BETHESDA, Md. – How much money does it take for a household to be considered middle class? A new study shows that the bar is pretty high if you live in Maryland.
By the numbers:
GOBankingRates found that Marylanders required the most money – a median household income of $101,652 – to be considered middle class.
The lowest end of middle class income, $67,768, was also the highest of all 50 states. And on the other end of the spectrum, $203,304 is the highest end of middle class income in Maryland.
The personal finance site analyzed data from the 2023 American Community Survey as conducted by the U.S. Census Bureau, then found the middle class income for each state.
The company followed the Pew Research Center’s definition of middle-class income — “two-thirds to double the U.S. median household income.”
Which states require the most money to be lower class?
Big picture view:
Other states that topped the list included New Jersey, Massachusetts, Hawaii, California, New Hampshire, Washington and Connecticut.
The Source: This story includes information from a study by GOBanking Rates.