SmartAsset Study Reveals Changing Definition of Middle Class in America’s Largest Cities

Rising inflation has led many families in the United States to no longer fit into the middle-class category previously, prompting a new study from personal finance site SmartAsset. The analysis used data from recent US Census Bureau and Pew Research Center reports to determine what it takes financially for individuals or households to be considered as part of America’s middle class in 2024 across all fifty states and the country’s largest cities, numbering at three hundred forty-five (345).
In two years from now, a large city’s median household income is estimated by SmartAsset will vary between $51,558 to $154,590. The average middle class income for all 345 cities in the US was calculated at $77,345 based on this data.
In Texas, where costs of living are relatively lower than national averages, SmartAsset’s analysis showed that households making between $48,185 to $144,568 can be considered as part of the middle class in 2024; while the median household income was recorded at seventy-two thousand two hundred eighty-four dollars ($72,284). Texas ranked twenty-fourth among all fifty states regarding this metric.
The study also analyzed the financial requirements for being considered as part of America’s middle class in three hundred forty-five (345) cities across the US. Two North Texan communities – Frisco and Allen – made it to SmartAsset’s list, with both ranked among the top twenty cities based on this metric; at eighth place and twentieth position respectively.
The median household income for residents of Frisco is $145,914, while households making between ninety-seven thousand two hundred sixty-six dollars ($97,266) to $291,828 are considered as part of the middle class in this community; according to SmartAsset’s data. Meanwhile, residents living within Allen’s borders enjoy a median household income of one hundred twenty-one thousand one hundred twenty-seven dollars ($121,127). Based on SmartAsset’s findings for this city, households making between eighty thousand seven hundred forty-three dollars ($80,743) to $242,254 are considered as part of the middle class in Allen.
Dallas and Fort Worth did not fare well in this list compiled by SmartAsset; Dallas finished at two hundred fourteen (213th), with a median household income recorded at sixty-five thousand four hundred dollars ($65,400). Households making between forty-three thousand five hundred ninety-six dollars($43,596) to one hundred thirty thousand eight hundred dollars ($130,800) are considered as part of the middle class in Dallas. In contrast, Fort Worth placed at two hundred tenth (184th), with a median household income recorded by SmartAsset’s data at seventy-one thousand five hundred twenty-seven dollars ($71,527). Households making between forty-seven thousand six hundred eighty dollars($47,680) to one hundred forty-three thousand fifty-four dollars ($143,054), according to SmartAsset’s data, are considered as part of the middle class in Fort Worth.
To view a complete list compiled by SmartAsset based on this analysis and metric across all US states and three hundred forty-five (345) cities, please click here.