According to Visa’s annual survey, this year’s prom will set back parents and teens an average of $978.
The price may sound extreme, but it’s actually down 14 percent from 2013 when the average price came in at $1,139. While spending $1,000 on one night can leave you with sticker shock, the price covers everything from the dress and accessories, primping, limousines, tuxedo rentals, and the prom ticket.
Perhaps the good news (if you’re a parent) is that on average teens cover 44 percent of the costs using money they’ve saved. Dads tend to spend nearly twice as much as moms, shelling out approximately $1,357 versus $673. The data also suggests parents get thriftier as they age since those over 40 only spent $842 compared to parents under 40 who spent $1,047.
Western families spend most on the prom, paying an average of $1,125 and Midwestern families spend the least averaging $835.