If after 2000 household income had continued to grow at the same rate, the current median would be about $87,000 - significantly more than it is now. In just three decades, the median income rose by 41% to $70,800. However, while household incomes have been trending upward since 1970, Pew’s research reveals that most of the increases were seen before 2000. In 2021, the median income was $70,784, according to Census Bureau data. In fact, a Gallup survey from 2022 shows that just over half of respondents identified as either middle or upper middle class.īased on Pew’s calculator, middle class earners are actually those whos income falls between $52,200 and $156,600, or two-thirds to double the national median when adjusted for local cost of living and household size. Many Americans associate themselves with the middle class. The result is that the wealth gap between America’s richest and poorest families has grown into a chasm - more than doubling between 19. Meanwhile, the lowest earners saw their wealth decrease by at least 20% over that period of time. Between 20, the median net worth of the top 20% increased 13% to $1.2 million. In analyzing the trends, Pew points out that the wealthiest households are the only ones to have seen gains in wealth after the start of the Great Recession. You don’t have to be ultra-rich to own fine art - here’s how you can get a piece of a real Picassoīased on Pew’s analysis, a household of three needs an income of $156,600 to meet the definition of upper class, which amounts to more than double the national median. Your home insurance company is ripping you off - here’s how to spend less on peace of mindĬollect fat passive income every quarter as the landlord of Walmart, Whole Foods and CVS - you’ll barely need to work for it Pew Research Center’s income calculator is the quickest way to find the answer to that question.īut after you find out how you stack up, you may find the more important question is what do you do with that information so you can safely keep ascending that ladder. For many households, where they stand on the income ladder comes down to a feeling rather than numbers.īut how can you know if your feelings line up with reality? The lines that divide Americans by economic class have always been blurry.
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