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Donald Trump pledged to “bring back the American Dream” at the Republican National Convention in July. At last week’s Democratic National Convention, presidential nominee Kamala Harris saluted Americans “who work hard (and) chase their dreams.”But just how big do we need to dream now when it comes to our finances?USA TODAY has put the “dream” in financial terms several times – even as recently as this spring. The GoBankingRates analysis determined the American Dream now costs more than $150,000 a year for a family of four, but that figure differs widely depending on where you live.How much the American Dream can cost in every stateUnable to view our graphics? Click here to see them.USA TODAY dreamed a little bigger a decade ago when it did its own calculations. To be clear, it didn’t involve his and her Lamborghinis or luxury vacations, but it was still well out of reach of the average American household income. The price tag then: $130,908 a year.After three presidents, a pandemic and four-decade-high inflation, we decided to see just how much more expensive that same dream is today.How much more expensive has the American Dream become?That American Dream now costs 36% more, or an additional $47,000. The good news: The median household income has grown 46%, according to the U.S. Census Bureau.The bad news: Only about 1 in 8 households earned enough 10 years ago to pay for the dream, according to Census Bureau estimates. That ratio hasn’t significantly changed.Your wallet, explained. Sign up for USA TODAY’s Daily Money newsletter.Inflation rate drives cost ‘essentials’ higherMore than half of the higher costs stem from what we categorize as essentials. More …
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