Here’s the Minimum Salary Required To Be Considered Middle Class in New York
Written by
Jacob Wade
Edited by
Amber Barkley
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New York is seen as one of the most expensive states in the country. And while New York City is for sure a very expensive place to live, you might be surprised how much you need to make to be considered middle class in New York state.
According to previous GOBankingRates research, the minimum salary needed to be considered middle class in New York is lower than about a dozen other states. So, how much do you need to earn to be middle class in New York state?
A Spectrum of Income Levels
There is actually a wide range of income levels that are considered “middle class” in the U.S. Factors such as location, household size and other assets all go into determining one’s income class. The threshold to be considered middle class in the U.S. begins at $56,600, according to the Pew Research Center.
But you may also be considered middle class in the U.S. if you have a household income of up to $169,800. This wide range suggests that where you live can have a huge impact on what it means to be “middle class” — but your assets also matter.
According to Pew, as of 2021, for example, the typical middle-income household had a median net worth of $204,100. This is less than a quarter of the net worth of upper class households, but nearly 10 times as much as low income households.
The Minimum Salary To Be Middle Class in New York
According to GOBankingRates’ research, which utilized data from the U.S. Census Bureau, the median household income in New York is $81,386. The middle-income class range is from $54,257 to $162,772.
Surprisingly, this is lower than the national middle-class income range of $56,600 to $169,800.
But this number accounts for all of New York state — not just its most famous city. So while you might be able to live on a $55,000 salary in Rochester, New York, you’d be hard-pressed to feel “middle class” in New York City on that kind of salary.
Location Matters
One of the biggest factors affecting whether you feel middle class in New York is where you live. If you live up north in the country, you might feel comfortable on a salary of $60,000 or $70,000. But if you live near New York City at all, even making $150,000 might feel a bit tight.
For example, the median home price in New York City is over $850,000, and renting can be VERY expensive, according to Redfin. And in Manhattan, housing costs well over $1 million on average. Combine that with high interest rates and insurance costs, and you’ll need to make $200,000 or more to feel comfortable living in New York City.
Cost of Living Is Higher
In addition to expensive housing in some parts of the state, New York residents pay more on average for basic necessities — such as groceries, transportation and healthcare. According to data from the Bureau of Economic Analysis, the cost of living in New York is over 12% higher than other states.
This means that everyday expenses simply cost more — making it even harder to live comfortably in the state.
Ultimately, living in New York state can be affordable for middle class families — but if you choose to live anywhere near the New York City metro area, you’ll probably need about 3 times as much income to be considered middle class. Housing and the general cost of living near the city skyrocket, making it very difficult for middle-income families to afford to live there.
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