"Some families that were middle class in 2020 may no longer be in that category," Consumer Affairs said.
TYLER, Texas — "The middle class is shrinking."
It's a phrase you're sure to have heard over the past few years and a new study seems to bring truth to that statement.
According to Consumer Affairs, Truflation head of product Oliver Rust, says the number of families that identify as middle class has remained stable over the past 10 years. However, more recently, those families have struggled with rising debt and financial insecurity.
"Some families that were middle class in 2020 may no longer be in that category," Consumer Affairs said.
Consumer Affairs used an income calculator from the Pew Research Center that can determine what class a family of four is in. Based off 2018 information, they then entered that into an inflation calculator form the Bureau of Labor Statistics.
According to their study, to be considered middle class in Texas, a family of four must earn $66,597 -- which ranks 30th among all states.
To put that into perspective for East Texans, increased fuel and food prices have forced Meals on Wheels East Texasto create a waitlist for its senior citizen clients for the first time since 2011. The nonprofit currently has a waitlist of 450 people and counting.
