The American Dream since time immemorial has always been about getting rich, getting a home, raising a family, making your mark on the world. But with families being increasingly squeezed with the cost of living, that dream is becoming increasingly distant to obtain. While billionaire Big Tech overlords make news about wanting to beat each other senseless in the ring, ordinary Americans are struggling to make ends meet.
According to a survey conducted by GoDaddy.com, the rising tide of inflation, higher interest rates, and elevated consumer debt is having a profound influence on how many Americans now view their chances for peace and prosperity in Uncle Sam. Over 1,000 small business owners were questioned, and the results defy the stereotypical image of the American entrepreneur in a white picket-fence suburban household believing in a better tomorrow and chasing the brass ring.
Around 56% of respondents in the survey thought they’ll only have achieved the American Dream when they’re living comfortably in wealth. 54% defined the American Dream as “feeling happy in life”, while 49% agreed that the Dream should be “freedom to follow my passions in life”.
Homeownership has long been a mainstay of the American Dream, indicating stability, prosperity, and independence, but surprisingly it dropped to a shocking fourth-position in the survey. Unsurprisingly, baby boomers and Gen X’ers placed more value on owning their own homes than the younger Gen Z. But it was easier for those first two generations to buy their homes back in the day, prior to the credit crunch. The average price of a house now stands at $243,000, an astounding 45% increase on pre-covid price indexes.
In combination with higher mortgage rates, this has pushed home ownership out of reach of many people, who no longer view it as a priority simply because under their current circumstances, it is unattainable. Gen Z’ers, meanwhile, place more of a priority on education and travel than investing in a future home.
Other issues cited for this seeming diminishment of belief in the American Dream include lack of access to affordable healthcare, high taxes, lack of access to technology, discrimination, and insufficient financial support.
Interestingly, a clear majority – 62% – still think that one day they’ll attain the American Dream, 23% were neutral on their chances, while 14% had pretty much given up.
A mixed picture in all, but one with green shoots of hope and optimism amongst the thorns of despair and frustration. But it proves that even though the American Dream is still alive, it is now seen as much harder to achieve than previous generations.
