In some high-cost cities, a $150,000 annual salary qualifies as a "lower middle class" income, per GOBankingRates.
"In America’s most expensive cities, the bar has definitely been raised to be considered ‘middle class,’" said Andrew Murray, lead content data researcher at GOBankingRates, in a statement to Fox News Digital. "To escape the lower middle class, you’ll need to earn as much as $150,000, which is substantially higher than what it used to be."
A recent analysis from GOBankingRates found that in some high-cost cities, a $150,000 annual salary is stretched financially thin and qualifies as a "lower middle class" income.
Northern California and Virginia top the list, with the maximum lower middle class income range going from $128,964 to $152,652, among the top five most expensive cities.
The cities with the highest incomes considered "lower middle class" include, in descending order: Arlington, Virginia; San Francisco; San Jose, California; Irvine, California; Seattle; Gilbert, Arizona; Plano, Texas; Scottsdale, Arizona; Washington, D.C.; and Chandler, Arizona.
"You’ll need to make more than six figures, and as much as $150,000, just to get out of the lower middle class in the top 15 ranked cities. Due to these high income requirements, many Americans might be more comfortable choosing to live in more affordable cities, especially those that make average earnings of around $75,000," Murray explained.
GOBankingRates noted in the analysis that the top 25 cities also have exuberant housing, childcare and transportation costs when compared to national averages. According to the data analyst, housing and real estate costs can have the biggest impact on affordability and your wealth class.
"Eight of the top 25 cities are in Virginia, Washington and Arizona. While Virginia and Washington state generally have a higher cost of living, the cities that made our list all had exceptionally high median household incomes," Murray noted.
