27.2 C
Accra
Sunday, December 4, 2022

12 Affordable And Middle-Class-Friendly States In The US

12 Most Affordable And States For Middle Class Individuals

“Best states for middle class”
The middle class has been gradually dwindling as wages stagnate, income inequality rises, and inflation soars. However, there are still several states in the U.S. where, generally speaking, a middle-class paycheck may go fairly far.

Read Also 9 Best Cities In US For Gen Z’s To Live And Work Remotely

Middle-Level-Friendly Places In The US

For the best states for middle class individuals, we used the OECD’s definition of “middle class,” which ranges from 75% to 200% of a region’s median income, to identify these states. Then, using data from the Current Population Survey of the Census Bureau, we estimated middle class income ranges for each state.

We additionally used data from LendEDU, which examined anonymized aggregated data from 150,000 Truebill users, to determine average student loan payments, U.S. News & World Report’s breakdown of car ownership by geography to determine monthly car payments, and Experian’s 12th Annual State of Credit Report of total average credit card debt by state to determine monthly credit card payments. We also discovered average monthly mortgage payments from Zillow’s Home Value Index to a 30-year fixed mortgage.

The annual income for each state was then determined to be middle class by estimating debt payments as no more than 36% of income, which is the upper limit advised by financial counselors. Below are the best states for middle class individuals in the United States.

Read Also 11 Best High-Yield Savings Accounts That Will Grow Your Bank Account Faster

12 Most Affordable And Best States For Middle Class Individuals

12. Missouri

•Annual income needed to be “middle class”: $75,294.00

•Mortgage needed for average home: $1,537.00

•Monthly car costs: $461.50

One of the best states for middle class, in Missouri, while the middle class begins at just over $75,000, the average state income falls short by over $27K, at $47,695.50.

11. Louisiana

•Annual income needed to be “middle class”: $73,389.56

•Mortgage needed for average home: $1,435.00

•Monthly car costs: $520.67

Louisianans also have an average monthly student loan cost of $192.62 and a monthly credit card payment of $53.40

10. Indiana

•Annual income needed to be “middle class”: $72,439.56

•Mortgage needed for average home: $1,478.00

•Monthly car costs: $447.42

In Indiana you need over $72,000 per year to be middle class, but the median annual income (on the low end) is almost $20,000 less than that at $52,642.50.

9. Kansas

•Annual income needed to be “middle class”: $71,318.56

•Mortgage needed for average home: $1,384.00

•Monthly car costs: $501.67

Best states for middle class – In Kansas, the middle class is making a car payment that’s almost one/third their mortgage, as well as a $200.54 monthly student loan payment and a $53.35 monthly credit card payment.

8. Alabama

•Annual income needed to be “middle class”: $70,849.22

•Mortgage needed for average home: $1,400.00

•Monthly car costs: $469.67

While you need to earn almost $71,000 per year to qualify as middle class, the high end of median earners make more than $113,858.00 per year in Alabama.

7. Ohio

•Annual income needed to be “middle class”: $69,147.89

•Mortgage needed for average home: $1,415.00

•Monthly car costs: $407.67

Best States for middle class – In Ohio, you may need to earn nearly $70,000 per year to qualify as middle class, but median earners on the low end are only earning about $47,000 per year. Median earners on the high end can easily afford their bills, however, as they are earning over $125,000 per year.

6. Kentucky

•Annual income needed to be “middle class”: $68,247.22

•Mortgage needed for average home: $1,308.00

•Monthly car costs: $492.67

Kentucky residents in the middle class are better positioned to afford their bills, including a monthly student loan payment of almost $200, and a monthly credit card payment of nearly $50.

5. Iowa

•Annual income needed to be “middle class”: $66,219.78

•Mortgage needed for average home: $1,282.00

•Monthly car costs: $453.58

In Iowa the median earner (on the low end) isn’t far from qualifying as middle class, at $54,321.75 per year.

Read Also 10 Affordable And Beautiful Cities To Retire On The East Coast

4. Oklahoma

•Annual income needed to be “middle class”: $64,845.44

•Mortgage needed for average home: $1,221.00

•Monthly car costs: $474.83

One of the best states for middle class in the US. In Oklahoma, middle class earners can also expect to pay a monthly student loan payment of $195.25 and a monthly credit card payment of $54.28.

