I’d define the middle class from $75K to $400K, with the upper limit very location dependent. Does see how anyone stays afloat these days who makes less than $75K.
They have both parents working, kids go to subsidized day care with free meals, food stamps, subsidized housing, mortgage forgiveness and lots of coupons.
It all depends on many factors. A single guy renting an apartment for $800 per month making 75k does very well. A family with a $2,000 mortgage plus private school or daycare, 2 car payments, a 30 mile one way commute, and a $75k household income is indeed struggling mightily. How well one is doing has almost as much to do with expenses than with income.
Very astute! Location has everything to do with how far your money goes. Live in a liberal state - you need a lot more money to buy the same as you could buy in a low-tax, low-regulation state!
Why has Texas enjoyed a high influx of people and businesses fleeing high-taxed states?
The so called 'middle class' is a highly subjective term that means almost nothing. Most people assume that once they obtain permanent employment, and own a home, that they have become part of the middle class. Many that can pay rent comfortably, and have a good job also consider themselves part of the 'middle class.'
BUT - this idiotic administration is deliberately tearing down the middle class - desperately trying to create a second Soviet Empire - where there are only two classes, the slave class, and their slave masters.
My expenses are 12k/year.
So at $50K with just one income and a nice house on a golf course, half paid for, I am lower class?