SALT LAKE CITY (KUTV) — A new report revealed the American Dream now costs families $5,000,000.
The report, released by Investopedia, states that it costs $5,000,000 over a lifetime to afford retirement, healthcare, a home, a wedding, two children (and college), new cars, pets, and family vacations.
Investopedia calculated the costs of these major life categories traditionally associated with the American Dream:
- Retirement: $1,636,881
- Healthcare: $414,208
- Homeownership: $957,594
- Having a wedding: $38,200
- Raising two children + college: $876,092
- Buying new cars: $900,346
- Owning pets: $39,381
The report states that to achieve the full lifetime cost associated with the components, you will need to be part of a college-educated, dual-income home…