Living the American Dream is the ultimate goal for many folks, but it’s getting so expensive, most of us can’t afford it, new research reveals. According to a new analysis by GoBankingRates, a household would have to pay more than $150-thousand a year to achieve the dream in 29 states. So what does that money get you?
- Pretty much just the basics. GoBankingRates defines the American Dream as getting married, raising two kids, owning a home, a car and a pet.
- Hawaii is the most expensive state, where it will cost $260,734 a year to live the American Dream, while Mississippi is the least expensive and it’ll run you $109,516.
- Illinois is right in the middle, the 26th least expensive of the 50 states. Here’s how the costs break down there:
- Median home price: $255,278
- Annual childcare costs: $24,174
- Annual mortgage costs: $21,401
- Car costs: $8,709
- Grocery costs: $8,143
- Healthcare costs: $7,021
- Utilities costs: $5,278
- Education costs: $2,475
- Pet costs: $1,170
- Total annual costs: $78,369
- Full cost of the American Dream: $156,739
According to a report from Investopedia, over a lifetime, the American Dream will cost you $3.4 million. That’s a lot more than the $2.3-million they say the average American earns in a lifetime. Here’s their breakdown of what that $3.4-million pays for:
- Lifetime costs of health insurance: $934,752
- Average home cost, plus mortgage interest: $796,998
- Cost of raising two children: $576,896
- Lifetime car costs: $271,330
- Lifetime costs of pet care: $67,935
- College costs: $42,070
- Wedding and engagement costs: $35,800
- Cost of two baby deliveries: $5,708
- Retirement costs: $715,968
- Funeral costs: $7,848
Source: USA Today