The term "middle class" has now taken on a new meaning.
According to GOBankingRates research, the total income required for a household to classify as middle class in the USA has increased by more than 40% over the past decade.
What income is considered middle class income? Here's what we know.
In 2022, according to the latest census data, the middle class income in Ohio ranged from $44,660 to $133,980. This is 10% higher than ten years ago, in 2012, when the middle class income ranged from $32,164 to $96,492.
What is the average income in Ohio?
According to data from the U.S. Census Bureau for 2018-2022, the average household income in Ohio is $66,990.
What is the average salary in Ohio?
While some companies in Ohio pay high salaries, data from the U.S. Bureau of Labor Statistics shows that Ohio ranks 30th in average annual salary, which has been increasing annually since 2020.
In 2020, the average salary was $53,612. In 2021, it increased to $55,588, then to $58,500 in 2022, and to $60,320 in 2023. In 2023, the average salary across the state was $936 higher than the national average.
What is middle class?
GoBankingRates defines the term "middle class" as "those whose annual income is from 2/3 to 2 times the median income".
The finance website notes that moving to the next wealth level requires a significantly higher income, while in 2012, to be considered middle class, one needed an income of $35,364.
Compared to other states, housing in Ohio is one of the most affordable in the country
Of course, this mainly applies to suburban areas outside major cities, where the average housing price in Columbus as of May 2024 was about $309,000. At that time, the average price in Cincinnati was $295,000, and in Cleveland - $135,000, according to Realtor.com.
However, to afford a home at the average price in Ohio, you would need to earn about $64,000, making this state one of the cheapest in the USA, according to CNN.
