US’s economic class system: Are you Lower, Middle or Upper?

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The lines dividing Americans by economic class are often blurry and rapidly changing. Do you consider yourself middle class? Pew Research Center’s income calculator is the quickest way to see if your perception and reality meet.

Upper Class

Based on Pew Research analysis, a household of three needs an income of $156,600 to be considered upper class. This is more than double the national median. The wealthiest households are the only ones who saw their wealth grow after the Great Recession. From 2007 to 2016, the median net worth of the top 20% increased by 13% to $1.2 million.

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Middle Class

Many Americans see themselves as part of the middle class. According to a 2022 Gallup survey, just over half of respondents identified as either middle or upper middle class. Pew defines the middle economic class earners as those with incomes between $52,200 and $156,600. In 2021, the median income was $70,784.

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Lower Class

A three-person household is considered low income if they earn less than $52,200 a year. About 38% of households earned less than $50,000 in 2021 according to Census Bureau data.

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Knowing where you stand in the US economic system is just the beginning. Understanding your economic status can help you make informed decisions about your finances.