Maine households must make at least $25,701 to reach middle class, study finds (2024)

FAQs

Maine households must make at least $25,701 to reach middle class, study finds? ›

(The Center Square) – In Maine, households must earn a minimum of $25,701 per year to be considered middle class, with the upper earnings boundary set at $111,898, according to a new 24/7 Wall St. analysis. The total share of household income in Maine controlled by middle-class earners is 47.6%, 24/7 Wall St. reports.

The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $65,000 in 2021, according to the U.S. Census Bureau.

The following data are the most current income statistics for Maine from the US Census Bureau, are in 2022 inflation adjusted dollars and are from the American Community Survey 2022 5-year estimates. Median Household Income: $68,251. Average Household Income: $91,599.

By the Census data, it means that if you earn between $50,000 and $150,000 a year, you are considered middle class. It's a pretty straightforward answer, but it isn't particularly helpful if you're trying to climb up out of a lower income bracket into the middle class.

According to the Census Bureau's Income in the United States: 2022 report, the median household income is $74,580 (a 2.3% decline from 2021), while household income levels for each class level are as follows: Lower class: less than or equal to $30,000. Lower-middle class: $30,001 – $58,020.

(The Center Square) – In Maine, households must earn a minimum of $25,701 per year to be considered middle class, with the upper earnings boundary set at $111,898, according to a new 24/7 Wall St. analysis. The total share of household income in Maine controlled by middle-class earners is 47.6%, 24/7 Wall St. reports.

Maine ranks 35th on U.S. News and World Report's Affordability Ranking. Bear in mind that affordability is a relative measure, and while it performs poorly on the national level, Maine, remember, is actually the most affordable state in New England.

(The Center Square) – Those who bring in at least $389,504 in yearly income are among the top 1 percent of earners in Maine, according to a 24/7 Wall St.

What is the wealthiest county in Maine? ›

1. Cape Elizabeth. Cape Elizabeth, the richest town in Maine, has a population of 9,313. People here earn a median household income of $144,250 and homes have a median price of $806,180.

In 2022, about 10.8 percent of Maine's population lived below the poverty line. This accounts for persons or families whose collective income in the proceeding 12 months was below the national poverty level of the United States.

As of May 29, 2024, the average annual pay for a Wealthy in Maine is $61,569 a year. Just in case you need a simple salary calculator, that works out to be approximately $29.60 an hour. This is the equivalent of $1,184/week or $5,130/month.

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year.

Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range. "The upper middle class has grown...and its composition has changed.

There's no single definition of “middle class.” According to the Pew Research Center, middle class households have an income that's between two-thirds and twice the U.S. median household income of $70,784. (A $75,000 salary falls easily within this range.) Recommended: What Is a Six-Figure Salary?

If you earn this much, you're in the middle class

According to the Census data, here's how household income breaks down in the United States: Households in the lowest quintile: $30,000 or less. Households in the second quintile: $30,001 to $58,020. Households in the third quintile: $58,021 to $94,000.

A Middle-Class Income Is $50,000 to $150,000

“The definition of middle income ranges from earning two-thirds to double the median household income,” said CFP and The Ways To Wealth founder R.J. Weiss, who cited the Pew Research Center's widely accepted definition of the term.