‘American Dream’ Out of Reach for Most Americans

GOBankingRates analyzed the current cost of the American Dream in all 50 states.

The group defined the American Dream as a married couple with two children, owning a home, a car, and a pet.

From there, each U.S. state was assessed based on its grocery costs, pet care costs, mortgage rates, healthcare costs, utilities, education costs, and child care.

“All annual costs were added up to represent 50% of a household’s income and doubled to account for 30% of discretionary spending and 20% for savings,” GOBankingRates explained.

In all 50 states, the American Dream costs more than $100,000 to achieve. In 29 of the 50 states, it takes $150,000 to achieve.

The most expensive state to live the American Dream is Hawaii, where it costs $260,734.

The other leading expensive states within which to achieve the American Dream are California ($245,723), Massachusetts ($242,982), and Washington ($209,416).

Mississippi is the cheapest state to obtain the American Dream, costing $109,516, followed by Arkansas ($116,511) and Kentucky ($116,815).

Last year, Investopedia concluded that the American Dream costs $3.4 million over a lifetime.

According to the financial site, the average lifetime earnings for Americans of all education levels is $2.3 million, more than $1 million short of what the American Dream costs.