More Americans are breaking into the upper middle class, but for those left behind, the dream of homeownership may be slipping out of reach.
About 31% of U.S. households earn enough to be considered upper middle class, up from just 10% in 1979, making it the nation’s largest economic group, according to research from the American Enterprise Institute, a nonpartisan think tank.
Meanwhile, the share of Americans considered core middle class shrank just below 31%, down from 33% in 2001 and 36% in 1979. The population shares for those considered lower middle class and poor also shrank, indicating a broad trend toward upward mobility.