What is Middle Class?
The middle class, a term with varying definitions, typically refers to a social and economic group situated between the upper and lower classes. It encompasses individuals with professional qualifications, business owners, and skilled workers. Regarding income, the middle class in the United States is often identified as households earning between 75% and 200% of the median national income. However, it’s important to note that the definition of middle class can vary significantly from state to state and even city to city, reflecting differences in cost of living, median incomes, and economic conditions. This variability means that the income range defining the middle class in one area might not apply in another, making it a localized, as well as a national, concept.
What is Middle Class Income in New Jersey?
How much you should make a year to be considered a middle class in New Jersey, take a clear look at the income levels that define the middle class in the state. For families in New Jersey, being part of the middle class means earning between $56,409 to $257,572 annually, again depending on your family size. The table below provides a detailed picture of these income ranges for different family sizes, from two-person households to families of four.
Here’s a Quick Guide for Every Family Size: Curious to know about where your family fits in New Jersey economic system. Find your income range that defines your status.
| Family Size: | Income Range: |
| 2-person family: | $56,409 to $168,384 |
| 3-person family: | $70,741 to $211,166 |
| 4-person family: | $86,287 to $257,572 |
Source: GoBankingRates
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.
Income Tier Calculator
What is Median Household Income in New Jersey?
In New Jersey, The median household income stands at $97,126, while the average income is significantly higher at $135,170. This disparity is further highlighted by the mean incomes in the wealthiest zip codes, such as 07078 with a staggering $486,153.
Additionally, New Jersey’s per capita income is $50,995, reflecting its prosperous economy. Notably, a significant 19.2% of households fall into the high-income category, earning over $200,000 annually.
Income levels also vary with the age of the householder, with those aged 25 to 44 years earning a median of $105,714, which peaks at $118,213 for the 45 to 64 age group. These statistics paint a picture of a state with a considerable portion of its population well above the middle-class income range, influenced by high-earning sectors and a competitive job market.
