The High Cost of the American Dream: Can We Afford It Anymore?

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The High Cost of the American Dream: Can We Afford It Anymore?

A while back, I tweeted about the minimum wage, which led me down a rabbit hole of research and reflection. What started as a simple question turned into a deep dive into the financial realities many Americans face today. I realized that the so-called "American Dream" might be more of a luxury than a standard aspiration.

💰 Minimum Wage vs. Cost of Living

Let’s start with the basics. The federal minimum wage is still stuck at $7.25 an hour. If you work full-time (40 hours a week), here’s what that really gets you:

  • Monthly Income: $1,160
  • Annual Income: $13,920

Now compare that to the 2024 federal poverty line, which is $14,580 for a single adult. Translation? Working full-time at minimum wage still leaves you officially in poverty.

Okay, but some states pay more, right? Sure. Here's a quick look:

State Minimum Wage Monthly Income Annual Income
California $16.00 $2,560 $30,720
New York $15.00 $2,400 $28,800
Texas $7.25 $1,160 $13,920
Florida $12.00 $1,920 $23,040

🏡 What the “Dream” Really Costs

Let’s talk about what the American Dream used to mean: a house, a couple of kids, a car or two, a decent vacation every now and then, and eventually, a retirement.

According to Investopedia (2024), the real price tag for that dream now looks like this:

  • Homeownership: $929,955
  • Raising two kids: $832,172
  • Retirement savings: $1.6 million
  • Weddings: $44,300
  • Cars (over 45 years): $811,440
  • Vacations (lifetime): $179,109
  • Pets (dog + cat): $36,626
  • Funeral expenses: $8,453

Total: $4.4 million

Now compare that to the average American’s lifetime earnings: about $2.8 million. So even if you do everything “right,” you're about $1.6 million short of the finish line.

Source: Investopedia

Final Thought

The numbers don’t lie. The American Dream? It’s damn near luxury pricing now. And most of us are just trying to survive the monthly bills, let alone live some fantasy with a white picket fence.

If this hit a nerve or made you think, cool. I'm not here for comment sections—I’m here to tell the truth.

👉 Follow the blog or hit the socials
I’m Brandon. No gimmicks. Just facts and frustration.

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