How Much You Need To Earn To Be Rich In Charlotte: Report

CHARLOTTE, NC — A new report has crunched numbers to determine how much money you need to make to be considered “rich” in Charlotte. Business Insider looked at several factors in 42 of the countries largest cities to determine what income residents need to be considered above-middle-class.

About one in five americans is considered upper-income, meaning they earned at least twice the national median household income of $59,039 in 2016, according to the Pew Research Center. Business Insider says that overall in the U.S., you’d have to earn $118,080 to be rich.

But that isn’t true for many cities, including Charlotte, where that number is actually higher.

Charlotte, North Carolina

• Money it takes to be considered rich in Charlotte: $119,958
• Money it takes to be in the top 1 percent in North Carolina: $327,549
• Median income in Charlotte: $59,979
• Metro-area population: 2.5 million

Compared to Memphis, Tennessee, where residents must earn at least $99,618 to be rich, that might seem steep. But at least we’re not San Jose, California.

In San Jose, residents have to earn a whopping $220,080 or more to be considered rich.

Here are some other cities on the list:

New York City

• Income needed to be considered rich: $143,794
• Money it takes to be in the top 1 percent in New York: $517,557
• Median income in New York City: $71,897
• Metro-area population: 20.2 million

Seattle

• Income needed to be considered rich: $157,224
• Money it takes to be in the top 1 percent in Washington: $387,854
• Median income in Seattle: $78,612
• Metro-area population: 3.8 million

San Francisco

• Income needed to be considered rich: $193,354
• Money it takes to be in the top 1 percent in California: $453,772
• Median income in San Francisco: $96,677
• Metro-area population: 4.7 million

Click here to read the full report.

Patch reporter Dan Hampton contributed to this report.

Photo via Shutterstock