Income classes (loans, insurance, deduction, expenses)

[MetropolitanTN]

Would you say $35,000 a year for a single adult is middle class?

[hnsq]

Here is the breakdown at a national level...

Based on this, I would call anything above 25k/yr middle class

[MrRational]

Originally Posted by a34dadsf

Bottom 25% is poor, next 50% is middle, top 25% is rich.

eh?
This isn't about the math.

Income is used in this context as shorthand for purchasing power so I don't agree with you. I especially don't agree as we enter new period of depreciation and price escalation after a prolonged period of wage decimation.

The income number by itself is un-important; what goods and services it allows you to purchase is what matters and that is a LOT less than it used to be.
---

As this economy has "progressed" over the last ten years or so... the bottom portion has become more than the 25% described above and the top portion is more than the 25% allocated there as well.

This squeezing of the middle class and ruination of the poorer classes that has inured to the benefit of the already wealthy... well, it won't be pretty.

[NJBest]

Originally Posted by a34dadsf

I classify it based on income (household). Bottom 25% is poor, next 50% is middle, top 25% is rich.

That would mean:

Less than 25k = poor
25k-75k = middle
75k+ = rich.

Remember its household income.

Household income in the United States - Simple English Wikipedia, the free encyclopedia

Yea... that simply doesn't work. Maybe somewhere like Texas or Arizona that might work. But in the North East + California, $75k isn't getting you very far.

<40K = poor
40k to 400k = middle class (lower to upper)
$400k+ = rich

Statistically, those who make between $250k to $400k fall out of that range within 24 months. Most fall down to lower income... while a few go up to the rich class.

[Malloric]

Social class in the United States - Wikipedia, the free encyclopedia

There's some difference in opinion, but usually middle-class refers to the top 45% or so, excluding the top 1-5% who are considered rich. You, of course, have to adjust for regions. $75,000 household income in San Jose would be working-class. I wouldn't call $35,000 middle-class although in someplace like Alabama it might be close.

[BU191433]

Anyone who makes 1 dollar more than me is rich. Anyone who makes 1 dollar less than me is lower income.

That is what most people truly think even though they would never freely admit it

[VACollegeStudent]

Originally Posted by BU191433

Anyone who makes 1 dollar more than me is rich. Anyone who makes 1 dollar less than me is lower income.

That is what most people truly think even though they would never freely admit it

But what if that person who makes one dollar lower then you drives a better car then you, and lives in a huge house ? I would think he had a higher income ....even if he didnt

[BU191433]

Originally Posted by VACollegeStudent

But what if that person who makes one dollar lower then you drives a better car then you, and lives in a huge house ? I would think he had a higher income ....even if he didnt

Nope, he's in debt

[jimhcom]

$40K is lower class, $75K is the starting range for middle class. The problem is there are fewer and fewer in the middle class.

[Themanwithnoname]

Originally Posted by BU191433

Nope, he's in debt

Not necessarily.

He might just not spend those $ in other ways.

Conversely, those of us who PAY CASH and don't have to 'service' debt constantly can 'live above our income level' because we are not loosing that $ to interest payments.