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How much does it cost to live the American Dream?
Lynette Khalfani Cox, CEO of the Money Coach shares how the high cost of living is impacting families in the US.
NEW YORK - How much money does it take for a household to be considered middle class in New York, New Jersey and Connecticut?
JUMP TO: NEW YORK l NEW JERSEY l CONNECTICUT
GOBankingRates analyzed data from the 2022 American Community Survey as conducted by the U.S. Census Bureau, and then found the middle-class income for every state.
The company followed the Pew Research Center’s definition of middle-class income – "two-thirds to double the U.S. median household income."
According to the data, the middle-class household income averages across the U.S. ranged between $52,000 and $98,500 in 2024, but the study also found the income levels required to be considered middle-class varied significantly depending on where a person lived.
New York
- Median household income: $81,386
- Lowest end of middle class income: $54,257
- Highest end of middle class income: $162,772
New Jersey
- Median household income: $97,126
- Lowest end of middle class income: $64,750
- Highest end of middle class income: $194,252
Connecticut
- Median household income: $90,213
- Lowest end of middle class income: $60,141
- Highest end of middle class income: $180,426
GOBankingRates found that Maryland required the most money – a median household income of $98,461 – to be considered middle class.
Other states that topped the list included Massachusetts, Hawaii, California, New Hampshire, Washington and Connecticut.
Here's the minimum annual income required to be middle class in NY, NJ and CT
A new study by Consumer Affairs has figured out the minimum annual income required for a family of four to be considered middle class in NY, NJ and CT.
In contrast, it cost $52,985 to be considered a middle class household in Mississippi. The bottom also included West Virginia, Arkansas, Louisiana, New Mexico and Alabama.
Inflation has surged in the past few years, peaking at 9% in June 2022. That means some families who were middle class in 2020 may no longer be in that category.
According to an annual survey from financial investment firm Charles Schwab, Americans think it takes a net worth of $2.5 million on average to be considered wealthy, up slightly from 2023 when it was $2.2 million.
To see the full list, click HERE.
Stephanie Weaver, with the FOX Digital Team, helped contribute to this report.