3. Arkansas

•Annual income needed to be “middle class”: $63,014.78

•Mortgage needed for average home: $1,199.00

•Monthly car costs: $440.83

In Arkansas, while the low-end median earner is only making $38,088.00, which is almost $24,000 less than the amount to qualify as middle class, the high-end median earner is averaging $101,568.00 per year.

2. Mississippi

•Annual income needed to be “middle class”: $62,294.33

•Mortgage needed for average home: $1,117.00

•Monthly car costs: $506.25

In Mississippi, the gap between middle class and median earner is a gap of over $27,000. Still middle-class earners are paying additional bills, such as a monthly student loan cost of $198.17 and a monthly credit card bill of $47.41.

Read Also 10 Most Affordable Places In The United States To Retire On a Low Budget

1. West Virginia

•Annual income needed to be “middle class”: $54,011.22

•Mortgage needed for average home: $929.00

•Monthly car costs: $443.42

West Virginia, one of the best states for middle class individuals, you don’t even have to make it much past $54,000 to be considered middle class. And mortgage and car costs here are a bit lower than the rest of the states on this list, but monthly student loan costs are about as high as the rest of the states, at $199.48, and a monthly credit card payment of $48.44.

Other States That Are Also More Affordable For The Middle Class

Rounding out spots 13 through 25, include the following for best states for middle class:

•Nebraska
•Michigan
•Wisconsin
•Pennsylvania
•Illinois
•North Dakota
•South Dakota
•New Mexico
•South Carolina
•Tennessee
•Georgia
•Alaska
•Minnesota

Read Also 6 Best States In The U.S Where Retirees Can Buy Cheaper Property

Disclaimer

Kindly Join Our Community For More Updates!

Read More…

How To Make Money Online For Beginners

5 Investments To Make Now That Can Pave The Road To Future Financial Freedom

How To Set Up Google Pay On IPhone/Android To Make or Receive Payments Easily

Thomas Goodmanhttps://www.talkfinance24.com
Thomas Goodman is a Degree Holder, a prolific Personal Finance writer and Expert. His work has been recognized by Millions of people round the world and the United States precisely. He has since over a decade, helped people to manage and gain full control over their finances through his adequate and concrete write-ups. His Goal is to inform and educate people worldwide on Personal Finance, Budgeting, Banking and Finance, Career Planning and Savings. He loves to Educate people to attain their financial freedom. Reach out to Him personally on [email protected]

Related Articles

If You Can Watch Movies And TV Shows And Also Write About Them, You Have a Chance To Earn a Solid Part-time Income! Here...

How To Make Money Online Watching Videos In 10 Best Ways "How to make money online watching videos" Did you know that you can actually make...

Companies Will Pay You To Bring Their Message To Your Followers! Here Are 3 Best Ways To Make Money On Instagram

3 Best Ways To Make Money on Instagram "Best ways to make money on Instagram" The majority of us use social media apps, and there are...

Amazon Will Pay You To Work From Home Serving As a Customer Service Associate! Here Are 17 Guaranteed Ways To Make Money On Amazon

17 Best Ways To Make Money on Amazon "Best ways to make money on Amazon" Many people are familiar with Amazon as the retail behemoth that...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

0FansLike
2,815FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

If You Can Watch Movies And TV Shows And Also Write About Them, You Have a Chance To Earn a Solid Part-time Income! Here...

How To Make Money Online Watching Videos In 10 Best Ways "How to make money online watching videos" Did you know that you can actually make...

Companies Will Pay You To Bring Their Message To Your Followers! Here Are 3 Best Ways To Make Money On Instagram

3 Best Ways To Make Money on Instagram "Best ways to make money on Instagram" The majority of us use social media apps, and there are...

Amazon Will Pay You To Work From Home Serving As a Customer Service Associate! Here Are 17 Guaranteed Ways To Make Money On Amazon

17 Best Ways To Make Money on Amazon "Best ways to make money on Amazon" Many people are familiar with Amazon as the retail behemoth that...

Your Phone Opens Up a World of Possibilities For Making Money! Here Are 15 Legit Ways To Make Money On Your Phone

15 Best Ways To Make Money On Your Phone "Best ways to make money on your phone" Almost everyone has access to a phone, which...

10 Best $50 Plus Instant Loan Apps With No Interest And Fees

10 Best Instant Loan Apps $50 Quick Loan "Best instant loan apps" It’s almost payday but you’re a little short. A quick infusion of $50 will...
error: Copyrighted Content !!