This week's newsletter was written by Ryan Ermey, a senior reporter covering money and investing for CNBC Make It. You can follow him on Twitter @RyanErmey.
The American middle class, which shrank for four decades, is holding steady for now, according to the Pew Research Center.
The latest data from 2021 shows that the share of the households in the middle class is about 50% — right around where it's been since 2011. At its peak in 1971, the middle class represented around 61% of U.S. households.
Pew defines a middle-class household as one earning between two-thirds and twice the median American household income, which in 2021 was $70,784, according to the U.S. Census Bureau. That means you're middle class by Pew's definition if your household earns between $47,189 and $141,568.
That's a broad range, and even within Pew's guidelines, there's room for some nuance. As CNBC Make It's Kamaron McNair points out, "other factors like family size and location can change what middle class looks like for you."
Her list of what middle class looks like in America's 20 most populous cities shows that class parameters can vary greatly based on location. Bay Area residents, for instance, are considered middle class if they earn between $77,000 and $232,000, while households in greater Tampa, Florida qualify with income from $42,000 to $126,000.
