ST. PETERSBURG, Fla. — Memories of higher inflation and the economic effects of the pandemic are still fresh in the minds of many, leaving some Floridians to wonder where their economic situation stands compared to the rest of America.
In Florida, the minimum annual income required in 2023 for a family of four to be middle-class was $67,835, according to ConsumerAffairs.
Compared to other places, one study by SmartAsset ranked Tampa 54th in middle-class earnings among 100 of the largest U.S. cities.
According to the rankings, the middle-income floor was almost $42,500, while the median household income was $64,141 and the middle-income ceiling was $128,282.
It is important to note, however, that the country’s middle class has also shrunk significantly in recent years.
The Pew Research Center said in 2022, there were many more middle-class households in 1971 than in 2021. In those 50 years, the share of middle-class adults fell from 61% to 50%.
Here are the most notable findings compiled from various sources about the power of the middle class in America:
- Salaries in the northeastern parts of the country are about 20% higher than salaries in the South — even after accounting for cost-of-living differences, according to SmartAsset.
- About half of U.S. adults lived in middle-income households in 2018, according to the Pew Research Center. Roughly 29% were in lower-income households and 19% were in upper-income households.
- Pew Research Center Calculator: You can use 2018 data to compare yourself to others in the U.S. by using the calculator’s demographic profile.
- You can also plug in your income in the Bureau of Labor Statistics’ CPI Inflation Calculator to see your buying power at any given time.
