What Is Middle Class In North Carolina?
It’s almost impossible not to stress about money these days. Prices have skyrocketed in recent years on just about every product and service imaginable. And what once was a decent…
It's almost impossible not to stress about money these days. Prices have skyrocketed in recent years on just about every product and service imaginable. And what once was a decent salary? It may not even be livable. But just how much has the definition of middle class in North Carolina changed?
I'm glad you asked. But before we answer that question we need to further examine what "middle class" actually is. According to Investopedia.com, "the middle class is a description given to individuals and households who typically fall between the working class and the upper class within a socio-economic hierarchy"
This group usually has college degrees and has more disposable income available for consumption, they also often own their own homes. Those in the middle class aren't living paycheck to paycheck. But in this economy who can even be considered middle class?
I recently saw a post on X the other day asking why our generation is so unhappy. And one of the replies that instantly caught my eye relates so well to this discussion. It said essentially that we are all broke while making triple what our parents made at this stage of our lives.
But that money doesn't go far anymore. It's frankly depressing (and something I feel strongly about if you couldn't tell). But back to what is the middle class in North Carolina?
This is according to a recent study by GoBankingRates. They set out "to find the household income needed to be middle class in each state". For the purpose of this study defined “middle class” as those households with an annual household income that is two-thirds to double the median income.
They also compared the change in middle-class state to state over the last 10 years. The most recent data available for this study was from 2022 so I can only imagine that these numbers are significantly higher for 2024.
Middle Class In North Carolina
- 2022 middle-class income range: $44,124 to $132,372
- 2012 middle-class income range: $30,967 to $92,900
- 10-year change in middle-class income (%): 42.49%
To be considered on the very lower end of middle class in North Carolina even two years ago you'd need to make $44,000+ a year. That would be a rate of $21.21 an hour to hit that $44,124 mark.
That is almost three times the minimum wage to be the absolute bottom of the barrel of the middle class. And don't forget that mark is almost certainly higher today. Even if minimum wage jobs aren't supposed to be lived on, three times that rate should be livable. No one should debate that.
On the other end to be upper middle class you'd need an hourly wage of $63.64. Angry yet? It all feels so impossible these days, and I know many of you share my frustrations. I'm not sure what can be done about this, but something must be done.
Perhaps the most startling statistic is the 10-year change in middle-class income-42.29%. I can't think of many employers who are increasing employees' pay by even a fraction of that. Even with promotions, that number is hard to reach.
And that would be to stay in the same financial situation simply. Not improve. Let that sink in. Millennials and Gen Z aren't lazy, they have been dealt a terrible hand. One that generations prior to us frankly did not have to deal with.
After working 40 hours a week you shouldn't need a second job just to make ends meet. But many do to be able to be considered middle class in North Carolina. Something has to change. And it has to change soon.
You can read the full study from GoBankingRates here.
Here’s How Much Money It Takes To Live Comfortably In The 5 Major North Carolina Cities
It's hard to not be stressed or depressed about money these days. Prices have skyrocketed and I often joke that the value of everything seems to have gone up- except me. But goods and services don't tell the entire pictures when it comes to cost of living. So how much money does it take to live comfortably in each of the major cities? A lot. The financial experts at Smart Asset recently conducted a study about the salary needed to live comfortably in cities across the country.
How Much Money It Takes To Live Comfortably
Smart Asset recommends a budget they describe as the 50/30/20 budge. This means that 50% of your salary should go to to needs. They include costs such as housing, transportation, and groceries in this category. The 30% is allocated to entertainment and hobbies. While the final 20% should be used to pay off debt, or if you're lucky enough to be debt free saving or investing.
So to conduct this study they took the "local cost of necessities and taxes" and factored it into the 50/30/20 budget to determine the "pre-tax salary needed to live comfortably" in the 99 largest U.S. cities. They found that $96,500 is the amount needed for an individual to live comfortably in a major U.S. city. 5 North Carolina cities were included in this study. The five largest in the state- Charlotte, Raleigh, Greensboro, Durham, and Winston-Salem. When it comes to the amount of money it takes to live comfortably in North Carolina cities, only two were less than average. I thought the south was supposed to be cheaper!
These days it truly feels like most people are living paycheck to paycheck or at least not able to save significant money. Even though when it comes to salary people are making higher than they have before that money doesn't go near as far as it did even a few years ago. Keep reading to see how much money it takes to live comfortably in each of the 5 largest North Carolina cities. Don't say I didn't warn you though, it may sting a little!
Read the full study from Smart Asset here.
Winston- Salem
According to this data the most affordable North Carolina major city to live in is Winston-Salem. This Triad city is the fifth most populous in the state. It features a vibrant downtown, historic sites including Old Salem, and lot's of character and charm. It's the home of Wake Forest University, and provides easy access to other areas of the state as well.
Hourly Wage Needed For A Single Adult: $39.36
Salary Needed For A Single Adult: $81,869
Total Salary Needed For Two Working Adults And Two Children: $194,605
Greensboro
Staying in the same area the next city on this list is Greensboro. It's slightly more expensive than Winston and located in Guilford County. Greensboro is the third most populous city in the state.
Hourly Wage Needed For A Single Adult: $41.88
Salary Needed For A Single Adult: $87,110
Total Salary Needed For Two Working Adults And Two Children: $203,674
Durham
We now move to the Triangle. The third most expensive city to live in is Durham. The city offers lots of great jobs in tech and is home to Duke University. Downtown Durham has lots to offer from breweries and restaurants, to sports, arts, and entertainment.
Hourly Wage Needed For A Single Adult: $47.62
Salary Needed For A Single Adult: $99,050
Total Salary Needed For Two Working Adults And Two Children: $233,043
Charlotte
No Charlotte doesn't require the largest salary much to my surprise. The largest city in the state is the 2nd most expensive. And that hourly wage? I don't know many people making that.
Hourly Wage Needed For A Single Adult: $48.72
Salary Needed For A Single Adult: $101,338
Total Salary Needed For Two Working Adults And Two Children: $235,123
Raleigh
Which means the city where it takes the highest amount of money to live comfortably? The state capitol of Raleigh. Though it was a close race and fair to say the cost of living is fairly comparable between Charlotte and Raleigh. But hey if they want to win this one I'm ok with it since it impacts my bank account!
Hourly Wage Needed For A Single Adult: $49.40
Salary Needed For A Single Adult: $102,752
Total Salary Needed For Two Working Adults And Two Children: $235,872
