Report: Inflation Drives American Dream to $3.4M

Report: Inflation Drives American Dream to $3.4M

Report: Inflation Drives American Dream to $3.4M

The aggressive rise in inflation has driven the benchmark to achieve the “American dream” to $3,455,305, outpacing Americans’ average lifetime earnings by roughly one million dollars, according to a new report from Investopedia.

Caleb Silver, the editor in chief of Investopedia, told the Daily Mail that “While everyone’s idea of the so-called American dream is unique, the rising cost of everything a family might reasonably want and need to afford, like health insurance, owning a vehicle, buying a home, raising children and sending them to college, continues to put that dream further out of reach for most households.”

Among the top costs plaguing the dream is paying off a mortgage, which for the average home buyer will cost $796,998 — assuming a 10% down payment and a 30-year fixed rate of 7.2%. Other figures factoring into the calculation included raising two kids at $576,896, the average lifetime purchase of six cars at $271,330, paying for the kids’ college at $42,070, a wedding at $35,800, owning a pet for 15 years at $67,935, health insurance at $934,752, health insurance at $715,968, and finally a funeral cost of $7,848.

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