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Saturday
Apr272013

Prom Costs Rise 5 Percent to National Average of $1,139

Hemera/Thinkstock(NEW YORK) -- The cost of going to prom -- the perfect dress or tuxedo, a limo, and pre-dance festivities -- has risen to a nationwide average of $1,139.

That figure represents a 5 percent increase from the $1,078 in 2012 that American families who have a teenager attending a prom spent on all aspects of the dance.

"The thing that stuck out the most is that this trend is continuing to grow," Nat Sillin, head of Visa's US Financial Education, told ABCNews.com. "Prom affects so many families in the country, and every teen has an experience, whatever it could be."

Visa surveyed an equal number of men and women, with a random sample of 3,000 live telephone interviews, according to Sillin. Of the 3,000 surveyed, "1,025 had a child going to prom," Sillin said.

According to the survey, there are large disparities in prom spending between regions. While the Northeastern families surveyed will spend the most, with an average of $1,528, those surveyed going to prom in the Midwest will only spend an average of $722.

"Statistics worth further investigating are the difference in spending in different incomes," Sillin said.

Visa found that the parents surveyed who fell within lower income brackets, earning less than $50,000 a year, planned to spend more than the national average with $1,245. Parents who earned more than $50,000 planned to spend an average of $1,129.

The survey also discovered that married parents planned to spend $770, while single parents would spend nearly double, with $1,563.

With the high cost of this special night in every high school student's career, Sillin stressed the need to budget and plan ahead for all the expenses associated with prom.

Copyright 2013 ABC News Radio