Currently have a house you can't afford to maintain, a vehicle made before 2000 that you are still making payments on, and a job that barely pays you enough to live on.
I live in Toronto, Canada. For a person living alone, these are the numbers/income ranges:<br />
LOWER CLASS: Below 30k<br />
MIDDLE CLASS: 30k-100k<br />
UPPER CLASS: Above 100k<br />
For a family of 3 and up:<br />
LOWER CLASS: Below 55k<br />
MIDDLE CLASS: 55k-230k<br />
UPPER CLASS: Above 230k
I agree for your numbers for single people in Toronto except I would say for families of 4 in downtown/East Toronto:
Lower Class: Below 60k
Middle Class: 60k-250k
Upper Class: Above 250k
In Vancouver, where I live, there's an even higher cost of living (even though Toronto is alright pretty high). For singles I would say:
Lower Class: Below 45k
Middle Class: 45k-120k
Upper Class: Above 120k
For families of 3 and up here:
Lower Class: Below 70k
Middle Class: 70k-250k
Upper Class: Above 250k
I totally agree with both of you. I live in West Toronto (Scarborough) and I would also say that for a nuclear family lower class is 0k-60k, middle class is 60k-250k, and upper class is above 250k. For large American cities such as LA, San Fran, NYC, and such lower class is 0k-80k, middle class is 80k-300k, and upper class is above 300k. For average-sized to high-sized cities like Chicago, Pittsburgh, New Orleans, and Orlando lower class is below 40k, middle class is 40k-200k, and upper class is above 200k. Yes, you guys are completely correct.
Actually the information/data confirmed by several sources for Toronto families of four would be:
Lower Class= 35K-65K
Lower Middle Class= 65K-75K
Middle Class= 75K-140K
Upper Middle Class= 140K-250K
Upper Class= 250K-500K
Rich/Wealthy= Above 500K
Toronto is mostly lower middle class, which makes sense since most of Toronto is skilled blue-collar workers and entry-level white-collar professionals. In the US for cities like LA and NYC, these are it:
Poor= Under 45k
Lower Class= 45k-85k
Lower Middle Class= 85k-95k
Middle Class= 95k-160k
Upper Middle Class= 160k-300k
Upper Class= 300k-600k
Rich= Above 600k
In the US, confirmed information/data for cities like Miami, Pittsburgh, New Orleans, Philadelphia, for families of four it would go something like this:
Poor= Under 25K
Lower Class= 25K-55K
Lower Middle Class= 55K-65K
Middle Class= 65K-120K
Upper Middle Class= 120K-200K
Upper Class= 200K-350K
Rich= Above 350K
This is confirmed by six or seven information sources, if you would like I could name all of them. Take NOLA for example. Not a really big city and seems relatively cheap, but tourism and high prices for urban/inner suburban areas are common. The median/average household income in NOLA is around $45K, but it is still lower class because most of the city is either poor or lower class. Whatever, these are real straight-up facts.
I am a security guard for a corporate executive and make an average of $28K/year, while my wife brings in around $23K/year as a medical receptionist. We don't have kids and live in Staten Island, we are considered lower class or working class. Thing is, I have an Associate's degree and my wife has a Bachelor's, so we are both college educated. The economy sucks.
I feel that all americans who are not rich want to be considered middle class. Because it sounds better then being classified as poor. Honestly I consider myself low income. I live check by check, and I am unisured. So what more is there to say. If your not rich your POOR.
I believe that middle class could be defined as $35000 for one person in the household and $15000 for each additional person in the household. Thus a ;couple with 2 children would need a yearly income of around $80000 to be considered middle class. This would be for the average American city. Much higher in Malibu and much lower in Peoria. Just a guesstimate.
I would think that middle class is very wide ranged. Probably really from about 60k to 150K, depending on your location and family size.
My salary is $46,800 and I get about $12,792 a year in child support. If you take out my 401K contribution out, medical, dental, life, vision insurance out, my take home is $34,272 a year. But after I pay my mortgage and all my other bills, including car payment, I would have about $1900 a month left to save (doesn't always happen). So, while my salary figure might not be middle class, I sure as heck don't feel like I'm low income. With that being said, some websites say that between $30k and $90k is middle class. That's a pretty big range.
it depends I live in NY and a person making 70,000 and up by themselves is decent living. However 70,000 is a stretch with a family. Rent alone in Manhattan for a studio could easily run over $2000 a month. so middle class it depends where you live.
I am a working class person with $300,000 in savings and earn $80k a year gross (Canadian dollars) living in Vancouver. How much more would I have to earn before I reach middle class?
In the UK it is around £40,390 per year.
is that gross or net? I am a working class person making $80k a year gross (Canadian dollars). I only have $300,000 in savings, but I do not own a home.
middle class, aka median. median income is $50,233.00. middle class would suggest median is dead center middle class thus middle class would start below 50k
actually, median income in this country is just over 26,000 right now.
That is average income, median is 50,233.00 per wikipedia.
Is that British pounds? Because that can't be dollars canadian or american. $26,000 would be a person who works at Starbucks full time.
depends on where in the USA you live. What is middle class in some areas isn't even enough to survive on in other places.
It depends on where the person is located. $90K in Meridian, MS would be doing well, where that would be poverty in NYC for a family of 4. I would say in general $90K to under $200K would be middle class for most places in the U.S. . Again though, in San Francisco middle class would extend to at least $250K. I don't know for sure, I only know what I make and what I am considered.
Yeah, I think it depends on where someone lives. $70K can be a decent living in many places in the U.S. I would look at the average housing prices and take that into account when deciding for a particular area. For health care they are setting the subsidy amounts at 400% of the federal poverty limit, which is $89,600 for a family of 4; that is the upper threshold. It is depressing since many live on far less :-)
I think "middle class" is more of a state of mind, these days.
30k ≤ middle class ≤100k