$81,396
That’s how much money you have to earn in New York State to be considered a “middle class family” according to a new survey released by Consumer Reports.
That’s one of the highest thresholds for middle class families in the entire survey. Hawaii was the highest at $82,630, while the District of Columbia came in at the same exact price as New York, $81,396.
Independent inflation analysts at “Truflation” see a shrinking middle class due to the rising amount of debt families are taking on, especially credit card debt.
“Historically, the middle class has been the engine of American economic growth and prosperity. Yet we’re now seeing the middle class capturing a lower share of income than in the 60s, 70s and 80s. In the two decades since the mid-2000s, it has shrunk from roughly 60%, in part due to demographic changes as the population has seen a particularly steep increase at the extreme bottom and top of the economic spectrum,” said Truflation analyst Oliver Rust.
What it costs to be considered middle class has steadily been on the rise in New York State. While recent data shows the figure to currently be $81,396, that’s up significantly from years past. Similar studies had the New York State middle class figure to be $74,908 in 2022 and $60,328 in 2016.
“Yet another reminder that one-party NYS fails on affordability,” said Republican New York State Senator Tom O’Mara.
“New York will get its evacuation of middle class at an insane pace over the next 24 months. Everyone earning under 250k is going to bounce or struggle or live in a rent controlled spot,” wrote analyst Kumar Thangudu on @X, formerly known as Twitter.
“While millions of Americans are struggling with Bidenflation and living paycheck to paycheck, Democrats expect them to pay the expenses for people who just entered our country, never worked and never contributed a dime in taxes,” added Congresswoman Nicole Malliotakis.