Living the American Dream is getting even more out of reach for many Americans. New research reveals the price of achieving it has shot up more than a million dollars over what it cost just a year ago and it now stands at $4.4-million. And that’s $1-million more than what most people earn in a lifetime, according to Investopedia.
But what do you get for that $4.4-million? It’s the estimated total cost for regular milestones in life, including a wedding, raising two kids and paying for college, buying cars and a house. Last year, the cost was still high at $3.4-million, but it’s skyrocketed over the last 12 months. Investopedia chief editor Caleb Silver explains, “Prices continue to increase for things people reasonably consider to be part of the American Dream.”
Here’s how that $4.4-million cost breaks down for the American Dream in 2024:
- New cars - Buying eight new cars over about 45 years comes to $811,440.
- Weddings - The average American would spend about $44,300 to stage a wedding today.
- Kids - The cost of raising two kids over 18 years is estimated to be $832,172, including the cost of sending both of them to four-year colleges.
- Homes - To buy and finance a home in 2024, a family is looking at up to $929,955.
- Pets - Cats and dogs will set you back another $36,626
- Annual vacations - Taking a trip once a year will cost around $179,109 over the years.
- Funerals - No one wants to think about this one, but the estimated cost in the study is $8,453.
- Retirement - What’s the American Dream without retirement? It’s estimated to cost a whopping $1,599,995 now.
- Add it all up and you’re looking at a grand total of $4,442,050.
Source: NY Post
Talk Back:
- Who’s spending $100-thousand each on eight new cars in their lifetime?
- Some of these estimates even seem a bit low!
- Maybe the American Dream needs some cut backs?