What it would cost to live like the ‘Home Alone’ family today

On By Littum

Home Alone (1990)

20th Century Fox

The classic Christmas movie”Alone at home” tells the unlikely story of a family who leave their 8-year-old son at home when they go on vacation.

But in the years since the 1990 film was released, viewers have focused on another question — just how wealthy was the fictional McCallister family featured in the film?

The family orders 10 pizzas on the eve of their trip, lives in a house that can sleep 15 people (including extended family), and flies everyone to Paris for the Christmas holidays.

“They’re doing well and in a good place financially,” Cody Garrett, a certified financial planner and owner of Measure Twice Financial in Houston, said of the initial impression of McCallister’s circumstances.

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But the family may not be quite as wealthy as they seem, Garrett said.

To better understand the details of the McCallister family’s finances, Garrett recently did an in-depth analysis of the family’s finances from “Home Alone” and “Home Alone 2: Lost in New York,” which debuted in late 1992, and was hosted a webinar with about 25 financial planners to discuss financial planning opportunities that arise in the movies.

Both films were shot long before social media made it popular to display personal wealth online. Still, the lifestyle the McCallister family presents to the world isn’t necessarily an indication of their wealth, Garrett said.

“There are a lot of things that show they spent a lot of money or at least financed a lavish lifestyle for the public,” Garrett said. “But inside their own home, they might actually be a little afraid of money.”

What the McCallister lifestyle would be worth now

The Home Alone Experience created by Disney+ opens in London and offers an immersive experience inspired by the Christmas movie with recreations of the McCallister family home.

David Parry Media Assignments | PA cord | AP

What looked opulent more than 30 years ago when the first two films were shot is now even more luxurious today, thanks in large part to the effects of inflation.

The actual five-bedroom, six-bathroom home in Winnetka, Illinois, where the movie was shot was listed for $5.25 million this spring. Today, it’s still under contract, and a final sale price won’t be known until the deal closes, according to Zillow spokesman Matt Kreamer.

Buying the $5.25 million home today would cost approximately $34,000 a month with principal, interest and property taxes, according to Kreamer. That’s with 20% down and a 7% mortgage rate.

To comfortably afford the home, you’d need $100,000 a month in income, assuming you meet an affordability threshold of not spending more than a third of your income on housing costs, Kreamer said.

“It’s a pretty spectacular house, and certainly one of the more famous movie homes that people can instantly recognize,” Kreamer said.

In 1990, when the first movie debuted, the home probably would have been worth a little less than $1 million, Kreamer estimates, which is still high for the time.

Still, the home doesn’t necessarily point to a high net worth for the McCallister film family.

“I wouldn’t be surprised if they don’t have a lot of equity in their house,” Garrett said, given the couple’s life stage and circumstances.

In the films, the McCallisters also drive what at the time were relatively new cars—a 1986 Buick Electra Estate Wagon and a 1990 Buick LeSabre—each of which Garrett estimates would be valued at $40,000 in today’s dollars.

While the family is eager to show off their wealth — including mom Kate, who pays cash for the $122.50 pizza bill while also offering a generous tip — they’re frugal when it comes to the things people don’t see, Garrett said .

How the family talks about money can sometimes point to a scarcity mindset, he said. For example, Kate mentions that she doesn’t want to waste the family’s milk before they go on vacation.

The family lifestyle is not paid for alone. Peter’s brother, Rob, is actually paying for the Paris trip for the family. That plane ticket would cost about $55,650 today, GoBankingRates recently estimatedwith first class tickets on these Christmas travel dates costing $8,528 each.

But the McCallisters could get the flights for an average of about $25,000, Garrett said, based on his recent flight searches. It would still be a significant cost for most families.

What financial planning lessons are hidden in the movie

Many important details about Kate and Peter McCallister’s finances have not been revealed, including what they do for a living.

Nevertheless, the financial planners who assessed the family’s circumstances saw some gaps that could be addressed with planning.

At the top of their wish list: proper insurance coverage.

Because Kate and Peter McCallister have five children, according to Garrett, having enough life and disability insurance should be a top priority should they die or become unable to work.

The film — which includes many slips and falls in the family home as 8-year-old Kevin tries to fend off a pair of robbers — also signals a need for umbrella insurance in case the McCallisters are found liable for any injuries or damages that occur.

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Kate and Peter — who forget or lose their son Kevin in both of the first two “Home Alone” movies — would also be wise to make proper estate planning arrangements in the event they can no longer support or care for their children. That includes having wills, powers of attorney, advance directives, beneficiary designations, trusts and proper account designations all up to date.

The couple should name physical and financial guardians who can take care of the children. They can also establish a guardian in advance for the children who can step in if the parents are unable to care for them themselves for a short period of time, said Aubrey Williams, financial planner at Open Path Financial in Santa Barbara, Calif.

“If the parents aren’t there to take care of the kids, there’s a possibility that kids, even for a short time, will become a ward of the state because there’s no one to take care of them,” Williams said.

Correction: This article has been updated to correct the spelling of LeSabre.