Are We in the Middle Class?

Are you middle class? by Rick Newman in U.S. News and World Report shares some range and median values for the middle class families. I summarized the medians in the table below and did a comparison to our situation:

	Middle Class Values
Category	Median	Our Status
Income	$81,000	Lower, since we're retired
Home Value	$231,000	Higher
Mortgage	$17,600	mortgage paid off
Home Size	2300 sq ft	Yes
Medical Expense	$5,100	Yes
Car cost per year	$12,400	Lower
College Savings per year	$4,100	Higher
Vacations	$3,000	Yes
Everyday expenses	$14,600	Higher
Number of earners	1.76	0.5 (1 person part-time)
Net Worth	$84,000	Higher
Debt	18% of income	zero debt

Overall, I would assess our family as being middle class. The only number that didn't seem correct to me was the value for living expenses (utilities, clothing, food, entertainment. etc). A cost of $1,200 per month for living expenses seems low for a family of four making $81,000.

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This is not financial advice. Please consult a professional advisor.

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