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The Best and Worst Standard of Living for the Middle Class
November 23, 2023
A new economic study suggests that middle class and working class families are experiencing the highest living standards across some of the most costly U.S. cities. It’s an unexpected finding, especially considering that in places like San Francisco, those with an income of less than $100,000 are classified as low income. However, this revelation from the Ludwig Institute for Shared Economic Prosperity (LISEP) clarifies that the elevated living costs in these areas are balanced by the considerable wages on offer.
The LiSEP study underscores how cities like San Francisco and San Jose, despite their extravagant living costs, are offering the most optimal conditions for middle and working-class families, the Bay Area leading the pack among 50 major U.S cities studied.
A silver lining in this economic tableau is the availability of a diversified job pool in areas such as the Bay Area, where the living costs are among the nation’s highest. This region boasts a richer variety of upper-middle-income jobs compared to some of its counterparts. However, cities falling behind in terms of median household income expansion offer minimal opportunities in contrast.
Cities like Las Vegas and Fresno also exemplify this trend.
The economic study by LISEP incorporated various city-specific elements. These included examination of living costs for households, with emphasis on essential expenses like housing and food. The study also evaluated earnings data for both part-time and full-time workers, as well as job seekers.
Economic realities, however, are not rosy for all. Approximately 6 in 10 of American families are struggling to cater to their fundamental needs, with an average income deficit of nearly $14,000 in 2022, as per LISEP. The research points to the economic hardship many households are grappling with, a direct result of a two-year inflation surge that escalated costs across the board, from groceries to housing.
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