A new survey has found that Americans are struggling to achieve the things they want in life, with only a third feeling that the “American Dream,” or at least their version of it, is achievable.
The survey comes from the Wall Street Journal/NORC, which found that home buying is becoming increasingly difficult for Americans, with only 10% saying that being a homeowner is easy, despite 89% seeing it as essential to their goals.
The survey was conducted in July and found that adults in the US don’t align with their wishes and expectations on various long-term economic issues they face, as homeownership is just one part of the story.
The outlet reported that 12 years ago, more than half of adults surveyed by the Public Religion Research Institute said the American dream “still holds true.”
Fast forward to today, the Wall Street Journal/NORC survey found that about a third of respondents feel the American dream is something that can be achieved today.
The Journal reported that economists say people are right to feel insecure about achieving the American dream, as America’s youngest generations are being priced out of homeownership and are wracked with student debt.
The survey comes as the housing market continues to face high mortgage rates, a lack of supply, and near-record-high prices.
However, hope is on the horizon.
The Federal Reserve is discussing cutting key interest rates in September, which could signal more relief is coming in the housing market, which already has mortgage rates sitting at 6.4% for a 30-year fixed loan, a 16-month low.
The survey was conducted from June 26 to July 8 and included responses from 1,502 US adults. There is a margin of error of plus or minus 3.3 percentage points.
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