What Is Middle Income in the US? Bank of America Data

According to new Bank of America data, what’s considered middle-income might be more — or less — than you think.

The middle-income household earned around $80,000 in 2023, according to the U.S. Census Bureau. However, data from the bank found that this number can greatly differ according to lifestyle factors like marriage and home ownership. Married middle-income households had a median income of around $103,000. Households considered middle-income with two or more income streams reached about $136,000.

Related: Here’s How Much Money You Need to Make to Be ‘Successful,’ According to Each Generation

Gen Z (born after 1995) and millennials (born between 1978 and 1995) comprised a larger share of middle-income households than older generations, according to the report. (Generation dates are according to the bank’s methodology.)

“Interestingly, we find middle-income households skew slightly younger than the overall population, with Gen Z and Millennials comprising a larger share of middle-income households than older ones,” the report reads.

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Meanwhile, middle-income consumers have been “ramping up their spending growth since mid-2024,” according to Bank of America. The report also found that Gen Z is the generation most likely to be impacted by higher costs.

“At a time when prices and interest rates remain sticky and high,” Gen Z will see their monthly payments on milestone purchases like homes and cars be more expensive than previous generations, the report notes.

Related: How Financial Priorities Shift From Boomers to Gen Z

Older generations, meanwhile, “are comparatively more insulated from some of these rising costs, as they likely purchased a car or home some time ago when interest rates – and prices – were lower.”

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