Buffalo, N.Y. (WBEN) - Is the "American Dream" fading?
Recent poll numbers suggest that many are losing their faith in the idea.
A new Wall Street Journal - NORC poll says the share of people who say they have a good chance of improving their standard of living fell to 25%, and nearly 70% of people says they believe the "American Dream" no longer holds true or never did, the highest level in nearly 15 years of surveys.
"People don't believe in the American Dream, that if you work hard you're going to get ahead," said CBS business analyst Jill Schlesinger. "People think it's not possible."
Schlesinger says it's all part of what she calls the "Middle Class Squeeze". That includes rising housing costs.
Schlesinger cites data from Redfin that states the typical homebuyer now needs to earn about $112,000 per-year just to afford the national median-priced home of $447,035.
"There is just a lot on the shoulders of the middle class," Schlesinger said. "There's no doubt that a recent surge of inflation is a part of this, but I also think the home ownership thing is really important because so many people associate being able to afford a home with the 'American Dream'."