Here's How Much You Need to Make to Be Considered 'Middle Class' in America's Biggest Cities

According to Pew Research Center, the number of middle class households has steadily declined over the past 50 years. As a result, more families have moved into either the upper or lower income tax brackets.

What complicates the issue somewhat is that you might easily be considered middle class in one city, but not another. Here, we share what it takes to be considered middle class in 20 metro areas across the country.

Honey, I shrunk the middle class

In 1971, 61% of American households were considered middle class. Since that time, the percentage has steadily declined. Today, it's estimated that 50% of households are middle class. The term "middle class" is used by Pew Research to describe individuals whose household income amounts to two-thirds to double the national median for households of the same size.

According to the U.S. Census Bureau, the median household income in 2022 was $74,580. That means American households with incomes ranging from as little as $49,719 to $149,160 are technically considered middle class. Nationally, that is. But it's not the amount of money a household earns that matters so much, but rather what they can do with that money. Given how much higher the cost of living is in some areas of the country than others, hitting middle class can be more difficult.

Where you live makes a (huge) difference

When CNBC crunched 2021 U.S. Census Bureau data, it became clear how much harder it can be to keep money in your checking account in some of the most populous U.S. metros.

Interesting tidbits

Pew Research Center's findings include some interesting facts. For example:

• Despite all that has been said and written about baby boomers "having it easier" than the rest of us, more than one-third of Americans over the age of 65 fall into lower-income households.
• To no one's surprise, multi-earner or married households reach and hold middle class status more easily than single adults do.

Factors that can make you lose that middle class feeling

Even if your household is firmly planted in the middle-class category, it may not always feel as if you have the wind at your back. Here are some of the issues that can make any income level feel like too little.

• Health: Medical costs in the U.S. are out of control, and a single illness can push a household to bankruptcy.
• Debt load: No matter how much money you earn, there's a limit on how much debt you can comfortably carry. If you're looking for ways to get out of debt, know that it is possible.
• Family resources: Let's face it -- being born into a well-to-do family can offer financial security, and inheriting a chunk of money doesn't hurt either.
• Education: As expensive as higher education is, college degrees continue to open doors to job advancement and higher salaries (in some fields).

The goal for most households is to have enough money to live comfortably, save for the future, and have savings to fall back on when things go south. While there's no magic formula, creating a financial plan is a good first step. That step may be to seek a job that pays more, start a part-time business you truly enjoy, or take the leap and go back to school to learn a high-demand skill.

There are some things in life we can't control, like the cost of living. What we can do is take a clear look at our situation and decide whether we're sitting pretty or want to make changes.