A recent Wall Street Journal/NORC poll reveals that two-thirds of Americans now doubt the attainability of the American Dream, reflecting deep concerns over economic security and middle-class stability.
The American Dream, once the cornerstone of the nation’s identity and a symbol of prosperity, is now viewed as unattainable by two-thirds of Americans, according to a recent Wall Street Journal/NORC poll. This striking figure highlights growing concerns about economic security and the future of the middle class in the United States.
The poll, which surveyed 1,502 adults, found that only about one-third of respondents still believe that the American Dream “is still alive.” This marks a significant decline from a similar survey conducted twelve years ago, where more than half of those polled expressed confidence in the dream’s viability. The results indicate a widening gap between Americans’ aspirations and their perceived reality, with the belief that economic goals such as homeownership and financial security are becoming increasingly out of reach.
The decline in faith in the American Dream coincides with rising economic challenges, particularly in homeownership. The same Wall Street Journal/NORC poll revealed that only 10 percent of Americans believe that becoming a homeowner is “easy or somewhat easy,” despite 89 percent considering homeownership essential or important to their vision of the future. Similarly, only 9 percent of respondents think that achieving financial security is “easy or somewhat easy,” even though 96 percent view it as crucial.
The challenges in achieving homeownership are underscored by the rising costs in the housing market. According to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, home prices in the United States recently set another all-time record high, with a 5.4 percent increase on a three-month running average ending in June 2024. This surge in housing prices has made it increasingly difficult for many Americans to purchase homes, exacerbating the sense of economic despair.
A significant factor contributing to the housing crisis is the financialization of the housing market. Real estate investors now purchase a substantial portion of homes, including a record 26.1 percent of low-priced homes sold in the fourth quarter of 2023, as reported by Redfin. This trend has further driven up home prices, pushing many aspiring homeowners out of the market and leaving them to face less stable living conditions.
The erosion of the middle class and the increasing economic divide are stark indicators of the challenges facing the United States. Once the bedrock of American society, the middle class is now struggling to maintain the standard of living that previous generations took for granted. This shift has led to widespread frustration and hopelessness, with many Americans feeling that they are worse off than their parents.
Economic data supports this bleak outlook. According to a study by economists Nathaniel Hendren of MIT and Raj Chetty of Harvard University, only about half of the children born in 1980 ended up wealthier than their parents, a significant decline from the 90 percent figure for those born in 1940, as noted in a Daily Mail article.
As the cost of living continues to rise, achieving the American Dream has become a distant aspiration for many. A GoBankingRates analysis determined that it now costs more than $150,000 a year for a family of four to live the American Dream, with significant variations depending on location. In Hawaii, for example, it takes an annual income of $260,734, while in Mississippi, the figure is $109,516.
For most Americans, earning over $100,000 a year is an unattainable goal, further distancing them from the traditional markers of the American Dream. The growing consensus is clear: the economic challenges facing the United States have made the American Dream a distant and increasingly unattainable reality for millions of its citizens.
