Making $100,000 a year might seem like a lot, but not for anyone living in one of 15 major cities across the United States.
Arlington, Virginia, came out on top with the highest level of income needed to leave the lower middle class, as anyone making between $91,591 and $152,652 would be considered a part of this group. San Francisco and San Jose in California joined Arlington in the top three, with the former city having a cap on the lower middle class at $151,877 and the latter city capping out the lower middle class at $151,122, according to a recent study by GOBankingRates.
“Clients I work with in Arlington are seeing that impact with the cost of housing, transportation, healthcare, education and general lifestyle,” Northwestern Mutual financial adviser Rodney Griffin said. “While $150,000 may be a comfortable salary in some places, high demand from many people with comparative salaries can create an increased cost of living.”
The U.S. city where $100,000 a year would be closest to getting one out of the lower middle class is Jersey City in New Jersey at $101,279. The next closest would be Chesapeake, Virginia, where the lower middle class caps out at $103,003.
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Other cities where a yearly $100,000 income would not break one out of the lower middle class include Irvine, San Diego, and Oakland in California, Seattle in Washington state, Gilbert, Chandler, and Scottsdale in Arizona, Plano in Texas, Washington, D.C., and Anchorage, Arkansas. A total of six of these major cities are in California, while two are in Virginia.
In December, it was revealed that existing home sales fell to a seasonally adjusted annual rate of 3.78 million, the lowest it has been since 2010. It comes as increasing mortgage rates have priced out potential house buyers.
