The erosion of the middle class can lead to many negative changes in a city, affecting everything from spending patterns to business downturns, and altering neighborhood demographics.
In 2024, a Gallup poll revealed that 54% of Americans identified themselves as middle class, with many making between $40,000 to $99,999 and a political leaning towards Republican or Independent.
The average income of the middle class has shrunk from 62% in 1970, while those identifying as upper class increased from 29% to 50%, illustrating a widening income gap.
As inflation shifts financial realities, more individuals are identifying as middle class, demonstrating a societal change in perception regarding socio-economic status and comfort.
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