Cost of the American Dream: $3.4M

From getting married, to having kids, to saving for retirement, the American dream is increasingly out of reach—costing about $3.4 million over the course of a lifetime, or double the median lifetime earnings of the typical US worker, according to a new analysis. Financial site Investopedia calculated the lifetime costs of 10 common American dream milestones including owning a home and car, getting married, and raising two children, per Business Insider. The cost of owning a home through a 10% down payment and 30-year fixed loan at 7.2% interest is calculated at $796,998, not including taxes and lender charges. The cost of owning a used car over 60 years (10 separate cars lasting six years each) is $271,330.

The cost of raising two children to the age of 18 is $576,896. That excludes the cost of giving birth in a hospital ($5,708 in out-of-pocket expenses for those enrolled in large group health plans) and putting both kids through one year of a four-year, in-state college program ($42,070, including room and board). Health insurance is another huge expense, with $934,752 in average family premium costs, representing 39 years of current annual costs for individuals aged 26 to 65. Then there's the $35,800 average cost of a wedding and engagement ring and the $715,968 expense that is retirement—representing 80% of 2022 median household income across 12 years, the average life expectancy past the age of 65—and the $7,848 average cost of a funeral and burial.

Having a dog and a cat can mean $67,935 in added expenses over a lifetime, if both those pets live to the age of 15, according to Investopedia. It notes the costs calculated are "not a reflection of all costs associated with life in the United States today, and may include elements some may not choose for themselves, as well as exclude elements that may be necessary for some." Investopedia says "the average lifetime earnings of Americans across all education levels is approximately $2.3 million." The median lifetime earnings for the typical US worker is around $1.7 million, according to research cited by CBS News. The outlet notes the analysis "underscores why single-earner households are more likely to struggle financially than those with two working adults." (More American dream stories.)