How Much Do You Have to Make in Montrose Colorado to be Considered Middle Class?
This is America. Everybody wants to be rich, and if you can't be rich, the next best thing is the middle class. The middle class, and the dream of achieving such status, is one of the essential cornerstones of the American Dream, but in a fast-paced society, as we live in today, it can be tough to keep track of where you're at in your quest for the middle.
To be honest, until I started the research on this article I wasn't even sure what constituted being middle class. How much do you have to make to join the club? Is it too tough a hurdle out here on the Western Slope? Do you get a hat with your membership card? All of these (save one) are important questions to ask yourself, and luckily for you, we've found answers to all of these questions (save one).
What is the 'Middle Class'?
First, the basics: According to Investopedia, "middle class" is defined by the Pew Research Center as a household that earns anywhere from two-thirds to double the median US household income. That income in 2021, according to US Census data, was $65,000. That means that the middle class in this country is made up of those making from $43,350 to $130,000 per year, a fairly wide range to work with.
How Much Does it Cost to Live in Montrose?
Now we know what you need to make to qualify for the club, but it's not what you make that makes the difference; it's what you save. So, what kind of cost is cutting into our middle-class wages? Well, the average cost of living in the United States currently sits at around $61,334 per year against a $65,000 median income. That leaves a little less than $4,000 at the end of the year, and while I'm not an economist, I'd say that's a fairly comfortable "middle-class" position.
Middle Class in Montrose?
Now that we know the numbers to look at, what is the median income in the state of Colorado? Well, according to Census.gov, the median household income in Colorado was around $80,184 for 2021. Trying to nail down an average cost of living for 2021 is a little trickier, but some estimates (like from SoFi) had an average cost of around $46,642. Using my basic math skills as we did above, that leaves an average of slightly less than $34,000 left over for the year.
In Montrose, DataUSA estimated our median income at $52,534. 247 Wall St. estimates the cost of living in Montrose at around $38,712, leaving a difference of $13,822. Again, this is all very basic math, and I'm in no way an economist, but as you look for these numbers, they do seem promising.
It's Not So Simple
None of this, again very basic math, takes into account things like poverty rate, or housing cost in particular. This is not a definitive look at the economy of Montrose, more a simple exercise to see what kind of money it's going to cost for your ticket to the American Dream on the Western Slope. It's not as much as most, but it's surely not a little.