The American Dream is something that many families aspire to achieve. Every person’s idea of the vision varies, but it often includes owning a home and achieving financial goals. It’s easy to believe that the current economic headwinds make achieving the ideal impossible.
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However, a poll from Pew Research shows differently, as the organization found that 53% of Americans said the dream is still achievable. Find out below how to achieve the American Dream and which states make it easy on your budget.
How To Achieve the American Dream
Key to making the American Dream a reality is living in a low-cost-of-living state. For example, you may want to consider a location where housing is available at a price below the median price of a home, as reported by Yahoo Finance, which is $410,000. That price is ten times higher than it was 50 years ago, so it takes due diligence to identify the right location.
Housing isn’t the only cost to keep in mind. Homeowners insurance is another expense Americans must consider, largely due to the impact of climate change. The average premium increased 8.7% faster than the rate of inflation in 2018 to 2022, according to the U.S. Department of the Treasury. Some ZIP Codes may be markedly higher, depending on their exposure to climate-related events.
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Location, Location, Location
Where you live directly impacts your capacity to achieve the American Dream, as it can affect costs like groceries, childcare, utilities and more.
A study sent via email from DST Gaming shows the top ten states where the American Dream remains within a typical budget, based on median family income, the cost to achieve it and the cost as a percentage of income. The study based its results on various factors, including housing-related costs, transportation and food expenses. Here are the ten states where attaining the American dream is still within reach.
Iowa
- Median family income: $83,592
- American dream cost: $60,786.44
- American dream cost (% of income): 72.72%
North Dakota
- Median family income: $89,505
- American dream cost: $67,546.65
- American dream cost (% of income): 75.47%
South Dakota
- Median family income: $83,730
- American dream cost: $63,887.93
- American dream cost (% of income): 76.30%
Kansas
- Median family income: $82,685
- American dream cost: $64,430.67
- American dream cost (% of income): 77.92%
New Hampshire
- Median family income: $99,807
- American dream cost: $80,229.21
- American dream cost (% of income): 80.38%
Virginia
- Median family income: $95,482
- American dream cost: $77,750.30
- American dream cost (% of income): 81.43%
Michigan
- Median family income: $77,600
- American dream cost: $63,356.75
- American dream cost (% of income): 81.65%
Idaho
- Median family income: $78,980
- American dream cost: $65,108.59
- American dream cost (% of income): 82.44%
Nebraska
- Median family income: $83,412
- American dream cost: $68,918.66
- American dream cost (% of income): 82.62%
Wisconsin
- Median family income: $82,346
- American dream cost: $68,044.50
- American dream cost (% of income): 82.63%
Ultimately, attaining the American Dream is still possible, but where you live can directly improve your chances.
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This article originally appeared on GOBankingRates.com: 10 States Where Achieving the American Dream Is Still in Your Budget
