What is middle Class?
Middle-class, in both economic and social terms, represents a segment of society that falls between the upper and lower classes. Economically, it encompasses individuals or families whose income levels are neither wealthy nor impoverished, typically characterized by stable employment, moderate to comfortable living standards, and the ability to save and invest.
Socially, the middle class is often associated with values such as higher education, homeownership, and a strong work ethic. This group plays a crucial role in any economy as it often drives consumer spending and contributes to economic stability and growth. The exact income range defining the middle class can vary significantly based on geographic location and cost of living.
Middle Class Income Range in Minnesota
How much you should be making a year to be considered middle class in Minnesota, For families in Minnesota, being part of the middle class means earning between $52,135 and $225,884 annually, depending on family size. These income ranges can differ depending on family sizes, from two-person households to families of four.
Here’s Middle class income ranges for Minnesota families:
|$52,135 to $155,628
|$63,777 to $190,380
|$75,671 to $225,884
Use the Income Calculator to Get Accurate Range
Just follow these easy steps:
- Select Your Household Size: Click on the drop-down menu labeled ‘Household Size’ and choose the number of people in your household.
- Choose Your State: Click on the drop-down menu labeled ‘State’ and select the state you currently reside in.
- Enter Your Income: Click on the text box under ‘Household Income Before Taxes’ and type in your total household income before taxes.
- Calculate: Once all the information has been entered, click the blue ‘Calculate’ button to see your income tier.
The results will give you a better understanding of where your household income stands on the income tier scale for your specific state and household size. please note that if you want to recalculate, you’ll need to click “Calculate” button again.