Living the American Dream is a desire for many people, but it's becoming increasingly expensive and difficult to achieve, according to recent research. An analysis by GoBankingRates reveals that to achieve the dream in 29 states, a household would need to spend over $150,000 annually. The dream is defined as getting married, raising two kids, owning a home, a car and a pet.
Hawaii is the most expensive state to live the American Dream, costing $260,734 a year, while Mississippi is the least expensive, costing $109,516. Illinois ranks in the middle, being the 26th least expensive of the 50 states, with a total annual cost of $78,369 and a full cost of the American Dream amounting to $156,739. According to a report from Investopedia, over a lifetime, the American Dream would cost $3.4 million.
This is a lot more than the $2.3 million that the average American earns over a lifetime. The breakdown of the $3.4 million includes lifetime costs of health insurance, home costs, plus mortgage interest, the cost of raising two children, lifetime car costs, lifetime costs of pet care, college costs, wedding and engagement costs, the cost of two baby deliveries, retirement costs, and funeral costs.