The days of just renting a tux or buying a dress for prom are over. The average high school prom is getting more expensive, much more expensive.
A new survey from Visa found that the average American family with teenagers plans to spend $1,078, for each child going to the prom. That's a 33-percent increase over the $807 spent last year.
The survey also found families in the lowest income bracket, those earning less than $20,000 a year, plan to spend even more, $1,200 per child. That's more than six-percent of their annual income.