This is how much the 'American Dream' costs in Pennsylvania, New Jersey and Delaware
Philadelphia skyline
PENNSYLVANIA - The "American Dream" is a term we've heard a million times, but what does it mean, and can you actually afford it?
"A married couple with two children, owning a home for four along with a car and a pet."
That's how GoRankingRates defined the "true American dream" in a study ranking each state based on these annual costs: groceries, pet care, mortgage, healthcare costs, utilities, education and child care.
New Jersey ended up as the 5th most expensive state with a $207,462 annual cost to achieve the "American Dream."
Here's the breakdown:
- True cost of the American dream: $207,462
- Total annual cost: $103,731
- Grocery cost per year: $8,525
- Pet care costs: $1,447
- Annual car costs: $8,698
- Median home price: $519,941
- Annual mortgage: $44,368
- Healthcare annual costs: $7,338
- Utilities annual costs: $6,451
- Education annual costs: $3,060
- Child care annual costs: $23,843
Pennsylvania ranked No. 22:
- True cost of the American dream: $151,512
- Total annual cost: $75,756
- Grocery cost per year: $8,267
- Pet care costs: $1,214
- Annual car costs: $8,716
- Median home price: $256,822
- Annual mortgage: $20,015
- Healthcare annual costs: $6,969
- Utilities annual costs: $6,392
- Education annual costs: $2,569
- Child care annual costs: $21,614
While Delaware was named least expensive in the Delaware Valley at No. 28:
- True cost of the American dream: $160,494
- Total annual cost: $80,247
- Grocery cost per year: $8,475
- Pet care costs: $1,284
- Annual car costs: $8,715
- Median home price: $371,763
- Annual mortgage: $25,701
- Healthcare annual costs: $7,626
- Utilities annual costs: $5,832
- Education annual costs: $2,717
- Child care annual costs: $19,897
You can see how much the American Dream costs in each state in GOBankingRates' full study.