Here’s How the Definition of Middle Class Has Changed in New York

Things in New York tend to be quite large. From the skyscrapers to the personalities, the Empire State is known for having a lot of different people, cultures and communities that stand out. One group, however, is changing quite significantly, and that’s the middle class .

This shift isn’t just within New York state alone, but nationwide. In the last five decades, the American middle class — which, generically speaking, neither significantly struggles to pay their bills nor finds themselves with lots of disposable income — has found itself shrinking significantly in terms of numbers. According to the Pew Research Center , “the share of adults who live in middle-class households fell from 61% in 1971 to 50% in 2021.”

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While there are lots of reasons why this shift is happening, including the increase of wages earned per household, cost of living expenses gradually going up and a shift in terms of work available, New York has seen one of the most significant transformations as to what defines a resident as “middle class.”

Using findings from a recent GOBankingRates study , here’s how the definition of the middle class has changed in the Empire State.

For broader coverage, here’s how the definition of middle class has changed in the New England region .

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How Has the Middle Class Changed?

In 2012, a family was classified as middle class in America for having an annual income of $35,364. Ten years later, that figure jumped to $50,099 — the lowest minimum earnings a household could make to still qualify as such.

Honing in on New York during this same time frame, a 2012 annual household income that fell between the range of $38,455 to $115,366 meant a firm standing within the middle class. Cut to 2022, that same middle class income range goes to anywhere between $54,257 and $162,772.

Crunching the numbers for New York state, that amounts to a 41.1% change over the course of ten years for middle class income. Even with such a significant percentage bump, it’s not the top state in America to see shifts in the definition of the middle class.

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How Does New York Compare To Other States?

GOBankingRates found that Mississippi has the lowest household income needed to be middle class with a 2022 household income of $35,323, while Maryland has the highest household earnings needed to be middle class at a minimum of $65,641.

Out of all 50 states, New York found itself right in the middle at 23 when it comes to states ranked by largest to smallest percentage change between 2012 and 2022. Oregon’s middle class had the biggest increase in terms of household wages at an uptick of 53.2%, while Alaska changed the least out of the country with only 23.5%.

New York appears to be holding its middle ground for the middle class, towing the national percentage line at 41.7%. Though, it could see a shift in the not-so-distant-future with the presidential election just weeks away. Depending on who is elected, their policies could reshape the economic landscape — but that won’t materialize until November and what comes after.

This article originally appeared on GOBankingRates.com : Here’s How the Definition of Middle Class Has Changed in New York