Genius income calculator can help U.S. citizens determine whether they're truly middle-class

The adults in America can easily measure which income class they fall into within minutes using the income calculator.

PUBLISHED 3 DAYS AGO

Representative Cover Image Source: (L) Happy mother pushing daughter on a swing in the front yard at home (Stock photo/Getty Images); (R) Family having fun in the kitchen at home(Getty Images)

Economic factors have caused people to be categorized into different classes. The middle class is one of the categories that is talked about the most. Sandwiched between the upper and lower classes, this section of society has been way more impacted by the economy. Parameters such as income, location, financial stability, and more determine the middle-class qualification. However, people still find themselves in a fix, trying to figure out which class they truly come under. A calculator with ranges taken from 2022 data can now guide towards the same, per PEW Research Center. It compares US adults on different levels to find out whether they truly fall under the middle-class category.

Representative Image Source: Account table with pen and calculator| Getty Images — Representative Image Source: Account table with pen and calculator (Getty Images)

From the data collected, 52% of the US population accounted for the middle-class category. This was calculated from factors like the state and area a person lives in, the income, the number of people in the household and so on. The income calculator offers sections for each of these topics wherein a person has to enter the information. Based on the details from every section, the calculator offers an idea of which class you belong to. The collected data revealed that different areas in the US have varying percentages of middle-class people. For instance, 42% in San Jose-Sunnyvale-Santa Clara, California to 66% in Olympia-Lacey-Tumwater, Washington.

Representative Image Source: Low-density two story private homes in rural residential suburbs outside of Rochester, New York| Getty Images — Representative Image Source: Low-density two-story private homes in rural residential suburbs outside of Rochester, New York (Getty Images)

In explaining how the calculator works, it was mentioned that it uses the number closest to the average household size in the US, per Life Hacker. According to 2023 records, the average household size is 2.5 people, and the calculator calculator uses 3 as the nearest whole number. Based on your household, the calculator will then adjust the income and offer insight. The income is then compared to the cost of living in the area where a person resides to determine figures. Middle-income households are said to be those with an income that is two-thirds to double the U.S. median household income. Looking at it from a figurative perspective, the middle class has an income ranging from about $56,600 to $169,800, per 2022 data.

Representative Image Source: Couple with daughter together in front yard| Getty Images — Representative Image Source: Couple with daughter together in front yard (Getty Images)

There is a secondary portion of the income calculator. This is to get a broader idea of where you stand among others. This portion requires details like age, ethnicity and so on to measure. These details provide an understanding of demographics. It provides insight into your position within the population and allows you to see how many others fall into the same category. The calculator is a smart instrument to get an understanding of one’s financial standing.

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The research center assured that the data fed into the income calculator is not stored or used in any form except to derive the results. It was also explained that the same doesn’t account for other financial factors. Assets, debts, and other factors are not considered when determining the income tier. Hence, these need to be noted additionally and personally while considering one's standing. The good part is that one can get a glimpse of their income status and make frugal plans for themselves. The country can also benefit in terms of financial assessments which will aid in policy-making.