The American Dream now costs $3,455,305

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The American Dream now costs $3,455,305.The estimated lifetime cost of achieving the American Dream has reached $3,455,305, encompassing major milestones such as marriage, two children, homeownership, healthcare, cars, and education.Raising two children to the age of 18 now costs over half a million dollars, totaling $576,896.The average lifetime cost of owning a home, including a mortgage with a 10% down payment and a 30-year fixed rate of 7.2%, is approximately $796,998, based on Investopedia's analysis.For those who follow the traditional American Dream path of marriage and two children, the average cost of a wedding and engagement ring is around $35,800, as of 2022, according to The Knot.Starting a family entails even greater expenses, from hospital bills to college tuition. The out-of-pocket cost for a hospital birth for two children, for those with a large group health plan, averages $5,708. The total cost of raising two children to age 18 exceeds half a million dollars.Sending two children to an in-state college for one year, including room and board, costs approximately $42,070.Homeownership is a key component of the American Dream. However, rising mortgage rates, reaching 7.79% in October 2023, the highest since 2000, have impacted home sales, which fell to a 13-year low in the same month due to many buyers being priced out of the market.The estimated lifetime cost of purchasing cars for you and your family is about $271,330 for 10 purchases of six-year-old used cars, bought every six years from ages 16 to 80.For retirement, experts recommend sa