Most Americans still believe in the American Dream, but doubts are increasing, says report.

Americans’ Belief in the American Dream: A Snapshot

A significant majority of Americans still believe that the American Dream is within reach, but doubt has grown among some demographics, a recent report from the Archbridge Institute found. 

According to a survey of 2,100 Americans, 75% of respondents believe the American Dream is within reach. However, the survey also revealed signs of increased doubt among young people and those with lower education and income levels.

“While belief in the American Dream remains strong overall, it is troubling that doubt has begun to creep in, especially among younger and less educated people,” said Gonzalo Schwarz, the president and CEO of the Archbridge Institute.

The survey found that 24% of respondents now believe the American Dream is out of reach, compared to 18% in 2022.

Among those aged 18 to 29, the percentage of people who believe they have fewer opportunities than their parents has increased by 11 points, from 14% in 2022 to 25% this year. 

Furthermore, 31% of individuals without a high school diploma, as well as those with only a high school diploma, think that the American Dream is out of reach. In contrast, only 16% of those with a bachelor’s degree or higher share this belief.

When it comes to income, 11% of individuals earning $100,000 or more believe the American Dream is lost. This percentage increases to 21% for those earning between $60,000 and $100,000, and 29% for those earning between $30,000 and $60,000. Among those making less than $30,000, a significant 38% believe the American Dream is unachievable. 

While 25% of black respondents and 28% of Hispanic respondents say that it is out of reach, a smaller margin of white respondents, 22%, agree. White respondents are more likely than black or Hispanic respondents to say they have fewer opportunities for success than their parents.

There are, however, differing views on what achievements constitute reaching the American Dream. While just 14% of respondents in 2023 said that becoming wealthy was essential to the American Dream, 28% said that making valuable contributions to your community was necessary. 

The vast majority of respondents, 82%, stated that “freedom of choice in how to live” was essential, while 79% said it is essential to have a good family life. Half of the respondents considered owning a home an essential part of the American Dream. Meanwhile, 68% said that retiring comfortably is an integral aspect.

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