You’ve probably listened to your parents and grandparents talk about how cheap everything used to be when they were younger, whether the cost of a full tank of gas or a down payment on a house.
And you’ve also probably responded with something along the lines of, “Well, times have changed since then.”
But how much, exactly, have times changed?
Here’s a look at what middle class actually means nowadays and how this compares to decades past.
Middle-class standings through the years
Pew Research Center reports that household incomes in the United States have “risen considerably” since 1970, but those of middle-class households have not seen as much of an increase as upper-income households.
In 1970, the median income of middle-class households was $59,934, compared with a 50% increase to $90,131 in 2020. Lower-class income households saw a 45% increase from $20,604 in 1970 to $29,963 in 2020. Upper-income households saw a 69% median income increase from $130,008 in 1970 to $219,572 in 2020.
Pew Research Center notes that the widening of the income gaps and the shrinking of the middle class has led to a steady decrease in the share of U.S. aggregate income held by middle-class households. In 1970, the demographic held 62% of aggregate income, eventually falling to 42% in 2020.
What is considered middle class in Delaware?
SmartAsset, a financial adviser, analyzed U.S. Census Bureau data and used Pew Research Center’s definition of middle-income households (two-thirds to double the median U.S. salary) to determine the middle-class threshold in each state.
According to the report, Delaware ranks No. 14 for the highest incomes needed by households to maintain a middle-class standing.
Delaware’s middle-class income range is between $54,777 and $164,348. The median household income is $82,174.
ICYMI:He preyed on women struggling with addiction, police say. Then, one reported him
Nationwide middle-class data
SmartAsset reports that it takes the most money to be middle class in New Jersey, with a household making between $62,224 and $192,692 considered middle class. The median household income is $96,346.
Maryland ranks No. 2 with a middle-class income range of $63,321 to $189,982 and a median household income of $94,441, followed by Massachusetts at No. 3 with a middle-class income range of $62,986 to $188,976 and a median household income of $94,488.
The other top-ranked states are:
- Hawaii, with a median household income of $92,458.
- California, with a median household income of $91,551.
- Washington with a median household income of $91,306.
- New Hampshire with a median household income of $89,992.
- Colorado, with a median household income of $89,302.
- Utah, with a median household income of $89,168.
- Connecticut, with a median household income of $88,429.
The top 10 states with the lowest middle-class thresholds are:
- Mississippi, with a median household income of $52,719
- West Virginia, with a median household income of $54,329
- Louisiana, with a median household income of $55,416
- Arkansas, with a median household income of $55,432
- Kentucky, with a median household income of $59,341
- Oklahoma, with a median household income of $59,673
- Alabama, with a median household income of $59,674
- New Mexico, with a median household income of $59,726
- South Carolina, with a median household income of $64,115
- Missouri, with a median household income of $64,811
Got a tip or a story idea? Contact Krys’tal Griffin at kgriffin@delawareonline.com.