Yearly Earnings Threshold to Meet Middle-Class Classification in Ohio by 2024
In Ohio, staying informed and proactive in managing finances and careers is crucial for residents aiming to maintain and enhance their economic status. Economic challenges, such as inflation, have posed significant difficulties for the state's middle class.
According to the Pew Research Center, a four-person family in Ohio is considered middle class if they earn an annual income of at least $61,664. However, Ohio’s median household income is about $69,680, providing a more nuanced understanding of the economic landscape.
GOBankingRates offers a broader middle-class income range for households in Ohio, roughly between $46,453 and $139,360 annually. Policy Matters Ohio, a non-profit research organization, notes that the "average middle-class household" in Ohio earns between $50,700 and $84,000 a year, which aligns within the broader middle-class range.
The cost of living in Ohio significantly influences what qualifies as middle-class income. For instance, a family of four under the poverty guideline in Ohio has an income below $29,678, presenting significant affordability challenges. Conversely, West Virginia requires less to be considered middle class, with a threshold of $59,197.
Comparisons with neighboring states suggest Ohio’s middle-class income range is similar to North Carolina but generally lower than wealthier states like New York. For a family of four, the income range in Ohio is between $46,000 to $139,000, while in New York, it's between $56,385 to $169,156.
Affordability remains a challenge for moderate-income and low-income families, especially regarding housing costs. About 13.4% of the state's population resides below the poverty line, highlighting a significant income disparity.
For a three-person family, the income range is between $50,684 and $151,296, and for a two-person family, it's between $42,765 and $127,658. Kentucky's middle-class income requirement aligns closely with Ohio's at $61,664, while Michigan and Indiana have slightly higher requirements at $64,130 and $62,897 respectively.
Digital tools and calculators are valuable for residents to assess their financial category and make informed decisions about their financial health. Several resources, such as online income calculators, are available to help Ohioans determine their economic status.
In conclusion, understanding the middle-class income range in Ohio is essential for navigating economic pressures such as inflation and job market fluctuations. While affordability remains a concern, digital tools and resources can help residents make informed decisions about their financial health.
In the context of Ohio's economic landscape, it's important for residents to utilize digital tools and resources, such as online income calculators, to assess their financial category and manage their personal-finance more effectively, especially in light of inflation and job market fluctuations. Furthermore, acknowledging the broad middle-class income range for households in Ohio, which spans from approximately $46,453 to $139,360 annually, can help residents plan their personal-finance and business strategies more thoroughly for a stable and potentially enhanced economic status.
