Many people do not know the answer to this question. Middle class gets thrown around so much you begin to wonder if you do indeed fall into that category. Because of its vagueness, we have decided to compile a list of generic things that determines whether you would be considered in the classification.
It is said that “about half of American adults – 120.8 million out of 242.1 million – live in middle-income households” (Pew Research). This is determined by your household income, with adjustments made for the size of your family. Another way to determine your class status is by the lifestyle you live.
Economists and the government determine your class status using the following criteria:
- Income
- Wealth
- Consumption
- Aspiration
- Demographics
These different metrics can look at the population in different ways rather than just a lump sum from one. So, are you middle class? Below, we listed some other things to look at to determine whether or not you have reached a certain success level to be considered middle class by our societal standards.
- Homeowner
- Kids In College
- Ability To Budget
- Car Owner
- Ability To Take Family Vacations
- Healthcare Coverage
- Retirement Accounts
Some may classify other things when taking class status into account. This is a good summary to go by though for most people.