Investopedia’s research synthesized government data, industry statistics, and survey responses from over 1,200 U.S. adults to determine the foundational elements Americans associate with success. The “American Dream,” first popularized in 1931 by James Truslow Adams as the hope for a better, richer life for all, now comes with an unprecedented price tag.

The eight milestones most commonly cited as essential to the Dream and their respective 2025 costs are:

Retirement: $1,636,881Healthcare: $414,208 (a newly added category in this year’s report)Homeownership: $957,594Raising two children and paying for their college: $876,092New cars purchased every five years: $900,346Annual vacations: $180,621Pet ownership: $39,381Wedding: $38,200

Added together, the total lifetime cost to attain these milestones is approximately $5,043,323. By contrast, the average American with a bachelor’s degree will earn about $2.8 million over their career—less than half of what’s required to “live the dream” as defined by prevailing social norms. That means two college-educated people are mathematically strongly suggested to be prerequisites for achieving this benchmark.

Why costs are surging

The latest surge in the estimated cost of the American Dream is driven in part by the inclusion of healthcare—$414,208 over a lifetime—which was not tracked in previous years. Other categories have seen marked increases as well, such as homeownership and cars, reflecting inflation, rising mortgage rates, insurance premiums, and tuition hikes.

Retiring comfortably has become the single largest expense, up nearly $40,000 from last year’s figure, while the cost of raising two children and sending them to college has climbed by a similar margin. The price of owning and financing a home reached $957,594, as housing affordability remains a top concern for U.S. families.

Something weird’s going on

Investopedia’s analysis is just one piece of evidence added to the accumulating sense that, as Ritholtz Wealth Management’s Nick Maggiulli told Fortune in August, “something weird’s going on” in the economy right now. The upper middle class, in Maggiulli’s opinion, exactly the cohort striving toward the American Dream, is going through an “existential crisis,” he argued on his blog Of Dollars and Data. He told Fortune that he thinks it’s because “The economy wasn’t built to handle this many people with this much money.”

Maggiulli had written about the airport lounge as an example of the good life feeling just out of reach. Fortune talked to University of Connecticut professor emeritus Peter Turchin, who theorized that “elite overproduction” occurs when a society produces more people aspiring to elite status than there are actually elite positions to hold them. “The benefits that you get with wealth are now being diluted because there are just too many wealth holders,” he told Fortune in July, citing data that the top 10% of American society has gotten much wealthier over the past 40 years, especially the five-year surge since the pandemic. “There is a limited amount of space, but many more elites now, so to speak … low-rank elites.” 

By the numbers, though, the American Dream should be going strong. Over 1,000 people reached millionaire status per day last year, on average, according to the UBS Global Wealth Report. The U.S. also has the greatest number of USD millionaires in the world—more than France, the U.K., Germany, Canada, Japan, and Australia combined. It has given rise to what UBS called “the everyday millionaire,” individuals with assets between $1 million and $5 million.

Wealth gains have been concentrated, according to UBS: the top 20% of households held about 71% of U.S. wealth at the end of 2024, while the bottom half held just 2.5%, illustrating why the Dream may feel attainable for some but distant for many. The same story highlights how real estate appreciation, pensions/401(k)s, and securities have powered wealth growth for millions, reinforcing a two‑track reality in which the Dream persists mainly for those with substantial assets or access to market upside.

In other words, everyone wants the American Dream, at the same time. But if becoming a millionaire is an every-day kind of occurrence, then is it still really a dream?

Who can attain the dream?

The research from Investopedia also highlights a sobering reality: most adults will not come close to earning the required $5 million needed for these milestones. Even an everyday millionaire will be stretched. Dual-income families with at least one college graduate stand the best chance, but for single-earner or less-educated households, the dream feels increasingly out of reach.

Nevertheless, optimism persists. Nearly 70% of Americans surveyed expressed confidence that they will achieve or have achieved key milestones of the American Dream, even as financial barriers rise. This speaks to the resilience and adaptability of individual aspirations—many experts note that the Dream’s meaning is deeply personal and evolves with circumstance.

The report concludes by acknowledging its own limitations: while it quantifies average milestone costs, it does not factor in the feasibility for all American households. Many expenses are discretionary, and actual spending varies widely. Yet the analysis highlights how the rising cost of middle-class benchmarks outstrips typical earnings, challenging families to rethink, adapt, and redefine what success means in a changing America.

For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.