What Does It Mean To Be Middle Class? Hint: It's More Than How Much You Make

There's no universally agreed-upon way to define the middle class in America, but a recent poll from The Washington Post found some agreement on what it means.

The most important takeaway from the poll is that there's more to being middle class than having a specific annual income. 

Approximately 90% of the U.S. adults surveyed said that six financial security and stability indicators must be met to be part of the middle class. These include:

A secure job

Ability to save money for the future

Ability to afford an emergency $1,000 expense without debt

Ability to pay all bills on time without worry

Having health insurance

Ability to retire comfortably

That's the real question, but the answer isn't pretty. 

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Slightly more than one-third of Americans meet all six indicators of a middle-class lifestyle. 

Breaking this down further, roughly 90% of Americans have health insurance. That's a good thing. However, only 75% of people have health insurance and steady employment. 

With each indicator added to the equation, the number of Americans who meet middle-class status dwindles. 

It's antiquated to believe that income alone can move a person into or out of the middle-class category. But people still want a number to hang on to. 

According to the Pew Research Center, "The share of adults who live in middle-class households fell from 61% in 1971 to 50% in 2021." Again, this is based on income alone.

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As for a number attached to that income, the Pew Research Center notes that the middle class has an income between two-thirds and twice the national median income.

Based on the given criteria, the income range for the middle class would span from $49,720 to $149,160.

Being truly middle class in America transcends income brackets, embodying a state of financial security and stability reflected in the ability to meet essential life expenses without strain. 

The reality, however, is stark. 

A fraction of the population meets these criteria, highlighting a pressing challenge. As society evolves, so does the concept of the middle class, demanding a broader perspective that considers financial resilience and well-being over simplistic income measures. 

This underscores the need for policies and support systems that address the multifaceted nature of economic stability and inclusivity.

Consulting a financial adviser can provide additional guidance and support for all types of individuals and families. Financial advisers offer personalized investing strategies, create effective budgets and work toward both short- and long-term financial goals. 

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*This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions.

Chris Bibey has written about personal finance and investment for the past 15 years in a variety of publications and for a variety of financial companies. He is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Bibey believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty or undertaking, stated or implied, as to the accuracy or completeness of the information.