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The 25 best states for living a middle-class lifestyle in the 2020s


middle class america

Summary List Placement

Middle-class America is shrinking.

The size of middle-class America shrank by nine percentage points from 1971 to 2016, according to the Pew Research Center’s most recent available data. And from 2010 to 2016, its wealth didn’t increase at the rate of the upper class, as the income gap between the two groups widened.

Many middle-class Americans are behind on homeownership and retirement savings as they confront a higher cost of living and debt. Where they live can make all the difference in their finances.

A recent Smart Asset report looked at the best states to live in for the middle class. SmartAsset compared each state, plus Washington DC, by looking at government data across seven metrics, including median household income, median home value, homeownership rate, and middle-class job growth. It then averaged the metric rankings of each category, giving each an equal weighting, and found each state’s average ranking to determine the final score.

Turns out, the Midwest is the place to be. Here are the top 25 best places to live for middle-class Americans.

SEE ALSO: The top 25 recession-proof cities in the US

DON’T MISS: The 25 US cities where a middle-class American salary goes furthest

T25 (TIE). Tennessee

Median household income: $61,734

Median home value: $191,900

Homeownership rate: 66.5%

T25 (TIE). Georgia

Median household income: $66,319

Median home value: $202,500

Homeownership rate: 64.1%

24. South Carolina

Median household income: $61,231

Median home value: $179,800

Homeownership rate: 70.3%

23. Rhode Island

Median household income: $71,667

Median home value: $283,000

Homeownership rate: 61.7%

22. Montana

Median household income: $60,982

Median home value: $253,600

Homeownership rate: 68.9%

21. Nevada

Median household income: $64,858

Median home value: $317,800

Homeownership rate: 56.6%

20. Vermont

Median household income: $61,111

Median home value: $233,200

Homeownership rate: 70.9%

19. West Virginia

Median household income: $54,810

Median home value: $124,600

Homeownership rate: 73.4%

18. Indiana

Median household income: $63,767

Median home value: $156,000

Homeownership rate: 69.3%

17. Maine

Median household income: $58,924

Median home value: $200,500

Homeownership rate: 72.2%

16. Arizona

Median household income: $64,227

Median home value: $255,900

Homeownership rate: 65.3%

15. Michigan

Median household income: $64,112

Median home value: $169,600

Homeownership rate: 71.6%

14. Oregon

Median household income: $66,320

Median home value: $354,600

Homeownership rate: 62.9%

13. Kansas

Median household income: $68,296

Median home value: $163,200

Homeownership rate: 66.5%

12. Delaware

Median household income: $71,018

Median home value: $261,700

Homeownership rate: 70.3%

11. Wyoming

Median household income: $69,748

Median home value: $235,200

Homeownership rate: 71.9%

10. Washington

Median household income: $72,549

Median home value: $387,600

Homeownership rate: 63.1%

9. Wisconsin

Median household income: $69,366

Median home value: $197,200

Homeownership rate: 67.2%

8. Colorado

Median household income: $75,662

Median home value: $394,600

Homeownership rate: 65.9%

7. Nebraska

Median household income: $69,868

Median home value: $172,700

Homeownership rate: 66.3%

6. New Hampshire

Median household income: $73,257

Median home value: $281,400

Homeownership rate: 71%

5. Iowa

Median household income: $68,354

Median home value: $158,900

Homeownership rate: 70.5%

 

4. South Dakota

Median household income: $66,736

Median home value: $185,000

Homeownership rate: 67.8%

3. Minnesota

Median household income: $76,458

Median home value: $246,700

Homeownership rate: 71.9%

2. Idaho

Median household income: $65,574

Median home value: $255,200

Homeownership rate: 71.6%

1. Utah

Median household income: $78,357

Median home value: $330,300

Homeownership rate: 70.6%

…read more

Source:: Business Insider

      

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