The American Dream has long been synonymous with the idea of upward mobility and achieving financial success. However, a new study conducted by researchers at Columbia University and the University of Bonn has found that the cost of achieving the American Dream has skyrocketed to $4.4 million over a lifetime.
The study analyzed data from the Panel Study of Income Dynamics, a long-term study that has been tracking the economic well-being of American families since 1968. Researchers looked at factors such as income, education, and homeownership to determine the cost of achieving the American Dream.
One key finding of the study is that the cost of the American Dream has increased significantly over the past few decades. In 1970, the cost of achieving the American Dream was $2 million, but by 2014, that number had more than doubled to $4.4 million.
The study also found that the cost of the American Dream varies depending on factors such as race, education, and family structure. For example, African American households face a higher cost of achieving the American Dream compared to white households, and households headed by individuals with a college degree have a lower cost compared to those with only a high school diploma.
Overall, the study highlights the growing challenges faced by Americans in achieving the American Dream, particularly for marginalized groups and those with lower levels of education. As the cost of achieving the American Dream continues to rise, policymakers and individuals alike will need to address these disparities and work towards creating a more equitable society.
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