Wondering what it takes to be considered upper-middle class in New Jersey? A new report breaks down the income range that defines this economic tier in the Garden State.
“The American Dream” is a phrase made famous by author James Truslow Adams in his 1931 book The Epic of America. Adams defined the idea as “that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement.” The idea that the USA is a land of upward mobility and unlimited opportunity has been a core tenet of American mythology since the beginning.
For some, the American Dream is a college degree, owning a home, or running your own business. In the end, it comes down to the almighty dollar. Perhaps the best barometer could be making the financial leap from the middle class to the upper-middle class.
How much money do you need to make to be considered upper-middle class in America? More importantly, how much income do you need to be upper middle class in NEW JERSEY?
To determine what upper middle class means across the nation, GOBankingRates determined what the upper middle class income ranges look like in every state by sourcing each state’s median household income from the 2023 American Community Survey (part of the United States Census Bureau). Each state’s upper-middle-class income range was found after finding the total middle-class income range (defined as two-thirds to double the income of a state). Upper middle class income falls in the top third of the middle class income range.
For example, if a state’s median household income is $100,000, the middle class range would be between $66,000 and $200,000. The upper middle class would start at $152,000 and max out at $200,000.
The results showed that earning enough to be upper middle class differs wildly, state by state. What is upper middle class in one state could fall far short in another. Only three states have a median household income over $100,000 and New Jersey is one of them. We wound up as #3 on the high end of upper-middle class household income states. trailing only Maryland and Massachusetts. We even beat out California and Hawaii, two states with very high cost-of-living expenses.
Of course, New Jersey is a perpetual overachiever, and the American Dream costs us a little bit more. Our median household income is $101,050. That puts the upper middle class point of entry at $157,190 and the high end at $202,100. Your results may vary from town to town or county to county.
If you want to find out where you stand in pursuing the American Dream, play around with this income calculator tool from the Pew Research Center.
