If you want to live the American Dream, GOBankingRates can you tell you where it’s a reality. A new study highlights the True Cost of the American Dream in Every State.
Based on that report it looks like you will need at least $107,913 to live the life most Americans aspire. To get there, however, you might find yourself in the south.
The study ranks South Carolina as the 8th cheapest place to go if you want the American Dream.
Here’s how the annual costs associated with life in the Palmetto State break down:
- grocery cost: $11,910.04
- pet care cost: $834.40
- car cost: $8,315
- healthcare cost: $5,920
- utility cost: $5,608
- education cost: $2,583
- child care cost: $13,013
- mortgage cost: $13,116
- annual costs: $61,299.39
The true cost of the American dream in South Carolina, according to the study is $122,599.
In addition to South Carolina ranking in the Top 10 for the American Dream, Mississippi is the cheapest place to afford the American Dream, the study reports. It comes in at #1. The true cost of the American Dream there is $107,913.
Hawaii is listed as the most expense state to live the American Dream. The study says you need $206,775 to live comfortably there.
Researchers defined the American dream as a married couple with two children, a pet, a house and a car.
The study analyzed the annual costs to maintain those things — along with other necessities such as utilities and healthcare — and came up with a final cost needed to achieve the American dream in every state.
GOBankingRates used the live comfortably 50-30-20 rules because living the American dream would include 30% luxury and 20% savings on top.
To view the state rankings, click here.
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