When you consider all these factors, there’s not a huge difference between “middle-class income” and “poverty-line” income. See below for a complete explanation of how data was collected and calculated.) Middle-Class Expenses ![]() Data is based on median and average amounts. Census Bureau, the Education Data Initiative, and LIHEAP. (Data used to calculate dollar amounts was collected from a number of sources, including the U.S. Families with lower incomes might receive government funds to help supplement their energy costs, while families with higher middle-class incomes might not. Home heating costs averaged $1,578 in winter 2022-2023.Middle-class families don’t qualify SNAP (government benefits that can help eligible people pay for groceries), which averaged more than $480 per household in May 2023.For example, in 2022, families without subsidized health insurance paid an average of $6,568 toward family health insurance premiums and deductibles.Those programs can supplement costs for healthcare, groceries, and home energy use. (That's assuming an average 6% interest rate and an average federal student loan debt of a little over $37,000 per borrower.)Īdditionally, families with incomes below the poverty line may qualify for several government-funded assistance programs that middle-class families typically are not eligible for. Over 20 years, an "average student loan" accrues $26,000 in interest, according to the Education Data Initiative.Graduates typically take 20 years to pay off their loans.The average monthly student loan payment is $460.This burden was reduced for many families with the pause on federal student loans, but student loan payments will likely resume this fall. These payments can be significant given that the average borrower accumulates nearly $40,000 in college debt, according to the Education Data Initiative. To achieve a middle-class "status" in the first place, some people obtain college degrees, and paying off student loan debt can burden budgets for decades. ![]() Can the Earned Income Tax Credit Help You?
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