Clowns to the left of me, jokers to the right, here I am…stuck in the middle-class with you! 😆🎶
Middle-class in America used to be the Goldilocks of income statuses. Not too rich, not struggling, but juuuuust right. 👌 However, inflation has thrown a wrench🔧 in everyone’s plans and it could be harder to keep up. 💸
Here’s Five Fast Facts on Ohio’s middle class:
- 🏡 Family Matters - In Ohio, the annual income required to meet middle-class status depends on how big your family is. A two-person family must earn between $42,765 and $127,658. A three-person family has to make between $50,684 and $151,296.
- 👨👩👦👦 Party of Four - Four-person families have the highest annual income requirements in the Buckeye State. They’re considered middle-class if they make between $61,664 and $182,370 a year.
- 👋 Oh! Hi, Neighbor - How do Ohio’s middle-class requirements stack up to their neighbors? Looking at a four-person family, the thresholds in Michigan and Indiana are a little higher ($64,130 and $62,897, respectively). West Virginia requires less ($59,197). Kentucky mirrors Ohio at $61,664.
- 📊 Right Down the Line - According to an analysis of Ohio’s economy, the median household income in the state is roughly $66,990. The per capita (individual) income is $37,729. Right now, it’s estimated that around 13.4% of Ohioans live below the poverty line.
- 🤑 Hangin’ On - Inflation has laid quite the smack down across the entire country. Cost of living increases mean getting less for your hard earned money than in the recent past. Rising prices of just about everything make it tougher to hang onto that middle-class status.
🔥Bottom line: At the end of the day, the status symbol of being middle-class is just a title. What matters the most is that you can provide for your family and everything’s hunky dory. If you plan on living well into your 100s, you probably have to adjust your savings goals. Check out this article for more on that!
How has inflation impacted your family?
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