A recent article about middle class status in the US gives criteria and how to determine if you fit the criteria. This isn’t as simple as you might think. With the middle class families having economy issues how do you know if you still fit into the middle class?
Rick Newman of US News and World Report believes there are indicators that represent middle-class lifestyle.
- Income: $25,000-$123,000
- Housing Costs: if you are in the middle of the middle class, over $200,000
- Home Size: in 2007, over 2,000 square feet
- Medical Expenses: over $5,000 a year
- Cars: in a 2 car family, over $12,000
- College Savings: 75% of cost
- Vacations: Between $3,000-$6,000
- Retirement Funds: over $2,000 a year
- Everyday Spending: $14,000+
- Number of Household Earners: 2
- Hours Worked: over 3,000 hours a year
- Education: minimum, A.A. college degree
- Free Time: Valuable
- Household Net Worth: around $80,000
- Debt :18% or less
Of course, these numbers are several years old and do not reflect what is currently happening in the middle-class. Things are changing that will affect how we define being middle- class. Once the current census is tabulated all of these figures will be different.
It will be interesting to see how the middle-class fares in the chaos of downsizing. Will these indicators be used to identify the middle-class? Or will the middle-class be redefined by a different set of indicators? It is possible that what Mr. Newman thinks are indicators today will not be used as indicators in the future.
As goes the middle-class so goes the budget of many towns. Tenafly’s budget is better than most. It seems the middle-class is alive and well in Tenafly.
Want to know your home value? Contact Tami Rapaport’s Team
Coldwell Banker Residential Brokerage
130 Dean Drive
Tenafly, NJ. 07670