The middle class made up the majority of the American economy a generation ago. Today, that’s changed, but Utah has bucked the trend consistently, according to a new report from the Utah Foundation.
The Utah foundation report considers a strong middle class important for social cohesion. The idea is a society of haves and have-nots with few people in between is a recipe for trouble.
Utah Foundation President Peter Reichard says a majority of Utahns still live in middle class households.
“By the latest numbers our middle class households stand at about 54 percent of the total and the national average is 47 percent,” Reichard said.
That is the largest percentage in the nation, with neighboring states Wyoming and Idaho being next with 52 percent in the middle class.
Reichard said Utah’s growth might push people out of the middle income category as the cost of living goes up, a problem happening most notably in the housing market.
“The supply of for sale properties right now is the lowest in the nation at a time when it’s extremely low nationally,” Reichard said.View Article