Donald Trump pledged to "bring back the American Dream" at the Republican National Convention in July. At last week's Democratic National Convention, presidential nominee Kamala Harris saluted Americans "who work hard (and) chase their dreams."

But just how big do we need to dream now when it comes to our finances?

USA TODAY has put the "dream" in financial terms several times – even as recently as this spring. The GoBankingRates analysis determined the American Dream now costs more than $150,000 a year for a family of four, but that figure differs widely depending on where you live.

How much the American Dream can cost in every state

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USA TODAY dreamed a little bigger a decade ago when it did its own calculations. To be clear, it didn't involve his and her Lamborghinis or luxury vacations, but it was still well out of reach of the average American household income. The price tag then: $130,908 a year.

After three presidents, a pandemic and four-decade-high inflation, we decided to see just how much more expensive that same dream is today.

How much more expensive has the American Dream become?

That American Dream now costs 36% more, or an additional $47,000. The good news: The median household income has grown 46%, according to the U.S. Census Bureau.

The bad news: Only about 1 in 8 households earned enough 10 years ago to pay for the dream, according to Census Bureau estimates. That ratio hasn't significantly changed.

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Inflation rate drives cost 'essentials' higher

More than half of the higher costs stem from what we categorize as essentials. More on some of the biggest cost contributors, below.

Assumptions about the typical household

Does the American Dream still include a spouse and two kids? That’s one of the many assumptions we made a decade ago. Others: owning one car, living in a median-priced home, and buying health insurance through an employer.

In a few line items below, we've had to go a step further. We made assumptions about our writer's assumptions or based our estimates on the consumer price index changes. Overall, prices in the U.S. rose 32% since our story published on July 4, 2014.

Of course, not everything has seen its price rise by a third. In some cases, though, the differences are eye-opening when you consider these numbers are just 10 years old.

Housing interest rates and prices are biggest drivers among essentials

Housing costs represent the biggest portion of most of our budgets. They also represent almost a quarter of the increased cost of the American Dream in the past decade, or $25,104.

Not only are home prices at record highs, but 30-year mortgage rates are about 2.5 percentage points higher. One percentage point adds about $300 to the monthly payment on today's median-priced house, according to National Association of Realtors chief economist Lawrence Yun.

Health care costs and food prices add $5,500 a year

It also probably comes as no surprise that medical expenses are significantly higher. Milliman estimates health care costs jumped 32%, or $3,123, for a family of four during the decade. On the other end of the spectrum, clothing costs have risen less than 3%, according to the Bureau of Labor Statistics' consumer price index.

Food prices are up nearly 36% since 2014. Most of that increase occurred between 2021 and 2023 and remains a pain point for many Americans. That said, the USDA moderate cost grocery plan we compare rose just 19%. Perhaps they've swapped a few things out of their virtual shopping cart?

Family vacation and dinner out become more expensive extras

Maybe our vacation cost calculated by GoGo Charters is a slightly more extravagant than the one in 2014, but you'll probably want to get away as you get deeper into this list.

Again, the cost of this weeklong vacation isn't extravagant, but it's more than 73% higher than 10 years ago. Dining out is also nearly 50% higher, according to the Consumer Price Index's food away from home.

Tax bill rises with spending during the decade

The Institute on Taxation and Economic Policy estimates people in this income group will pay 28.8% in federal, state and local taxes this year. That's about a percentage point lower than 2014, but because our American dreamers need more income to pay for everything, they'll pay $7,663 more in taxes.

It's worth noting that even at this income level this fictitious family might still be shortchanging their retirement and their children's college education:

◾ Maximize retirement savings: It seems likely both parents would employed in some way if they pull in about $180,000 a year. If they were really planning for the future, both would be contributing the maximum to a 401(k) or SEP IRA. The extra $23,000 pre-tax contribution for a 401(k) would send the family's income over $200,000.

◾ Build up a 529 plan: Again, if we're dreaming here, wouldn't they contribute even more to a 529 plan for their children? The cost of public college tuition has grown 30%, according to U.S. News and World Report's annual survey. Even before room and board, four years cost about $50,000 today.

Of course, the American Dream isn't fully illustrated or realized by how much we make. That's another aspect USA TODAY explored earlier this year.

In that story, Charisse Jones points out: "Dreams, by their very definition, are aspirational with no assurance they can become reality. They shimmer in the distance, or in our imaginations.

"One person may feel they've missed the mark if they don't become a multimillionaire. For others, a comfortable home, a family and a little extra cash in the bank is more than enough."

The American Dream:It has always been elusive. Is it still worth fighting for?

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