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What does it mean to be middle class? The answer depends on who you ask. Some define the middle class simply as the average 50% of the American population in terms of income, while others define it by occupation or level of education.
A family of four is considered middle-class if their household income is $ 52,187 or more, according to the Pew Research Center. However, income is not a perfect indicator of financial class. A family of four whose annual income is less than $ 52,187 in a rural part of the Southeast could lead a very comfortable life, while a family with this income in a high-cost urban area could fall flat. in the low income category.
Source of the image: Getty Images.
For this reason, in addition to taking into account the income, it is useful to examine the common features. Although there are no universal traits that Americans must must be considered as belonging to the middle class, there are certainly common points between many households of the middle class.
What traits define the middle class?
The Motley Fool sister company The Ascent recently conducted a survey of 1,011 people to determine what it means to be a middle class in the eyes of ordinary US citizens.
Respondents cited various indicators of the middle class, but some appeared much more often than others. With this in mind, here are the top five answers to questions that make someone of the middle class:
|
feature |
% of respondents |
|---|---|
|
Ability to pay bills on time |
83.9% |
|
Secure work |
80.3% |
|
Ability to save money |
63.7% |
|
Time and money for the holidays |
51.2% |
|
At least $ 1,000 in savings |
42.8% |
Data source: The Ascent.
The two main answers – the ability to pay the bills on time and the security of the job – certainly make a lot of sense. After all, Americans who can not cover their basic expenses or who are constantly unemployed or between jobs do not generally meet most other definitions of the middle class.
Some of the other traits are a bit of a gray area, like having at least $ 1,000 in savings. A study by the Federal Reserve showed that more than 40% of the population had no more than 400 dollars in savings and, by definition, many who did not have any are considered Americans of the middle class. The same can be said of the "ability to save money", because the same survey found that more than 40% of people who consider themselves middle-class people say they live a life-time check. a paycheck.
Other common responses have indicated that middle class Americans have a budget, own their own home and are in school. These answers have been compared less often and it is easy to understand why. After all, there is no need to check these boxes to be considered as belonging to the middle class.
There is not a definition of a set
The bottom line is that there are certain traits common to middle-class Americans, but not all of them are middle-class exclusives and none of them requirements be considered middle class.
For example, many Americans with high paying jobs are too busy at work to take a vacation. Many people who are financially well off do not own their homes and do not want them. And there are many people who earn middle-class wages and live middle-class lifestyles that have never attended the university.
The general consensus is that being middle class is a matter of financial comfort: being able to pay one's bills on time, not worrying too much about job security and being able to put aside money. for emergencies and retirement.
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