1 week Ago By Georgia Worrell
It costs an arm and a leg to live in the land of the free. The price of the American Dream now stands at $4.4 million — a mind-boggling $1 million more than what it cost just a year ago and $1 million more than what most individuals earn in a lifetime, according to Investopedia .
The staggering sum is the estimated total cost for typical milestones — a wedding, raising two kids and paying for college, and buying cars and a house. It cost $3.4 million in 2023 , the investment site estimated.
“Prices continue to increase for things that people reasonably consider to be part of the American Dream,” chief editor Caleb Silver said of the rising price. Inflation, which has surged 21% under the Biden-Harris Administration, is at least partly to blame, Silver said. In 2024, the average American would need $44,300 to stage a wedding, nearly $10,000 and 24% more than last year’s $35,800.
A family buying eight new cars over about 45 years will spend $811,440 — which is $500,000 more and over 200% over 2023’s estimate of $271,330 for a family buying 10 used cars over 62 years. The cost of purchasing and financing a home is up to $929,955, around $130,000 and 17% more than last year’s $715,968 estimate, the outlet found. The cost of raising two children over the span 18 years jumped to $832,172 — 44% higher than $576,896 in 2023.
This factors in sending both kids to four-year universities. Taking care of a cat and a dog would run the average American $36,626; a funeral, $8,453; and a lifetime of annual vacations, $179,109, according to the 2024 report. Critics were quick to blame the Biden-Harris administration for the depressing news.
“Joe Biden and Kamala Harris are single-handedly responsible for destroying the American Dream, and yet they expect us to believe the economy is going great, even though everyone we know is working longer and harder just so they can afford to get by,” said Rep. Jefferson Van Drew (R-NJ). City Councilman Joe Borelli (R-Staten Island) agreed: “This is just another statistic that lends itself to the notion that the Biden-Harris inflation crisis is hitting Americans where it hurts.
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and how purchasing power has diminished, whether it be for everyday commodities or for long term savings.” The biggest financial hurdle Americans now face is being able to sock away enough for retirement – 20 years of which would run an eye-popping $1.6 million, Investopedia estimated.
And the news is even worse for New Yorkers, who have a higher cost of living than most Americans. The median listed home price in Manhattan is $1.5 million, according to Realtor.
com – 61% higher than the national average. The average bill for a Big Apple wedding was $63,000 last year, according to the matrimony planning website The Knot, almost $20,000 over Investopedia’s national estimate. Additional reporting by Jon Levine.
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