Monday, December 21, 2020

What is middle class? In Tennessee $21,573- $98,679.

by Rod Williams -
How much money does it take to be considered middle class?  It depends on which definition of middle class you are using and where you live.  We are a big country and in some parts of the country people earn a lot more money than they do in other parts of the country.

24/7 Wall St did an analysis and came up with an answer for every state.  They determine that in Tennessee middle class for household was $21,573- $98,679.

The methodology of 24/7 Wall St was to look at the household income ranges divided into quintiles and take the "lower boundary of the second quintile and the upper boundary of the fourth quintile" and consider that middle class.  This represents represents about 60% of American families. That sound about right to me. Looking at all of the ranges across all states, middle class can be as low as $15,165 and as high $295,250.  

The study is presented with information for each state but does not have a spread sheet for easy comparison state to state, but here are some sample states.
  • Alabama - $17,807 – $91,778 
  • Alaska - $35,393 – $151,683 
  • California - $36,996 – $187,706 
  • Hawaii - $41,532 – $181,202  
  • Louisiana - $16,721 – $95,787 
  • Mississippi - $16,721 – $95,787 
  • New York - $30,797 – $176,842
To read the report, follow this link

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