The term “middle class” is thrown around all the time—especially during an election year—but what does it really mean? And more importantly, are you part of it? While definitions can vary, being middle class is closely tied to the idea of the “American dream,” the notion that with hard work and sound financial management, you should be able to afford a home, raise a family, and eventually enjoy a comfortable retirement. Emphasis on the “dream.”
How the income calculator works
Pew’s analysis defines the middle class as households with incomes between two-thirds and double the national median household income, adjusted for family size. The calculator takes your location, household size, and pre-tax income to determine where you fall on the economic spectrum in your area.
The income is revised upward for households that are below average in size, and downward for those of above-average size. This way, each household’s income is made equivalent to the income of a three-person household. (Three is the whole number nearest to the average size of a U.S. household, which was 2.5 people in 2023.)
Pew Research Center says it does not store or share any of the information you enter, by the way—it’s just for your own curiosity. And while this calculator provides a useful benchmark, it’s important to note its limitations. It doesn’t account for factors like debt, assets, or local cost of living beyond adjusting for household size. Your personal financial situation may be more complex than what this simple calculation can capture.
What this means for you
Outside of sheer curiosity, understanding where you fall on the economic spectrum can be valuable for several reasons. Knowing your economic status can help you set realistic financial goals and make informed decisions about saving, investing, and spending. Plus, many government policies and programs are aimed at the middle class. Understanding where you fall can help you anticipate how various policy proposals might affect you.
Zooming out, your position relative to others can provide context for broader economic trends and help you understand how changes in the economy might impact you personally. If you find you’re not where you want to be economically, this information can inform decisions about career changes, additional education, or relocation.
Remember, being classified as middle class (or not) doesn’t define your worth or success. It’s simply a tool for understanding your economic position relative to others in your area. Many factors contribute to financial well-being and life satisfaction beyond income alone.
The bottom line
Understanding your economic status can be a valuable tool for financial planning and decision-making. However, remember that “middle class” is a broad category, and your specific financial needs and goals may differ from others in the same income bracket. Use this calculator as a starting point for understanding your economic position, but always consider your unique circumstances when making financial decisions.
Disclaimer
The information contained in South Florida Reporter is for general information purposes only.
The South Florida Reporter assumes no responsibility for errors or omissions in the contents of the Service.
In no event shall the South Florida Reporter be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence or other tort, arising out of or in connection with the use of the Service or the contents of the Service. The Company reserves the right to make additions, deletions, or modifications to the contents of the Service at any time without prior notice.
The Company does not warrant that the Service is free of viruses or other harmful components
