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Money Monday: Can you afford to buy a home?
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ORLANDO, Fla. - Are you considered middle class?
In Florida, a Consumer Affairs study revealed that the minimum annual income required in 2023 for a family of four to be middle class is $67,835.
The study used data from the Pew Research Center to determine the minimum annual income of each US state to be considered middle-class.
Nationwide, Alabama had the lowest minimum annual income required to be middle class, which is $51,798.
MORE: Here's how much money single adults in Florida need to make to live comfortably
The middle class is reportedly shrinking, according to the study.
Oliver Rust, the head of Product at independent inflation data aggregator Truflation, says there could be changes that could affect the growth of the middle class, with some states gaining middle class households while other states may lose them.
"Households where wage-earners can work remotely may relocate from expensive states to locations where their money goes further, providing a comfortable middle-class lifestyle," the study stated.