Report: Most New Yorkers May Never Afford the American Dream

A new report sadly shows the "American Dream" is unattainable for most living in New York and the Hudson Valley.

The American Dream has never been cheap, but a new report puts an actual price tag on it, and the number is staggering.

The American Dream Now Costs $5.3 Million

a green and white street sign that says follow that dream

The American Dream now costs over $5 million. A new report from Investopedia gives the lifetime cost of the eight pieces of the American Dream, which includes things like home ownership, family vacations, and parenthood.

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Federal data shows the American dream is rising faster than paychecks.

Investopedia calculates that achieving the traditional American Dream now costs an estimated $5.32 million over a lifetime, a 4.1 percent increase from last year that is outpacing wage growth and far exceeding what most workers will ever earn.

The eight milestones factored into that number are homeownership, retirement savings, raising two children and paying for their college, buying new cars over the years, healthcare, a wedding, pets, and annual family vacations.

Two wooden lounge chairs on a white sand beach under palm trees

According to the study, dreams of homeownership, owning new cars, and retirement come with a lifetime cost of over $1 million each, while the cost to raise two children comes in at nearly $1 million.

Experts say other dreams like taking annual vacations now cost $187,000, owning pets cost $41,000, and hosting a wedding will run around $40,000.

Here's What It Costs In New York And The Hudson Valley

A modern brick house with a large green lawn

Sadly, it's even more expensive if you live in New York (Writer's note: Like most things in the Empire State)

Nationally, costs range from about $4.5 million in Mississippi to $7.9 million in Washington, D.C.

New York lands among the eight most expensive states, coming in at over $6 million, driven heavily by housing, childcare, and higher education costs.

Officials do note housing is what drives the price the most. Typically, the further north you go in New York, the lower the price for a home.