At the national level, the middle class is generally defined as households with incomes between two-thirds and twice the median household income. based on 2023 numberswhich means people earning between $53,740 and $161,220 a year.
Inflation in the United States has slowed significantly compared with its peak. According to the Bureau of Labor Statistics, the annual inflation rate Growth in September was 2.4%measured by the consumer price index. But that doesn’t necessarily lead to a significant price drop. In many categories, consumers only see cost rises more slowly.
as of juneAccording to a survey by the National Real Cost of Living Coalition, 65 percent of middle-class Americans say they are struggling financially and do not expect their situation to improve for the rest of their lives.
“Financially, things have been difficult,” said Kyle Connolly, a mother of three in Pensacola, Florida, who makes a middle-class income. “I only had $125 left in my checking account last month, and that’s it.”
Housing costs, child care and health care are significant expenses that put a strain on middle-class families.
Three-quarters of middle-income households say they are actively cutting back on non-essential spending, with 73% finding it difficult to save for the future. According to the latest survey by Primerica.
“In their own communities and in their own lives, they have their own ideas about what they can do, where they can go, where they can eat, where they can live,” said Bradley Hardy, a professor of public policy at Georgetown University. Expectations. “It raises quite a bit of alarm in terms of these pressures that they face personally. “
watch video Learn more about what makes life unaffordable for middle-class Americans.
