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Who is middle class? Their income is lower than you might think
Posted on 10/9/17 at 11:00 pm
Posted on 10/9/17 at 11:00 pm
LINK
Percentile Dollar limit
10th/ $13,608
20th/ $24,002
50th/ (median) $59,039
80th/ $121,018
90th/ $170,536
95th/ $225,251
Let's compare 2016's median household income to years past.
LINK
In 2017 dollars, per bls CPI inflation calculator:
1950- $51,193.32
1965- $55,084.39
1970- $58,456.90
1975- $56,549.48
1980- $55,226.00
1985- $55,852.66
1990- $57,814.52
Is the American middle class better off than ever? Discuss.
quote:
According to the data in the most recent Census report shown in the table below, the typical household in 2016 had an income of $59,036. A household with an income of $170,536 was at the 90th percentile point, or in the top tenth of the income distribution. Even at the 95th percentile, household income is only $225,251. The thresholds must be interpreted with caution because households include old and young, urban and rural, coastal and midland, and small and large. But it is very hard to understand how anyone could think of $250,000 as the middle. Middle-class households have incomes of about $60,000.
Percentile Dollar limit
10th/ $13,608
20th/ $24,002
50th/ (median) $59,039
80th/ $121,018
90th/ $170,536
95th/ $225,251
Let's compare 2016's median household income to years past.
LINK
In 2017 dollars, per bls CPI inflation calculator:
1950- $51,193.32
1965- $55,084.39
1970- $58,456.90
1975- $56,549.48
1980- $55,226.00
1985- $55,852.66
1990- $57,814.52
Is the American middle class better off than ever? Discuss.
35
Posted on 10/9/17 at 11:02 pm to GreatLakesTiger24
You need to be in the top 5% minimum to post here
Posted on 10/9/17 at 11:05 pm to GreatLakesTiger24
I couldn't imagine having a household income of $60,000 in 2017. Now single in my 20's or early 30's I could see that but wife and kids would be difficult.
This post was edited on 10/9/17 at 11:12 pm
Posted on 10/9/17 at 11:07 pm to TigahJay
quote:
Who is middle class? Their income is lower than you might think
You need to be in the top 5% minimum to post here
By June
Posted on 10/9/17 at 11:07 pm to GreatLakesTiger24
FWIW, it is very likely that real growth in income is understated because inflation tends to be OVERRATED.
Other measurements of inflation over the decades are lower, which means average income is higher.
Other measurements of inflation over the decades are lower, which means average income is higher.
Posted on 10/9/17 at 11:08 pm to GreatLakesTiger24
Relative to the rest of the world, yes. Stagnant wages and ever rising cost of living are a real problem for a lot of people and there doesn’t seem to be any relief coming soon. $56,000 is becoming harder and harder to live on, even in places like where I live.
Posted on 10/9/17 at 11:10 pm to TigerOnTheMountain
56k is less than a 2 income "fight for 15" household. Basically a secretary and a Target stockboy
Posted on 10/9/17 at 11:10 pm to GreatLakesTiger24
This is impossible. The OT tells me you need to be in upper 6 figures to be middle class even in south Louisiana. Anything less is just barely scraping by.
Posted on 10/9/17 at 11:11 pm to HailHailtoMichigan!
quote:that's probably true . am i really supposed to believe 2.07% in 2016?
FWIW, it is very likely that real growth in income is understated because inflation tends to be OVERRATED.
Posted on 10/9/17 at 11:16 pm to GreatLakesTiger24
I think you forgot to add all the government welfare to this income statement. There's plenty of subsidizing going on that makes people more middle class. The "poor" today in this country would be considered middle class with everything they own and have in their households today.
Posted on 10/9/17 at 11:19 pm to TigahJay
quote:
You need to be in the top 5% minimum to post here
Posted on 10/9/17 at 11:23 pm to GreatLakesTiger24
Class is culture more than anything else, so yes, you can have people making six figure salaries that are still middle class.
Let’s pretend you’re a Kennedy and you’ve decided to become a artist, rather than go into Finance.
Would a paltry income suddenly make you middle class?
By the same measure, is the fellow in the double wide who wins the lottery, is he suddenly upper class?
Let’s pretend you’re a Kennedy and you’ve decided to become a artist, rather than go into Finance.
Would a paltry income suddenly make you middle class?
By the same measure, is the fellow in the double wide who wins the lottery, is he suddenly upper class?
This post was edited on 10/9/17 at 11:30 pm
Posted on 10/9/17 at 11:24 pm to GreatLakesTiger24
You have to be about $120,000 to be able to live middle class in Baton Rouge once you count having to pay for two kids to go to private school. 3 or more kids in private school and daycare and you're better off moving to Texas.
This post was edited on 10/10/17 at 12:05 am
Posted on 10/9/17 at 11:26 pm to Lima Whiskey
quote:
Class is culture more than anything else, so yes, you can have people making six figure salaries that are still middle class.
Those are called upper upper middle class. 135k to 180k
Posted on 10/9/17 at 11:26 pm to Lima Whiskey
quote:i completely agree, but this article is solely focused on the financial aspect.
Class is culture more than anything else, so yes, you can have people making six figure salaries that are still middle class.
Posted on 10/9/17 at 11:26 pm to TigerGrad2011
Not going to lie that any time I read up one these type of statistics it makes me feel very fortunate.
Posted on 10/9/17 at 11:31 pm to lynxcat
quote:
Who is middle class? Their income is lower than you might think
Not going to lie that any time I read up one these type of statistics it makes me feel very fortunate.
Most of America lives like this.
Posted on 10/9/17 at 11:33 pm to Rize
quote:
I couldn't imagine having a household income of $60,000 in 2017.
It's not hard to surpass this though. My wife and I made $72,000 in our first year of marriage and I dropped out of college with little skills. We are up to $85,000 only two years later and potentially looking to make an even larger leap in the next year.
South LA has a large uneducated working force making high wages because of the big business oil companies, but not everywhere is so fortunate. Having said that, a single person with a college degree should be able to make about that income by themselves by the time they are in their late 20s or early 30s.
Posted on 10/9/17 at 11:35 pm to GreatLakesTiger24
quote:
i completely agree, but this article is solely focused on the financial aspect.
Are households that earn the median wage actually middle class though?
Posted on 10/9/17 at 11:38 pm to Lima Whiskey
quote:
Are households that earn the median wage actually middle class though?
By definition, yes.
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