SUGGESTED COVERAGE: Housing in Orange County getting pricier
It takes $350,000 per year to afford a house in Orange County, a new study reveals.
LOS ANGELES - Everything is expensive nowadays. Just think back to maybe five years ago - how much were you paying for a carton of eggs? Gone are those days.
Over the last decade, the household income needed to be considered middle class has skyrocketed.
In 2012, a household income of $35,364 qualified you as a member of the middle class in the U.S.; in 2022, $50,099 was the lowest minimum household income threshold, GOBankingrates reports.
But keep in mind the income requirements are different in every state, according to the financial website's latest study.
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In California, the middle class income range for 2022 was $61,270 to $183,810. Compare that to the average in 2012, which was $40,933 to $122,800. That's a 10-year change of 49.68%.
Those figures pushed California to #4 on the list ranking U.S. states where the middle class income has increased.
In Oregon, the household income needed to be middle class has increased by 53.15% from 2012 to 2022 — the biggest increase of any state.
Washington ranked second (52.13%), followed by Colorado (50.40%), then California, and Idaho (49.34%) rounding out the top five.
According to the study, Mississippi has the lowest household income needed to be middle class. As of 2022, a $35,323 salary is considered middle class in the state.
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On the other end of the spectrum, Maryland has the highest household income needed to be middle class. As of 2022, $65,641 is the lowest household income that qualifies you to be considered middle class in the state.
To find the household income needed to be middle class in each state, GOBankingrates defined "middle class" as those with an annual household income that is two-thirds to double the median income.
To see the full study, tap or click here.
