If you are like most Americans, the cost of living has been going up much faster than your income has been. Right now, millions of Americans that were once prospering are now deeply struggling. When I was growing up, most of the population could afford to live “the American Dream”, but now that is no longer true. At this point, the basics of a middle class lifestyle are out of reach for most Americans. Poverty and homelessness are steadily rising, and the economy has become the number one issue during this election cycle. Most of us just want things to go back to the way that they once were, but thanks to the very foolish decisions of our leaders that simply is not possible.
According to a brand new report that was just released, it now takes over $100,000 a year for the typical family to live “the American Dream” in all 50 states, and in 29 of those states it actually takes over $150,000 a year…
A household would have to spend more than $150,000 a year to live the dream in 29 of the 50 states, according to an analysis published in April by the personal finance site GOBankingRates.
According to the report, the optimal American lifestyle would cost $137,842 a year in Ohio, $147,535 in Texas, $159,932 in Florida, $194,067 in New York and $245,723 in California.
I had no idea that the cost of living “the American Dream” had gotten that high.
Illinois was ranked 26th on that list, and so it provides a pretty good snapshot of what the average U.S. household is facing right now…
- Median home price: $255,278
- Annual childcare costs: $24,174
- Annual mortgage costs: $21,401
- Car costs: $8,709
- Grocery costs: $8,143
- Healthcare costs: $7,021
- Utilities costs: $5,278
- Education costs: $2,475
- Pet costs: $1,170
- Total annual costs: $78,369
- Full cost of the American Dream: $156,739
Did your household bring in at least $150,000 last year?
Did your household bring in at least $150,000 last year?
If not, living “the American Dream” would not be possible for you in most states.
Needless to say, the vast majority of U.S. households are not bringing in that kind of income.
Last December, Investopedia issued a report that concluded that it now takes 3.4 million dollars to live “the American Dream” for an entire lifetime…
Another report, released in December by the financial media site Investopedia, estimates what the American Dream costs across an entire lifetime: $3.4 million.
That is a staggering sum, Investopedia observes, considering what the average American earns in a lifetime: about $2.3 million.
Housing costs are the number one reason why “the American Dream” is now out of reach for most of the U.S. population.
PERCEPTION RESET 