This is how much money you must earn in SC to be in the middle class, new report shows
Are you part of the middle class in America?
Depending on which state you live in, maybe not.
A recent analysis from GOBankingRates determined the range of income needed to earn a spot in the middle class in all 50 states. The analysis is based on the latest data available from the 2022 American Community Survey from the U.S. Census Bureau.
GOBankingRates defines middle class as those with an annual household income that is two-thirds to double the median income.
The good news for South Carolinians is that they don’t need to earn nearly as much as most other states to be considered middle class. In fact, South Carolina ranks among the 10 states with the lowest earnings required to join the middle class.
Still, what it takes to be considered middle class in South Carolina and other states jumped greatly between 2012 and 2022. Overall, the household income required to be part of the middle class in the U.S. has increased by 41.67% during that time frame.
The SC middle class
So, how much would you need to earn to be ranked as middle class in South Carolina? Take a look below.
- Middle class income range in 2022: $42,415 to $127,246
- Middle class income range in 2012: $29,749 to $89,246
- 10-year change in middle class income: 42.58%
Top findings
- Mississippi has the lowest household income required to enter the middle class at $35,323 as of 2022.
- Maryland has the highest income requirement to enter the middle class at $65,641 as of 2022.
- The definition of what is considered middle class has changed the least in Alaska — an increase of just 23.53% from 2012 to 2022.
- The biggest change in what’s considered middle class was in Oregon — a jump of 53.15% from 2012 to 2022.
Top 10 states
Below are the 10 states that had the biggest increases it what someone needs to earn to be considered middle class.
Oregon
- Middle class income range in 2022: $51,088 to $153,264
- Middle class income range in 2012: $33,357 to $100,072
- 10-year change in middle class income: 53.15%
Washington
- Middle class income range in 2022: $60,217 to $180,650
- Middle class income range in 2012: $39,583 to $118,748
- 10-year change in middle class income: 52.13%
Colorado
- Middle class income range in 2022: $58,399 to $175,196
- Middle class income range in 2012: $38,829 to $116,488
- 10-year change in middle class income: 50.40%
California
- Middle class income range in 2022: $61,270 to $183,810
- Middle class income range in 2012: $40,933 to $122,800
- 10-year change in middle class income: 49.68%
Idaho
- Middle class income range in 2022: $46,809 to $140,428
- Middle class income range in 2012: $31,343 to $94,030
- 10-year change in middle class income: 49.34%
Utah
- Middle class income range in 2022: $57,889 to $173,666
- Middle class income range in 2012: $38,776 to $116,328
- 10-year change in middle class income: 49.29%
Montana
- Middle class income range in 2022: $44,227 to $132,682
- Middle class income range in 2012: $30,304 to $90,912
- 10-year change in middle class income: 45.95%
Tennessee
- Middle class income range in 2022: $42,690 to $128,070
- Middle class income range in 2012: $29,427 to $88,280
- 10-year change in middle class income: 45.07%
Rhode Island
- Middle class income range in 2022: $54,247 to $162,740
- Middle class income range in 2012: $37,401 to $112,204
- 10-year change in middle class income: 45.04%
Massachusetts
- Middle class income range in 2022: $64,337 to $193,010
- Middle class income range in 2012: $44,439 to $133,316
- 10-year change in middle class income: 44.78%
This story was originally published May 18, 2024 at 6:00 AM.
