How Much Do You Have to Make to be ‘Middle Class’ Here in Minnesota?
We've heard the term 'middle class' a lot these days, but just how much money do you have to earn a year to be considered middle class here in Minnesota?
The Pew Research Center defines 'middle class' (or middle-income households) as those with incomes that are two-thirds to double the U.S. median household income. To find out what income level you need to earn to be considered middle class, the number-crunchers over at GOBankingRates.com did some digging through information from the Census Bureau's 2018 American Community Survey.
Of course, the numbers vary from state to state, especially when you consider the different costs of living and average incomes in each state. You might be considered middle-class in one state while being nowhere near middle-class in another state.
So, courtesy of GOBankingRates, here are the numbers it takes to be considered 'middle class' not only here in Minnesota, but also over in my home state of Wisconsin and down in Iowa, as well. And, click HERE to check out how much you have to make to live like a millionaire in Minnesota. (It's a LOT more than just a million...)
• 2-person family middle-class income range: $50,252.01 to $150,006
• 3-person family middle-class income range: $60,824.61 to $181,566
• 4-person family middle-class income range: $72,837.71 to $217,426
• 2-person family middle-class income range: $44,306.43 to $132,258
• 3-person family middle-class income range: $53,190.63 to $158,778
• 4-person family middle-class income range: $64,167.91 to $191,546
• 2-person family middle-class income range: $44,792.18 to $133,708
• 3-person family middle-class income range: $51,367.56 to $153,336
• 4-person family middle-class income range: $61,254.08 to $182,848
Are YOU considered 'middle class?' No matter how much you earn, though, it's a safe bet that the following folks aren't considered 'middle class' at all... because they're the richest people in here in the North Star State. Do you know who they are? Keep scrolling to find out!