These are the best states for the middle class
The Midwest has six of the 10 best states for the middle-class, according to the report
If you’re considering a move somewhere that’s better for the middle class, you should probably look to the Midwest, according to one report.
Last month, SmartAsset published a report that found which states are the best for the middle class.
The financial technology company found that of the top 10 best states, six are in the Midwest. However, the top two states on the list were a bit farther West.
For its report, SmartAsset defined the middle class as being “households earning between $35,000 and $100,000,” the study said.
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The company analyzed all 50 states across seven metrics including the percentage of households in the middle class, median household income adjusted for the cost of living, five-year change in median household incomes, median home value, homeownership rate, five-year middle-class job growth and a Gini coefficient.
A Gini coefficient, according to the report, is a “statistical measurement of income inequality.”
For all those metrics, SmartAsset used data from the U.S. Census Bureau’s 2018 1-year American Community Survey, the U.S. Bureau of Economic Analysis and the Bureau of Labor Statistics for 2014 and 2018.
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To see the final results of the report, here are the 10 best states for the middle class, according to SmartAsset.
10. Minnesota
Percentage of households in the middle-class: 43.3 percent.
Median household income adjusted for cost of living: $72,073.
Median home value: $235,400.
Homeownership rate: 71.5 percent.
9. Wisconsin
Madison, Wisc., is pictured.
Percentage of households in the middle-class: 46.6 percent.
Median household income adjusted for cost of living: $65,149.
Median home value: $188,500.
Homeownership rate: 67.1 percent.
8. Montana
Helena, Mont., is pictured.
Percentage of households in the middle-class: 46.9 percent.
Median household income adjusted for cost of living: $58,592.
Median home value: $249,200.
Homeownership rate: 67.5 percent.
7. Vermont
Peacham, Vt., is pictured
Percentage of households in the middle-class: 45.8 percent.
Median household income adjusted for cost of living: $59,809.
Median home value: $233,100.
Homeownership rate: 72.2 percent.
6. South Dakota
Rapid City, S.D., is pictured.
Percentage of households in the middle-class: 48.7 percent.
Median household income adjusted for cost of living: $62,858.
Median home value: $171,500.
Homeownership rate: 67.9 percent.
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5. Indiana
Evansville, Ind., is pictured.
Percentage of households in the middle-class: 47.1 percent.
Median household income adjusted for cost of living: $61,153.
Median home value: $147,300.
Homeownership rate: 68.9 percent.
4. Nebraska
Omaha, Neb., is pictured.
Percentage of households in the middle-class: 46.4 percent.
Median household income adjusted for cost of living: $65,225.
Median home value: $161,800.
Homeownership rate: 66.1 percent.
3. Iowa
The Iowa State Capitol in Des Moines, Iowa, is pictured.
Percentage of households in the middle-class: 47.3 percent.
Median household income adjusted for cost of living: $65,831.
Median home value: $152,000.
Homeownership rate: 71.3 percent.
2. Idaho
Boise, Idaho, is pictured.
Percentage of households in the middle-class: 48.8 percent.
Median household income adjusted for cost of living: $59,474.
Median home value: $233,100.
Homeownership rate: 70.7 percent.
1. Utah
Park City, Utah, is pictured.
Percentage of households in the middle-class: 47.3 percent.
Median household income adjusted for cost of living: $73,342.
Median home value: $303,300.
Homeownership rate: 70.5 percent.