How much money you have to earn to be considered rich in the biggest city in every state


wealthy street style

“Rich” is defined by some Americans as having an average of $2.4 million, according to a Charles Schwab survey.
But how much money you need to earn to be considered “rich” by the government’s standards depends on the city you live in.
What’s considered rich in Seattle is over $100,000 more than what’s considered rich in Detroit.

Just how much money do you need to earn to be considered “rich”?

For some Americans, the answer is having an average of $2.4 million to your name — that’s almost 30 times the actual median net worth of US households, according to the U.S. Census Bureau.

Ask the government, and they’ll define wealthy as individuals earning at least $500,001 and couples earning at least $600,000 — the new income thresholds that now pay the top federal marginal income tax rate of 37% in accordance with President Donald Trump’s new tax plan.

But in reality, the answer varies depending on the city you live in. What’s considered rich in Detroit is more than $100,000 less than what’s considered rich in Seattle.

Not sure if you fall into the upper class?

We pooled 5-year estimate data from the U.S. Census Bureau’s American Community survey, combining results on median household income from 2013-2017 to determine just how much you need to earn in the most populated city in every state, including Washington DC, to be considered rich (hint: it’s at least twice the median household income).

Below, check out the income needed to be considered rich in some of America’s biggest cities, ranked from lowest to highest.

SEE ALSO: How much money you have to earn to be considered rich in 42 major US cities

DON’T MISS: Here’s the salary you need to be …read more

Source:: Business Insider

      

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