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The American Dream just hit a staggering new price tag

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The American Dream just hit a staggering new price tag

In what won’t feel like news to many Americans, a new report underscores that the affordability crisis is real—and getting worse.

It costs 4.1% more this year to achieve the eight hallmark life milestones that make up the prototypical American Dream, according to a report released Wednesday by Investopedia. Over the course of a lifetime, a household will now spend about $5.3 million to own a home, buy new cars, raise two kids and send them off to college, retire, pay for healthcare, throw a wedding, own pets and take an annual vacation, an analysis by the financial content site found.

While the costs associated with these sorts of life milestones differ from the day-to-day living costs reflected by monthly inflation reports, it shows that the American Dream is slipping further out of reach for many Americans. The latest figures from the Bureau of Labor Statistics show that private-sector wages and salaries rose 3.1% in the 12 months through June, though a more recent report from ADP shows that gross pay for private-sector workers rose 4.7% in September from a year ago.

Whether or not Americans’ paychecks are actually keeping pace with the cost of chasing the American Dream likely matters less than perceptions. S. adults feel that the American Dream is out of reach for most people now, while 26% of respondents in a Gallup poll conducted earlier this year said that the American Dream has failed entirely.



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