The middle class is a very big group. At the top is the upper-middle class, and determining if you fit into this category can be confusing. Discover More: How Much Money Is Needed To Be Considered ...

“For a lot of upper middle class buyers in expensive housing markets (California, D.C. suburbs, New York burbs), this wipes out a big deduction you probably relied on,” Lokenauth explained.

For upper middle class, the estimate ranges between $500,000 and $2 million, depending on age and assets—data cited by analysts like Financial Samurai, who aggregate from Federal Reserve studies ...

“For a lot of upper middle class buyers in expensive housing markets (California, D.C. suburbs, New York burbs), this wipes out a big deduction you probably relied on,” Lokenauth explained.