Silicon Valley is so expensive that people who make $400,000 think they're middle-class
Silicon Valley is so expensive that people who make $400,000 think they're middle-class — here's what the middle class actually is in the 25 largest US cities
Some residents of Silicon Valley self-identify as being in the middle class, even though their salaries dwarf those of many Americans.
The Pew Research Center defines the US middle class as those earning two-thirds to twice the median household income, which was $59,039 in 2016, meaning middle-class Americans were earning about $39,000 to $118,000.
But that number shifts as its broken down by state and even by city.
The Palo Alto Weekly, a local paper in Palo Alto, California, asked residents to report their household income and perceived social class. Out of more than 250 respondents, 81 with incomes between $10,000 to $399,999 said they were "middle class."
"Middle class" is a term used broadly — and often incorrectly — even though it can be quantified with US government data. And while the US middle class has been shrinking for decades, most Americans still consider themselves part of it. Many of the high-earning Palo Alto residents noted the high cost of living was one of the reasons they identified as being in the middle class.
But whether you're in the "middle class" varies depending on where you live.
To get a sense of what it looks like in 25 US cities, Business Insider pulled census data from the 2016 American Community Survey for the largest metropolitan statistical areas. For clarity, we listed the largest city in the MSA (some include more than one).''
http://www.businessinsider.com/middle-class-income-us-city-san-francisco-2018-2
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