Staying in the middle class takes a lot of work, according to a new analysis.
A look at the numbers from the website GOBankingRates.com found that it took a nearly 42 percent increase in income to remain in the middle class from 2012, the midpoint of the Obama administration, to 2022, the middle of the Biden administration.
The site published a state-by-state listing of what it takes to be in the middle class, defining the term as people with an income no less than two-thirds of the median income and no more than double that figure.
Although the national minimum to be in the middle class was $50,099 as of 2022, the numbers vary widely. For example, a Mississippi household earning $35,323 is considered middle class. In Maryland, however, the qualifying income is $65,641, according to the site’s calculations.
The middle class is shrinking. In 1971, 61% of American households were considered to be middle class. That number has dropped to 50% three decades later, a Pew Research found.
“The creation of the middle class was based on factories and jobs.” Grant Cardone told GOBankingRates.… pic.twitter.com/uZIXcPAAEU
— Grant Cardone (@GrantCardone) March 3, 2024
Over the decade-long period, Alaska had the smallest increase in income to stay in the middle class at almost 23 percent.
In Oregon, however, the bar to call oneself in the middle class rose by over 53 percent.
A report from Investopedia published in February said the middle class is shrinking, equating middle class with middle income.
That meant annual incomes of between $30,000 and $90,000 per year for single Americans, as well as $42,430 to $127,300 for a couple and $67,100 to $201,270 for a family of four.
