Do You Make Enough to Be Considered Middle Class in Iowa?

You hear a lot these days about the middle class. The 'shrinking' middle class. Who exactly makes up the middle class? As you might imagine, it depends on where you live. So let's see just who makes up the middle class in the state of Iowa.

What Is Considered Middle Class?

The Des Moines Register reports that the Pew Research Center defines the middle class as households earning between two-thirds and twice the national median household income. And because each state has its own cost of living and wages, the middle class can vary. SmartAsset, a financial advisor site, analized income data to see what it takes to be considered middle class in each state, and the 100 largest cities in the U.S.

Who Is In The Middle Class in Iowa?

Using the formula from the Pew Research Center, the Register reports that the middle class in Iowa earn a household income of $50,334 up to $151,002. The median household income in the state of Iowa is $75,501.

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Is The Middle Class Really Shrinking?

According to the Pew Research Center...yes. They state that 61% of the population was considered middle class in 1971, compared to 51% in recent years. But they note that many of those families actually moved into higher income brackets.

But according to Brookings, while more people have moved up financially, income growth has skewed towards higher earners, creating a much wider financial gap. And with prices on everything from gas to groceries going up, suddenly that middle-class income doesn't go nearly as far as it used to.

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