How Big Is America’s Middle Class in 2024?
This graphic, via Visual Capitalist’s Pallavi Rao, visualizes the income distribution of all U.S. households in 2023, along with the range for which they would be considered middle class.
Pew Research estimates a household making between two-thirds to double the median annual income is considered middle class. While median income varies by state, we’ll use the U.S. average declared by the source to set the benchmark.
Data is sourced from the Census Bureau, and all figures are inflation-adjusted.
U.S. Household Income Distribution in 2023
In 2023, the median income was $80,060, placing families earning $53,000–$161,000 in the middle class bracked. This is about 40% of all U.S. households.
Here’s a more granular breakdown of household income distribution.
Looking at just the Census Bureau defined bands: the largest share of American households (17%) are in the $100,000-$150,000 annual salary range. It’s followed by the $50,000–$75,000 category (15.7%). These are also the upper and lower bands of the middle class.
Perhaps most interesting is that the $200,000 and over bracket had the third-largest cohort of households (14.4%).
The History of the Middle Class and Why it Matters
Like most parts of the modern economy, the middle class traces its roots back to the Industrial Revolution.
A new social strata emerged between the aristocracy and the working poor—where professionals, merchants, and skilled workers benefited the most from the economic changes of the time.
But why does it matter today? Because of their collective disposable income, a strong middle class provides a stable consumer base that drives productive investment and economic growth.
Additionally, the expansion of the middle class has been linked to reduced poverty rates and improved social policies in many countries.
Looking for more graphics that visualize wealth or income distribution. Check out How the Global Distribution of Wealth Has Changed Since 2000 for a bird’s eye view.
Tyler Durden Thu, 12/05/2024 – 16:40
Source: https://freedombunker.com/2024/12/05/how-big-is-americas-middle-class-in-2024/
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