What Is the Median Income for the Upper Middle Class in 2024?

man laptop kitchen bills money mail paperwork happy_iStock-959555914

According to the Pew Research Center, middle-class households are those earning between two-thirds to double the median household income in an area. The upper middle class refers to the top 20% of earners in that given middle-class income range. Pew also found that the amount of middle-class households dropped from 61% in 1971 to 50% in 2021.

So, what is the median income for the upper middle class? Here’s a look at the factors involved so you can see if you fit in the upper-middle-class category.

Check Out: What the Upper Middle Class Make in Different US Cities

Earning passive income doesn't need to be difficult. You can start this week.

What Is the Median Upper-Middle-Class Income in 2024?

Based on the most recent U.S. Census Bureau data, the median household income was listed at $75,580. However, the amount that’s considered middle class or upper middle class will depend on where you live in the country. Based on the definition of the middle class, the income range for this group would be anywhere from $49,715 to $149,160. That means that in order to be considered in the top 20% of the middle class, you would need to earn between $106,092 and $149,160, depending on where you live.

Based on these numbers, a household income between around $106,000 and $150,000 would put you in the upper middle class in most cities around the country. However, there’s more to these numbers as location is such a large factor.

Learn More: How I Went From Middle Class to Upper Middle Class

Median Income for the Upper Middle Class Varies by Location

According to GOBankingRates research, the median income varies tremendously by state due to the cost of living and employment possibilities. For example, if you live in Mississippi, a household income of $91,841 would put you in the upper middle class because the median income is $52,985. In Maryland, the median household income is $98,461, so your household would have to bring in $170,666 to be considered in the upper middle class.

While looking at the national average helps give us a better idea of what it takes to be in the upper middle class, you also have to consider the cost of living in your city and state.

Here are some more specific factors to consider about being in the upper middle class where you live:

Housing prices
The size of your family
Local labor market
Overall prices of everyday items
Lifestyle and spending habits
Tax levels

While an income of $106K to $150K lands you in the upper middle class based on national averages, this isn’t the case if you live somewhere with a much higher cost of living. California, for example, has a threshold of $159,302 to be considered upper middle class, and this number only goes up in expensive cities like San Francisco and Los Angeles.

If you’re thinking about moving your family to upgrade your lifestyle, you’ll want to know the cost of living going in and if you can maintain an upper-middle-class status in that city.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: What Is the Median Income for the Upper Middle Class in 2024?