the worries of debt or the effects of an immediate loss of job.
*This is simply my perspective and by no means is it a standard model.
Edited to add: Middle class and beyond also can afford insurance and have insurance
Middle class is a person/family that is able to buy a house, support themselves as well as others, and budget in a yearly vacation or two (does well budgeting in general). Upper middle includes the traits of the middle class, but also able to spend more lavishly, place themselves on a path for early retirement, invest beyond retirement accounts etc... all without the worries of debt or the effects of an immediate loss of job.
*This is simply my perspective and by no means is it a standard model.
Edited to add: Middle class and beyond also can afford insurance and have insurance
This post was edited on 1/14/16 at 2:29 pm
Posted on 1/14/16 at 2:30 pm to man117
This is a pretty good gauge right here. This is what you need to make to be in the top 1% of each state. Crazy how high North Dakota is. Must be a lot of rich oil folks there considering the low population. So yea, anything 6 figures is probably upper middle class. I'd say a household in the 55-85k range is "middle class".
This post was edited on 1/14/16 at 2:32 pm
Posted on 1/14/16 at 2:42 pm to STLhog
Cool graphic STL hog. The top 1% of some of the big states is pretty eye opening.
I would think somewhere in the definition of Upper Middle would be the % of annual income that comes from investments.
I would think somewhere in the definition of Upper Middle would be the % of annual income that comes from investments.
Posted on 1/14/16 at 2:43 pm to STLhog
Need to make annually?
Posted on 1/14/16 at 2:50 pm to AnonymousTiger
Its a relative term. Me and my wifes combined income puts us in middleclass but based on how we have to manage our money in order to have any luxuries id say we are upper level poverty
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