A report carried out by the consulting firm Consumer Affairs revealed that, based on data from the Census Bureau, around a quarter of middle-class American families were having difficulty paying their bills medical in 2020. And the situation has only gotten worse, considering that inflation has skyrocketed.
In fact, experts estimate that it is quite likely that a good number of Families that were middle class four years ago no longer belong to that category.
As an example, speaking specifically to the state of Illinois, it is estimated that the minimum income required in 2023 for a family of four that was considered middle class was US$67,835.
In that sense, and considering that an increasing number of people have been struggling with financial insecurity and have taken on more and more debt, many families no longer belong to the middle class.
So much so that, according to the Consumer Affairs study, this sector captures a smaller proportion of income compared to the decades of the 60s, 70s and 80s. They calculate that since the 2000s the population in that social class has been reduced, while there has been a significant increase in the lower and upper ends.
The report states that One of the reasons why the socioeconomic environment is transforming in the country is the aging of the population., because retirees live off their savings and generate little income. To this must be added a greater number of immigrants.
Many Americans are having trouble paying their bills.
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The states where it is most expensive and cheapest to be middle class in the US.
On the opposite side, The states where you need the least income to be middle class are Alabama and Arkansas, where the average is US$51,798.
Finally, specialists point out that there will still be important changes, especially considering that Remote work allows people to move to areas where their money goes further, so they get a more comfortable lifestyle and become part of the middle class.
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