Wealth Gap Widens and the Middle-Class Shifts


Dollar bills are deposited in a tip box, Sept. 9, 2020 in New York. (AP Photo/Mark Lennihan)
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(AURN News) – In at least 25 cities nationwide, the landscape of the middle class is undergoing a significant transformation. What was once deemed a comfortable income bracket is now being redefined due to the relentless rise in living costs.

According to research by GoBankingRates, between $150,000 and $87,000, a range traditionally associated with middle-class stability, is now considered lower middle class in several urban centers. The growing disparity in wealth has ushered in a new era where making ends meet is becoming an increasingly challenging feat for many American families.

As housing and rent prices soar, coupled with mounting consumer debt and escalating expenses for basic necessities, the once sturdy middle class is finding itself squeezed out of its conventional standing. The escalating prices at the pump and the grocery store further compound the financial strain on households across the nation.

The analysis by GoBankingRates exposes the stark reality of this economic shift. The minimum income required to be considered middle class has seen a drastic adjustment in various cities. In Chesapeake, Virginia, a relatively modest income of $61,802 is now deemed lower middle class. Plano, Texas has a threshold of $70,453, while in Arlington, Virginia, the benchmark has climbed to $91,591.

As the cost of living continues its upward trajectory, the nation is left to grapple with the unsettling disappearance of the traditional middle class, redefining what it means to achieve financial comfort here in the United States.

Click play to listen to the AURN News report from Jamie Jackson:

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