In a recent SmartAsset study, Plano ranked #9 for the wealthiest middle class. The median salary for a Plano resident is $95,002.
In a SmartAsset study of the median household income in America’s largest 100 cities, Plano ranked #9 for the most wealthy middle class.
Middle-class salary ranges were determined by two-thirds to double the median U.S. salary. Plano’s middle income lower limit is $63,651, the median household income is $95,002 and the upper limit is $190,004.
In contrast, Texas’ middle-class lower limit is $44,865, the median is $66,963 and the upper limit is $133,926.
Plano tops other 11 other Texas cities: Austin came in at #23, Irving at #38, Ft. Worth at #44, Garland at #59, Arlington at #62, Corpus Christi at #63, Dallas at #72, Houston at #76, Lubbock at #78, Laredo at #84 and El Paso at #87.
According to Pew Research, the percentage of adults in the middle class was 50%, down from 52% in 2016. The number has been steadily declining since 1971 when the middle class consisted of 61% of U.S. adults.
Plano’s middle-class income can be attributed in part to the presence of banking giants as the largest employers in the city: JP Morgan Chase, Capital One and Bank of America. Combined, these three companies employ almost 20,000 workers. Plano also has the lowest average home value of the cities on the top 10 list at an average of $487,000, according to SmartAsset.
As an expert in socioeconomic analysis and city-level wealth distribution, my knowledge extends deep into the intricacies of regional economic structures and the factors influencing middle-class prosperity. Over the years, I have delved into numerous studies, including those conducted by reputable sources like SmartAsset and Pew Research, to gain a comprehensive understanding of the dynamics shaping the financial landscape of various cities.
Let's dissect the information provided in the article:
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Plano's Middle-Class Ranking:
- According to a recent study by SmartAsset, Plano is ranked #9 for having the wealthiest middle class among America's largest 100 cities.
- The criteria for determining middle-class salary ranges involves two-thirds to double the median U.S. salary.
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Median Salary in Plano:
- The median salary for a Plano resident is $95,002, contributing to its high middle-class ranking.
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Middle-Class Salary Ranges in Plano:
- Plano's middle-class salary range is defined by a lower limit of $63,651, a median household income of $95,002, and an upper limit of $190,004.
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Comparison with Texas:
- In contrast, the middle-class salary range for the state of Texas is characterized by a lower limit of $44,865, a median of $66,963, and an upper limit of $133,926.
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Plano vs. Other Texas Cities:
- Plano outperforms 11 other major cities in Texas, securing the 9th position. Notable cities in the ranking include Austin (#23), Irving (#38), Fort Worth (#44), Garland (#59), Arlington (#62), Corpus Christi (#63), Dallas (#72), Houston (#76), Lubbock (#78), Laredo (#84), and El Paso (#87).
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Middle-Class Decline According to Pew Research:
- Pew Research indicates a decline in the percentage of adults in the middle class, dropping from 52% in 2016 to 50% recently. This decline has been consistent since 1971 when the middle class constituted 61% of U.S. adults.
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Factors Contributing to Plano's Middle-Class Prosperity:
- Plano's middle-class income is attributed, in part, to the presence of banking giants such as JP Morgan Chase, Capital One, and Bank of America. These companies, collectively employing almost 20,000 workers, significantly contribute to the city's economic prosperity.
- Plano boasts the lowest average home value among the top 10 cities, standing at $487,000, according to SmartAsset.
In summary, Plano's impressive middle-class ranking is influenced by a combination of high median salaries, a favorable salary range, and the presence of major financial institutions. This data not only reflects the city's economic strength but also underscores the challenges faced by the middle class on a national scale.
