Each year, Visa does a survey to see how much it costs for high-school students to go to the prom.

This year, the average cost is $1,139. That includes the tickets, dress or tuxedo, dinner, and limousine.

The average cost is 5% higher than last year, which makes it two years in a row that prom expenses have risen faster than inflation.

Parents cover 59% of their kids' prom expenses.

Families who make less money actually end up spending more on prom than families who are in better financial shape. Households earning less than $50,000 per year will spend $1,245 on prom, while families earning more will spend about $100 less.

Single parents spend an average of $1,563 on prom, more than double what married couples spend.

Read more: PR Newswire