In a country where the median household income is roughly $51,000, that’s a dream well out of reach for most people.
A new analysis shows that only 1 in 8 families could afford the cost of living what’s commonly known as the American Dream in 2014.
Inspired by the new book ‘Chasing the American Dream,’ about the cost of the financial crisis, housing bubble, and Great Recession, reporters at USA Today calculated the cost of all those elements that make up the American Dream.
For the project they included the costs of home ownership, moderate-cost groceries, a car, health insurance, taxes, educational expenses for your children, and retirement planning.
They reached an average total of $130,357 per year in household income.