The middle class is often referred to as the backbone of the economy, but as inflation and other factors make living more expensive it takes more to be considered middle class. In Plano, for example, the average middle-class person makes $95,002.
Plano is home to a population of about 287,000 people, and the local economy is boosted by the presence of major players in the banking industry. JP Morgan Chase, Capital One, and Bank of America are the top three employers in Plano, providing jobs for nearly 20,000 individuals.
The city has a sizeable middle-class population, with families earning between $63,651 and $190,004. Plano's average home value is the lowest among the top 10, with an average of $487,000. But to be securely in the middle class, residents must make closer to $95,002 annually, the highest in Texas.
There has been a decline in the size of the American middle class over the past 50 years. According to SmartAsset, the proportion of adults residing in middle-income households in the U.S. dropped by more than 10 percentage points, suggesting an ongoing contraction of the middle class.
To find the true pulse of today’s middle class, SmartAsset calculated the bounds on middle-class earnings in 100 of the largest U.S. cities and all 50 states.
SmartAsset used the U.S. Census Bureau's 2021 one-year American Community Survey data on median household income for all 50 states and the 100 largest cities in the United States to establish income limits for the middle class. Additionally, the site adopted a variation of the Pew Research definition of middle-income households, which sets a middle-class income range at two-thirds to double the median U.S. salary.
Even though Plano residents have less bang for their buck, there are reasons why Plano residents are happy to call the North Texas city their home. Plano is considered to be one of the safest cities in the U.S., ranking fifth in the nation.
Plano was also named one of the 2021 Top 100 Best Places to Live, outpacing more than 1,000 cities with populations between 20,000 and 1 million.
