There is lot’s in the news these days about the diminishing middle class, and the rise of the 1%, but how many American households are living in the “lower class”?
According to the Pew Research Center, 29% of American households — roughly one-third of American households — are in the “lower class” per a 2018 report. The median income of that group was $25,624 in 2016.
Now, how exactly are they defining the “lower class” you are probably wondering at this point? Well, Pew defines it as adults whose household income is less than two-thirds the national median. Also of note here, Pew adjusts incomes, taking into account things like household size (the reasoning being that smaller households need less income).
Now, what about households that are considered middle class? Per Pew, 52% of Americans are considered middle class with a household median income of $78,442. 19% of Americans are considered “upper class” meanwhile with a median household income of $187,872.
No matter where you fall in this, you could probably be handling your money a bit better (wink, wink). Here are 49 of our tips and tricks for saving money.
Feature Image: Adam Katz Sinding/Le 21ème