What does it take to be considered middle class in Tennessee? Understanding the middle class income Tennessee criteria is essential for residents seeking financial stability.
A new *Smart Asset* report reveals fascinating insights into the income thresholds for different states, including Tennessee. This state is ranked No. 9 in the U.S. for having the lowest middle-income threshold Tennessee, making it crucial for residents to evaluate their financial standings in relation to these figures.
Understanding the Middle-Class Income Ranges
In 2023, a household in Tennessee needs to earn between $45,083 and $135,262 to be classified as middle class. The median income stands at $67,631, which is a modest increase from $65,254 in 2022. This increase represents a broader trend in financial health for many Tennessee residents, albeit still in a region with notable economic disparities.
The Economic Landscape of Tennessee
The diverse economic fabric of Tennessee is reflected in its ranking and the income required to be considered middle class. These disparities highlight the region’s economic challenges and opportunities. Some key points about Tennessee's middle class include:
- Median income (2023): $67,631
- Lower bounds on middle-class income (2023): $45,083
- Upper bounds on middle-class income (2023): $135,262
- Median income (2022): $65,254
- Lower bounds on middle-class income (2022): $43,498
- Upper bounds on middle-class income (2022): $130,508
This essential data reflects ongoing economic conditions that can affect residents in various ways, from job availability to household spending power.
Spotlight on Memphis
Memphis is notably impacted by these financial thresholds and ranks among the cities with the lowest middle-class income criteria. To be considered middle class in Memphis, a household must earn a minimum of $34,263 per year. Here’s a quick summary of the median income specifics for Memphis:
- Median income (2023): $51,399
- Lower bounds on middle-class income (2023): $34,263
- Upper bounds on middle-class income (2023): $102,798
- Median income (2022): $50,622
- Lower bounds on middle-class income (2022): $33,745
- Upper bounds on middle-class income (2022): $101,244
The differences between Memphis and broader state income levels may impact local policies regarding housing, education, and transportation. Residents seeking to understand their financial landscape may benefit from these insights.
Comparative Rankings Across the U.S.
When looking at broader national data, Tennessee is surrounded by states with similar economic standings but distinct income thresholds. Massachusetts tops the list with its middle-class income range set between $66,565 and $199,716. This sharp contrast sheds light on how considerably different the thresholds can be, showing that living in a state with higher wages can have a significant impact on lifestyle and opportunities.
The rankings by state for middle-class salary needs highlight various social and economic variables affecting residents. Here's a snapshot of the middle-class income requirements in other notable states:
- Mississippi: Lowest threshold in the U.S.
- West Virginia: Second lowest, closely trailing Mississippi
- Louisiana: Third on the list
Conclusion: The Path Forward for Tennessee Residents
Being aware of these middle-income threshold Tennessee figures is handy, but it is equally important for residents to take action towards improving their financial situations. Whether it entails pursuing further education, advancing in one’s career, or investing wisely, understanding these numbers serves as a foundation for informed decision-making.
Staying updated on income trends and economic information helps Tennessee residents navigate their financial futures. Leveraging resources available in the community and online can aid in understanding local economics and individual earning potentials.
For further exploration of economic trends, the *Smart Asset* report offers additional insights that can help residents gauge their financial positions accurately. Tennessee's economic landscape may evolve, but knowledge is power for sustainable growth and middle-class endurance.