New Survey Tells Us How Much Money Americans Think It Takes for a Middle-Class Family To Live Comfortably
Written by
Crystal Mayer
Edited by
Jenna Klaverweiden
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GOBankingRates surveyed over 1,000 people to determine how much money they believe it takes for a middle-class family to live comfortably. Nearly one-third said that it would take $100,000, while only 13% believed they could do it on half that income.
With the continued rise in housing prices and cost of living, it is unsurprising that many people feel you need six figures to avoid living paycheck to paycheck in the U.S.
In order to dive deeper into this question, GOBankingRates looked at the age and sex of respondents to see whether generations differ on how money they think it takes to feel secure and whether gender played a role in their answers. Here are the results for the new GOBankingRates survey about how much money Americans think it takes for a middle-class family to live comfortably.
How Much Do People Think It Takes for a Middle-Class Family To Live Comfortably?
According to the survey of 1,008 adults aged 18 and older, nearly 25% of respondents believe it would take $75,000 for a middle-class family to live comfortably.
Almost 33% of respondents said it would take $100,000, and another 15% believed it would take at least $150,000. A smaller percentage said it would take over that amount to live comfortably.
What Do Younger Adults Believe It Takes?
Younger adults tended to believe that you could live comfortably on less. A little over 19% of respondents between the ages of 18 and 24 said that a middle-class family would need only $50,000, compared with about 11% of respondents aged 65 and over.
Older millennials and young Gen Xers overwhelmingly felt that you would need six figures to live comfortably in the U.S. as a middle-class family. Almost 67% of those surveyed between the ages of 35 and 44 said it would take $100,000 or more to avoid living paycheck to paycheck.
Do Men Believe It Takes Six Figures?
Men were slightly more optimistic that you could live without financial worry on an income under six figures. Nearly 43% responded that they believed it would take $75,000 or less for a middle-class family to live comfortably.
Women were slightly less inclined to believe that you could get away with a midrange salary, with 65% of female respondents believing it would take $100,000 or more.
Does It Matter Where You Live?
Because the cost of living can differ significantly depending on what area of the country you reside in, region may play a substantial role in how much you think it takes to live comfortably.
“This is a number that will, in my experience, vary pretty drastically based on the region. In larger cities notorious for high cost of living such as Los Angeles and other areas of California, for instance, a comfortable middle-class living might be upwards of $100k annually for a family of three or four people. In other areas, a family this size could live comfortably on $60-$70k,” said Carter Seuthe, CEO of Credit Summit.
“Other factors influencing this sum might be things like what types of bills the family has — if they’re renting or buying, for instance, or how much of their income is going toward debt,” he added.
What Other Considerations Are There?
When asked how much it would take for a middle-class family to live comfortably and what factors may play a role in this amount, David Kemmerer, CEO of CoinLedger, said, “I would tend to put this number at around $70,000/year, although the size of the family will impact this, along with the region of the country.”
“Oftentimes this number will increase dramatically as you head toward larger population centers or areas of the country known for being more expensive such as the West Coast. It will also of course depend on what the middle-class family in question considers ‘comfortable.’ Some families could comfortably make it work more toward the lower end of what’s considered middle class (around $50k),” he explained.
Methodology: GOBankingRates surveyed 1,008 Americans aged 18 and older from across the country between March 26 and April 1, 2024, asking 20 different questions: (1) Has a lack of financial literacy caused you to struggle with your money?; (2) Which current money hot topic is most confusing to you?; (3) Which money expert do you trust most for teaching you the basics of money?; (4) Since the pandemic started in 2020, do you think you have become smarter about your money?; (5) What poor money habits did you learn during your childhood? (select all that apply); (6) What poor money habits did you develop in your early adult years? (select all that apply); (7) What poor money habits have had an impact on your marriage/partnership? (select all that apply); (8) What poor money habits do you worry about passing on to your kids? (select all that apply); (9) What aspect of buying a car do you find most challenging/confusing?; (10) What aspect of buying a house do you find most challenging/confusing?; (11) What aspect of paying off debt do you find most challenging/confusing?; (12) What concerns you most about planning for retirement?; (13) What best describes your feelings about investing?; (14) How much have you saved in the last year?; (15) How much debt have you acquired in the last year, not including mortgage debt?; (16) Do you currently bring in enough money to cover your bills?; (17) How much do you think about your financial status?; (18) What best describes your feelings about managing your money?; (19) What is your monthly car payment?; and (20) How much income do you think is needed for a middle-class family to live comfortably?. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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