Since President Donald Trump began his second term in 2025, the U.S. economy has seen some changes. According to the The Economist, GDP grew 1.4% in the fourth quarter, and the stock market has seen gains as well. However, inflation still sits at 3%, while the unemployment rate is 4.3%.
With financial changes come lifestyle changes, and the American upper-middle class has likely seen some changes. Here’s how experts describe what the upper-middle class in the U.S. looks like today.
It Takes More Income To Be Upper-Middle Class
In mid-2024, GOBankingRates reported that households making $106,092 to $149,160 were considered upper-middle class. Just months later in early 2025, Trump started his second term. And since then, some U.S. residents who used to be thought of as upper-middle class may have shifted down.
Cody Schuiteboer, president and CEO of Best Interest Financial, said inflation, housing prices and shifting wealth metrics have caused this change. “The former upper-middle-class status, with a household income of $100,000-$200,000 does not carry the same financial safety and purchasing power as it did two years ago,” he said.
In early 2026, GOBankingRates reported that in most locations across the country, a household income of $117,000 to $150,000 would likely put one among the upper-middle class.
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Upper-Middle Class Doesn’t Always Mean Homeownership
In Schuiteboer’s line of work, he’s seen up close how the past year has affected the upper-middle class’s ability to buy a home.
“I have directly experienced this transformation through my conduit with clientele in the mortgage industry. A household making $180,000 that, in the very near future, would have been able to purchase a $600,000 home, now cannot afford a $500,000 home because of the mortgage crisis, with interest rates at 7%, up from 6.5% two years ago,” he said. “These are high-performing professionals who are feeling the financial pain of having to work less economically because the performance demands to retain an upper-class status have become significantly more expensive.”
Conversely, Homeownership Does Not Equal Wealth
That being said, homeownership is not the only indicator of wealth level. Tyler Denk, the CEO at beehiiv, said this past year has solidified new wealth indicators.
“Homeownership, travel and private education were formerly cited as indicators of social class,” Denk explained. “Asset positioning is what really defines it beyond 2024. Those with rising assets, little leverage and investments resistant to inflation are making progress, while those with similar salaries but more debt are falling farther behind.”
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: How the Definition of Upper-Middle Class Has Changed Since the Start of Trump’s Second Term
