The American middle class just got a little richer.

On Thursday, the U.S. Census Bureau released its 2016 American Community Survey, an annual survey that measures various economic, social, and housing data among US residents.

According to the survey, the national median household income rose to $59,039 —an increase of 3.2% from the previous year and the American middle class’ highest-income level to date, beating the previous record of $58,655 in 1999 (all numbers are adjusted for inflation).

In spite of slightly higher incomes, the American middle class has been shrinking for decades. Still, a majority of people consider themselves to be a part of it — even if they technically aren’t.

Defined by Pew as those earning between 67-200% of the median income — $39,560 to $118,080 in 2016 — only about half of Americans can call themselves middle class. Lower-income households account for 29%, while upper-income households make up the rest, according to Pew.

But that is simply a mid-point for the country as a whole.

The household income required to be considered middle class is different in every US state. For instance, a person earning $41,754 in Mississippi falls squarely in the …read more

Source:: Businessinsider – Life

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