A recent report draws concern over the cost of living for a middle-class family to survive in the New York metropolitan area. According to the report, the middle class, represents fewer people than it had in the 1960s, 1970s and 1980s, according to Oliver Rust, who is the head of data for Truflation.
The report indicates that since 2000 the percentage of the country that is described as being middle class has been substantially reduced. And where the increase comes in is in the extreme bottom of the spectrum and the top of the economic spectrum.
According to the Pew Research Center, the share of adults who live in middle-class households fell from 61% in 1971 to just 50% in 2021. One of the largest sources of that economic erosion has been the inflation of the last two years, especially in 2022, when inflation peaked at 9%.
Consumer Affairs put together some numbers and calculated these assessments with the Pew Research Center, stating the middle class in New York, New Jersey and Connecticut to be $81,396, $80,163, and $80,163, respectively.
It costs more to be a middle-class family in New York State than any other state, and New Jersey came in at second place. According to the report Alabama, Arkansas, Arizona, West Virginia and Mississippi are the five most affordable states in order to be considered middle class, respectively.
According to the US Census, the nation’s median household income in 2021 was $70,784.
One of the other scary figures, according to Smart Asset, is that in New York City, it will require family to make over $300,000 a year to raise two children comfortably; that figure is exactly said to be $318,406.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/