Maine households must make at least $25,701 to reach middle class, study finds (2024)

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(The Center Square) – In Maine, households must earn a minimum of $25,701 per year to be considered middle class, with the upper earnings boundary set at $111,898, according toa new 24/7 Wall St. analysis.

The total share of household income in Maine controlled by middle-class earners is 47.6%, 24/7 Wall St. reports. In comparison, the share of income in the state controlled by the top 5% of earners was 20.9%.

To determine the income requirements of the middle class in each state, 24/7 Wall St. examined family income quintiles in the 2018 American Community Survey conducted by the U.S. Census Bureau. The website set the middle-class income range as between the lower limit of the second quintile and the upper limit of the fourth quintile, which covers six out of 10 Americans.

The middle class income range varies greatly by state, depending on the cost of living, the analysis found. In states where the threshold to move into the middle class is low, earnings across the board tend to be low and poverty rates higher, according to 24/7 Wall St. In addition, the distribution of income in such states is weighted toward the wealthy, the website found.

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What Households Must Earn to Be in the Middle Class

StateHousehold Income Range for Middle ClassMedian Family IncomeMiddle Class Share of State's IncomeRichest 5% Share of State's Income
Alabama$17,807 - $91,778$66,17146.5%21.8%
Alaska$35,383 - $151,683$91,97148.7%19.7%
Arizona$26,486 - $116,748$74,46846.8%21.8%
Arkansas$17,671 - $83,606$62,38745.6%23.1%
California$36,996 - $187,706$91,37745.0%23.4%
Colorado$34,860 - $150,014$95,16447.2%21.8%
Connecticut$32,486 - $170,888$101,27243.8%25.3%
Delaware$30,155 - $132,979$87,14847.9%21.0%
Florida$26,023 - $117,719$71,34844.8%24.1%
Georgia$23,948 - $114,234$74,83345.4%23.3%
Hawaii$41,532 - $181,202$96,46249.0%19.9%
Idaho$25,989 - $103,435$72,36548.3%20.6%
Illinois$27,109 - $134,640$87,77145.7%23.1%
Indiana$22,915 - $98,771$73,87646.9%22.3%
Iowa$24,663 - $101,008$78,15248.1%21.1%
Kansas$24,741 - $105,573$79,00647.5%21.3%
Kentucky$18,602 - $90,740$66,18346.0%23.1%
Louisiana$16,721 - $95,787$65,10545.1%23.2%
Maine$25,701 - $111,898$76,31647.6%20.9%
Maryland$39,143 - $177,970$105,67947.6%21.0%
Massachusetts$32,233 - $188,259$108,34846.3%22.4%
Michigan$23,816 - $107,001$75,70346.5%22.1%
Minnesota$32,182 - $134,816$93,58448.0%21.0%
Mississippi$15,165 - $81,480$58,50345.0%23.4%
Missouri$21,672 - $99,280$73,45746.7%22.2%
Montana$22,947 - $101,582$73,01446.8%22.7%
Nebraska$25,928 - $105,225$80,06248.2%20.8%
Nevada$26,762 - $116,795$76,12446.0%23.9%
New Hampshire$36,598 - $154,617$97,11248.3%20.4%
New Jersey$39,920 - $197,868$105,70545.8%22.6%
New Mexico$18,986 - $96,249$61,82646.1%22.0%
New York$30,797 - $176,842$89,47543.1%25.8%
North Carolina$22,507 - $104,011$72,04945.7%22.9%
North Dakota$25,187 - $110,509$87,05547.4%21.8%
Ohio$22,023 - $100,589$74,91146.5%22.3%
Oklahoma$20,466 - $94,811$68,35845.8%23.3%
Oregon$29,412 - $130,639$82,54047.9%20.7%
Pennsylvania$25,757 - $121,862$81,07545.8%23.0%
Rhode Island$27,551 - $132,489$89,37347.3%22.0%
South Carolina$21,583 - $102,365$70,53746.0%22.7%
South Dakota$23,824 - $98,019$76,82648.4%20.4%
Tennessee$21,573 - $98,679$69,99345.5%23.5%
Texas$26,114 - $124,754$76,72745.7%22.8%
Utah$34,588 - $128,053$86,15248.7%20.9%
Vermont$28,151 - $123,878$83,45848.0%20.7%
Virginia$32,507 - $156,063$93,49746.3%21.7%
Washington$37,025 - $163,205$94,70946.9%21.6%
West Virginia$17,452 - $85,516$60,92047.2%21.3%
Wisconsin$26,319 - $108,377$81,82948.4%20.8%
Wyoming$25,760 - $111,422$79,94649.1%20.4%

Source: 24/7 Wall St.

