It’s no secret that the Big Apple costs the big bucks, but what it means to be middle class in New York might surprise you.
Since a $100K salary in NYC doesn’t exactly get workers what they might’ve expected, and urbanites are flocking to the cheapest places to live near NYC, the term “middle class” might have some confusing connotations, and rightfully so.
A new study delves into what it means for each state: here’s what you need to know.
What it means to be middle class in New York
SmartAsset sought to uncover what middle class means for each of the 50 states in the U.S. First things first, it defined the term according to Pew Research’s definition: two-thirds to double the median household income. From there, SmartAsset took a look at the 2023 income data, the most recent available from the U.S. Census Bureau, to uncover where each state stacks up against one another. It broke all 50 locales up by three different factors. New York State comes in at number 15 with the following standings:
- Lower bounds on middle-class income: $54,725
- Upper bounds on middle-class income: $164,190
- Median household income: $82,095
Another interesting tidbit? The study uncovered that middle-class income in big cities ranges from $49,478 to $71,359. Per SmartAsset, this fact is based on the latest Census Bureau data with a median household income of $74,225 across 100 of the largest U.S. cities. A year prior, the range was from $47,568 to $142,718.
While yes, NYC is a part of the state where money talks, it’s also worth noting that the Empire State is home to one of the best places to retire in the U.S. and some of the best small towns in the entire country, so if you were wishy-washy about our middle class standings, there are plenty of other accolades to celebrate.
For a complete breakdown of the analysis, visit the SmartAsset website to uncover what’s happening state by state. Or, if you choose, you can revel in the fact that one in every 24 New Yorkers is a millionaire. (Hey, maybe one day that’ll be you!)