Quick Answer: What Is Middle Class In Illinois?

What is considered upper class in Illinois?

That group of upper class households had a median income of $187,872.

In order to be considered “upper class,” according to CNBC, a household must earn over double the median household income..

What is middle class income in the US?

According to a 2018 report from the Pew Research Center, 52% of American adults live in “middle class” households. The median income of that group was $78,442 in 2016. Pew defines the middle class as adults whose annual household income is two-thirds to double the national median.

What is the average income in the state of Illinois?

$63,575TablePopulationIncome & PovertyMedian household income (in 2018 dollars), 2014-2018$63,575Per capita income in past 12 months (in 2018 dollars), 2014-2018$34,463Persons in poverty, percent 11.5%54 more rows

What salary do you need to live in Chicago?

To live comfortably in Chicago–factoring in housing costs, transportation, utilities, and groceries–you’ll need to make around $94,917 as a renter or $84,765 as a homeowner. Unfortunately for many Chicagoans, the median income in the city is only $52,497, leaving a discrepancy of at least $32,000 on average.

Can you live off 60000 a year?

According to a new report by GOBankingRates on the salary you need to afford living, out of the 60 largest cities in the U.S., you can live comfortably in only 13 of them earning an income of $60,000 a year or less.

What is considered rich in Chicago?

Chicago. To be wealthy, you need a net worth of $2.5 million. That’s about 26 times the actual median net worth of U.S. households.

What is middle class in Chicago?

Pew Research says the middle class runs from $42,000 to $125,000. They define middle as a household of three with an income that falls between two-thirds and double the median income.

How much money do you need to live comfortably in Illinois?

Typical Expenses1 ADULT0 Children1 ChildRequired annual income after taxes$23,836$47,966Annual taxes$4,444$9,006Required annual income before taxes$28,280$56,9726 more rows

What is a good salary for Chicago?

This means that half of Chicago households of two live on less money, half on more. The median for a 1 person household is $53,000, and for a 4 person household it is $76,000. Here are some facts that will help you to understand the significance of a $60,000 income in Chicago.