Despite what you may think of your lifestyle, a recent report released by Pew Research has classified what qualifies as poor, middle and upper income in America, and yes, the middle income is still shrinking in America. However, the upper class are still doing well for themselves.
The share of American adults in middle-income households decreased, from 55% in 2000 to 51% in 2014, reports Pew. At the same time, the share of adults in the upper-income tier increased from 17% to 20%.
So Are You Middle or Upper class?
Pew defines upper class as adults whose annual household income is more than double the national median ($55,775 in 2016), after incomes have been adjusted for household size. Smaller households require less to support the same lifestyle as larger households, Pew notes.
Of course, there’s more to class than income — upper class can also be identified by net worth, education and occupation, for example — but household income can be a useful tool by which to group people.
Here’s the breakdown of how much you have to earn each year to be considered upper income, depending on the size of your family:
•Household of one: Minimum of $72,126
•Household of two: Minimum of $102,001
•Household of three: Minimum of $124,925
•Household of four: Minimum of $144,251
•Household of five: Minimum of $161,277
So just how much do you need to make to qualify as middle class these days?
Pew, which defines middle class as adults whose annual household income is two-thirds to double the national median ($55,775 as of 2016), details the national middle-income range for various household sizes.
“The income it takes to be middle-income varies by household size, with smaller households requiring less to support the same lifestyle as larger households,” Pew explains.
Here’s the breakdown of how much you have to earn each year to qualify as middle-income, depending on the size of your family:
•Household of one: $24,042 to $72,126
•Household of two: $34,000 to $102,001
•Household of three: $41,641 to $124,925
•Household of four: $48,083 to $144,251
•Household of five: $53,759 to $161,277.