A recent Wall Street Journal/NORC poll has revealed that for many Americans, the traditional “American Dream” of homeownership, family stability, and a comfortable retirement feels increasingly unattainable. Despite the desire for these key milestones—often seen as the pillars of success—the reality is far more challenging for most people to achieve.
According to the poll, which surveyed 1,502 U.S. adults, an overwhelming 89% of respondents consider owning a home essential or important to their vision of success. Yet only 10% believe it is even remotely easy to achieve, highlighting a stark divide between aspirations and reality. This disconnect extends to financial security and retirement. While 96% of respondents view financial security as crucial, only 9% think it’s achievable. The outlook on retirement is similarly bleak, with 95% deeming it important, but only 8% optimistic about their chances of retiring comfortably.
The barriers to achieving these goals are multifaceted and rooted in economic shifts that have compounded over time. Younger generations, particularly Millennials and Gen Z, bear the brunt of these challenges. Saddled with high student loan debt, rising home prices, and increased interest rates, they are often priced out of homeownership, which previous generations achieved more easily. High inflation, wage stagnation, and reduced economic mobility further contribute to the growing sense that the American Dream is slipping away.
Experts agree that the American public’s growing disillusionment is based on real economic factors. Economist Emerson Sprick from the Bipartisan Policy Center noted that fundamental aspects of the American Dream, such as homeownership and financial independence, are more elusive now than for prior generations. Sprick pointed to the near disappearance of private-sector pensions and skyrocketing home costs as two major hurdles facing today’s Americans.
The sense of economic opportunity has also diminished across generations. Data shows that while 90% of children born in the 1940s grew up to earn more than their parents, only 50% of those born in the 1980s have managed to surpass their parents’ income levels. This reflects a broader trend of declining economic mobility, which has created a pervasive sense of frustration and disillusionment.
The poll also underscores the emotional impact of these economic realities. Many Americans feel let down by a system that no longer rewards hard work with the expected financial security. This feeling of being “left behind” by an economy that once promised success to those who put in the effort is a recurring sentiment among those surveyed. Whether across political lines, gender, or age groups, the belief that the American Dream is out of reach is a shared frustration.
The high cost of housing has become a central issue in this erosion of the American Dream. Soaring home prices and rising interest rates have made it harder for even well-off Americans to afford homes, let alone middle- and lower-income earners. The housing market is increasingly competitive, pushing many prospective buyers to either delay homeownership or give up on it entirely.
The outlook for retirement is similarly grim. As pensions become a thing of the past and Social Security faces long-term sustainability concerns, Americans are left to rely on personal savings plans like 401(k)s—many of which are insufficient to support a comfortable retirement. Rising healthcare costs, coupled with longer life expectancies, make financial planning for retirement even more complicated.
Despite these daunting challenges, many Americans continue to pursue the dream, working longer hours, cutting back on spending, and finding alternative ways to secure financial stability. Some experts suggest that the dream may need to evolve, focusing more on personal fulfillment and less on material goals like homeownership.
In short, while the American Dream still holds strong in the collective consciousness, achieving it has become far more difficult for most people. Economic shifts, generational burdens, and a changing housing market have all contributed to making the dream feel further out of reach. For many, it no longer seems enough to simply work hard; the system itself appears to be working against them. As these trends continue, it may be time to redefine what the American Dream looks like for future generations.
