The Cost Of Today’s American Dream
The cost of the American Dream may surprise you and it may be a number that seems way too high. Not only is the number very high it has gone up $1 million in the past year. In 2023 the cost of the American Dream was $3.4 million and now it is $4.4 million.
The research is done by Investopedia and they looked the estimated total cost for regular milestones in life, including a wedding, raising two kids and paying for college, buying cars and a house. Obviously the American Dream is different for everyone, but this is what they came up with.
Here is what the site says about the term, “The phrase ‘American Dream’ means different things for everyone. Our analysis covers the costs of some aspects frequently associated with the American Dream and the reality of these costs for Americans today. It is not a reflection of all costs associated with life in the U.S. today. It may include elements some individuals wouldn’t choose for themselves, as well as exclude elements that may be necessary for others.
The Cost Of The American Dream
You will need $4.4-million according to this study 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 for 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 cost $36,626.
- Annual vacations – Taking a trip once a year will cost around $179,109 over the years.
- Funerals – The estimated cost in the study is $8,453.
- Retirement – It’s estimated to cost $1,599,995 now.
