Living Middle Class!!
As we all know that income is broken into several classes which are lower income, middle income and upper income. In 2023, Lower Income is $38, 133, Middle Income is $57, 200, and Upper Income is $114, 400. There are multiple factors that determines if you are considered to be Middle class. Some factors are: education, location, family history, marital status, etc.
The Life of the Middle Class Income Earner Can
Own A Mortgage
Own A Car
Savings ( Retirement Deducted Out Of Salary)
Send Their Children To College
Afford Cettain Luxuries And Vacations
Income is important depending on where you live. Land and houses is cheaper in rural areas and smaller cities.Car insurance is cheaper based on where you live. People who live in metropolitan areas pay higher in car insurance. (Pictured above is Charleston, South Carolina).
I live in the state of South Carolina. My cost of living and maintaining a lifestyle is less pricey than metropolitan states i.e. Georgia, Maryland, Illinois, California, Florida ,etc. The cost of living is 6% lower than the national average. Housing is 18% lower than the national average while utilities are 8% higher.
Estimated cost of living in the U.S. average out to be $2500 and $3500 per month.
Family size matters, the larger your family the more expenses you may have. I have a 6 year old and I'm experiencing the cost of day care, extracurricular activities, birthday parties, Christmas gifts, clothes, school supplies, hair expenses, fundraisers etc. Sometimes I'm thankful that I have only one child to be responsible for due to my income and other finances.
In closing, I feel earning a great salary $60k or higher a year without much debt can keep you afloat in the economy we're currently living in.
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