The “American Dream” costs about $3.4 million to achieve over the course of a lifetime, from getting married to saving for retirement, according to a recent analysis from financial site Investopedia.
Meanwhile, median lifetime earnings for the typical U.S. worker stand at $1.7 million, earlier research from the Georgetown University has found.
Such figures underline the financial pressures that many families face trying to afford a middle-class life as expenses like child care, college tuition and buying a home continue to climb. The Investopedia analysis tallies the average cost of achieving other aspects traditionally associated with the American Dream, such as owning a house and raising two children to age 18.
Another analysis, from USA Today, found that funding the American Dream costs about $130,000 a year for a family of four. Median household income stands at about $74,450, according to the Census Bureau.
One key facet of the American Dream is that it is supposed to be available to all. That never meant everyone would achieve it, particularly as Americans often emphasize individual hard work and taking advantage of opportunities. But, it should be reachable in a society where many Americans value and see themselves as middle-class.
Perhaps this is why there is a market or demand for particular experiences that provide part of the American Dream or a taste of it. One traditional marker of the American Dream in the United States is owning a home. This is displayed on TV, illustrated in toys, and promoted by presidents. If people can just own a home, they have a strong case to make for attaining the American Dream. Or, consider the freedom of driving down the road in your vehicle to wherever you want. This experience offers a taste of the larger American Dream.
If large numbers of Americans cannot obtain the American Dream now and in the coming years, this could mean the Dream becomes redefined. Maybe it will have different elements. Or, perhaps it will be more commonly viewed as attainable only by some. It could be a status symbol of the elite. Or, new policies and conditions could renew aid and efforts toward achieving the American Dream. Politicians could run on this idea while grassroots movements could promote it.
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