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Maine households must make at least $25,701 to reach middle class, study finds (2024)

FAQs

Maine households must make at least $25,701 to reach middle class, study finds? ›

(The Center Square) – In Maine, households must earn a minimum of $25,701 per year to be considered middle class, with the upper earnings boundary set at $111,898, according to a new 24/7 Wall St. analysis. The total share of household income in Maine controlled by middle-class earners is 47.6%, 24/7 Wall St. reports.

How much does a household need to make to be considered middle class? ›

As of 2022 (the most recent Census data), the average median household income in the U.S. was $73,914, meaning the national range for the middle class is roughly $49,271 to $147,828. Across the nation's largest cities, the range is between $51,558 and $154,590, according to SmartAsset.

What is the average household income in Maine? ›

The following data are the most current income statistics for Maine from the US Census Bureau, are in 2022 inflation adjusted dollars and are from the American Community Survey 2022 5-year estimates. Median Household Income: $68,251. Average Household Income: $91,599.

Are you considered middle class if you make $50000 a year? ›

By the Census data, it means that if you earn between $50,000 and $150,000 a year, you are considered middle class. It's a pretty straightforward answer, but it isn't particularly helpful if you're trying to climb up out of a lower income bracket into the middle class.

What salary is considered lower class? ›

According to the Census Bureau's Income in the United States: 2022 report, the median household income is $74,580 (a 2.3% decline from 2021), while household income levels for each class level are as follows: Lower class: less than or equal to $30,000. Lower-middle class: $30,001 – $58,020.

What is the middle-class salary in Maine? ›

(The Center Square) – In Maine, households must earn a minimum of $25,701 per year to be considered middle class, with the upper earnings boundary set at $111,898, according to a new 24/7 Wall St. analysis. The total share of household income in Maine controlled by middle-class earners is 47.6%, 24/7 Wall St. reports.

Is Maine the cheapest state to live in? ›

According to Bureau of Economic Analysis data for 2021, the average annual cost of living in Maine is $50,559. While according to data gathered in 2022 from MERIC, the Missouri Economic Research and Information Center, the state ranks 40th in a list of states with the lowest to the highest cost of living.

What is the 1% income in Maine? ›

(The Center Square) – Those who bring in at least $389,504 in yearly income are among the top 1 percent of earners in Maine, according to a 24/7 Wall St.

What is the richest town in Maine? ›

1. Cape Elizabeth. Cape Elizabeth, the richest town in Maine, has a population of 9,313. People here earn a median household income of $144,250 and homes have a median price of $806,180.

What is the poverty level in Maine? ›

In 2022, about 10.8 percent of Maine's population lived below the poverty line. This accounts for persons or families whose collective income in the proceeding 12 months was below the national poverty level of the United States.

What is considered wealthy in Maine? ›

As of May 29, 2024, the average annual pay for a Wealthy in Maine is $61,569 a year. Just in case you need a simple salary calculator, that works out to be approximately $29.60 an hour. This is the equivalent of $1,184/week or $5,130/month.

What salary is middle class? ›

According to the study, a middle-class income averages between $52,000 and $155,000 in a large U.S. city. The median household income across all 345 cities is $77,345, making middle-class income limits fall between $51,558 and $154,590.

What salary is upper middle class? ›

Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range. "The upper middle class has grown...and its composition has changed.

Is 75k a year middle class for a single person? ›

There's no single definition of “middle class.” According to the Pew Research Center, middle class households have an income that's between two-thirds and twice the U.S. median household income of $70,784. (A $75,000 salary falls easily within this range.) Recommended: What Is a Six-Figure Salary?

Is $30,000 a year considered middle class? ›

Across the 10 cities with the lowest middle class range, a household salary of at least $30,000 would be enough to qualify as a middle income earner. The interactive table below shows the 345 cities SmartAsset analyzed, as well as the lower and upper bounds of their middle class.

What salary is considered middle class in 2024? ›

What is the average middle class income? In 2024, a large U.S. city's middle-class income averages between $52,000 and $155,000, with the median household income across all 345 cities at $77,345, making middle-class income limits fall between $51,558 and $154,590, SmartAsset noted.

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