How Much Does It Take to Be Part of the “Middle Class” on the East Coast of the United States

The east coast of the United States, from where Maine meets Canada in the south to where Florida meets the Gulf of Mexico, is a diverse collection of states each with different advantages and disadvantages. for the people who live there. And their affordability also varies considerably for people considered to be part of the middle class.

Explore: Here’s How Much You Need to Earn to Be “Rich” in 23 Great Countries Around the World
Be ready :
30 biggest threats to your retirement

You will need a lot less money to lead a middle class life in some states than in others. Some have benefits such as no income tax, while others have benefits in terms of top-notch employment and education opportunities that some states do not offer.

GOBankingRates sought to determine how much money you need to be considered a middle class on the East Coast, using the Organization for Economic Co-operation and Development (OECD) definition of ‘middle class’ as the winner. 75 to 200% of median income. GOBankingRates then determined the middle-class income range on the West Coast by analyzing median wage data from the US Census Bureau’s 2020 Income and Poverty report. The average monthly mortgage payments in each state, as well as the monthly car, student loan, and credit card payments were then calculated and taken into account.

Read on to learn more about what you need to earn to lead a middle class life along the East Coast.

Warning: 35 retirement planning mistakes that waste your money


Source link

Comments are closed.