What Income Do You Need To Earn To Be ‘Middle Class’ Here In Minnesota?
Many residents of Minnesota likely consider themselves 'middle class.' But the numbers are in and we now know how much money you have to make actually BE considered in the middle of the class.
We've all probably heard countless stories over the past few years about how inflation and rising prices were taking aim at the 'middle class,' right? This makes sense, considering that Consumer Affairs noted that inflation peaked at over 9 percent back in June of 2022, and those living check-to-check here in Minnesota likely noticed those higher prices way more than those earning a higher income.
And that caused a big shift. The Pew Research Center says that the share of adults who live in middle-class households fell from 61 percent in 1971 to just 21 in 2021. So, when factoring in the latest inflation numbers (which have come back down to between 2 and 3 percent in 2023), are YOU still in the middle class here in the Land of 10,000 Lakes?
So what is the minimum annual income required in 2023 for a family of four to be middle class in Minnesota?
To find out, Consumer Affairs crunched the numbers for a family of four here in the Gopher State to figure out the exact annual income required to be middle class in Minnesota. They used this calculator provided by the Pew Research Center as well as an inflation calculator provided by the U.S. Bureau of Labor Statistics.
And the results? Fox-9 TV in Minneapolis has the breakdown:
The answer is $67,830. That's slightly higher than the minimum annual income required to be considered middle class in Wisconsin, which is $64,130. In Iowa, it's $61,664. In South Dakota, it's $61,664 and in North Dakota, it's $62,897.
Those numbers are pretty close to a similar study about what it takes to be middle class published earlier this year by SmartAsset. Their survey said that Minnesota's middle-class income ranged from $52,072 to $155,440, with a median household income of $77,720.
Wisconsin's middle-class income was slightly lower, SmartAsset noted, ranging from $44,974 to $134,250 with a median household income of $67,125. Overall, the national median middle-class income was $70,784 in 2021 the survey said.
Now, while those are the incomes needed to be considered middle-class, the following folks are definitely NOT in that category-- because they're the 10 Highest-Paid Professional Athletes in Minnesota in 2023. Keep scrolling to see who they are... and how much they're worth.
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