American Dream research summary. The American Dream has been a hallmark of our psyche for decades. After all, working any job can feel worth it if it allows you to own your own home and provide for your family.
However, more and more of us feel the American Dream is out of reach. If you’re an American employee or job seeker who wants to know more about the current state of the American Dream, stay tuned. We’ve gathered all the latest thoughts, opinions, and statistics regarding the American Dream, and according to our extensive research:
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24% of Americans believe the American Dream is out of reach.
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42% of Americans believe they’re on their way to achieving the American Dream.
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33% of Americans say they’ve already achieved the American Dream.
For further analysis, we broke down the data in the following ways: What is the American Dream? | American Dream Over Time | Is the American Dream Real?
To what extent has your family achieved the American Dream?
| Extent of achievement | Share of Americans |
|---|---|
| It’s out of reach | 24% |
| On the way to achieving it | 42% |
| Have already achieved it | 33% |
American Dream by demographics
The American Dream can feel more or less achievable, depending on your background. Young Americans and those struggling with poverty are especially vulnerable. To find out more about how Americans view the American Dream based on their demographics, here are some key insights:
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White Americans are 1.2x more likely to say they’ve achieved the American Dream than Black Americans.
40% of White Americans say they’ve achieved the American Dream, compared to 18% of Black Americans and 23% of Hispanics. The latter two groups seem busy trying to achieve it, with 56% of Black Americans and 48% of Hispanic Americans saying they’re on their way to achieving the American Dream.
American Dream achievement by race
Race It’s out of reach On the way to achieving it Have already achieved it White 22% 37% 40% Black 25% 56% 18% Hispanic 28% 48% 23% Other 29% 45% 26% -
Men are nearly 10% more likely than women to say the American Dream is achievable.
Men between 18-49 and 50+ have similar opinions on the American Dream, with 73% and 74% saying it’s achievable, respectively. Conversely, while 73% of women 50+ also agree that it’s achievable, only 58% of women between 18-49 say the same.
American Dream achievement by gender
Gender and age group It’s out of reach Will be able to achieve it Men 18-49 25% 73% Men 50+ 22% 74% Women 18-49 42% 58% Women 50+ 24% 73% -
Americans 60+ are over 80% more likely to say they’ve achieved the American Dream than those between 18-29.
47% of Americans who are 60+ say they’ve already achieved the American Dream. For the most part, as the age range decreases, the share of Americans who’ve achieved the American Dream also decreases. However, Americans between 30-44 are actually the least likely to say they’ve achieved the American Dream, at only 22%.
American Dream achievement by age
Age It’s out of reach On the way to achieving it Have already achieved it 18-29 25% 48% 26% 30-44 28% 50% 22% 45-59 27% 39% 33% 60+ 19% 33% 47% -
Those making $100k+ annually are 1.4x more likely to say they have the American Dream than the lowest income bracket.
48% of Americans who make $100,000+ per year say they’ve achieved the American Dream, and only 11% say it’s unachievable. Conversely, only 20% of those making less than $30,000 per year say they have the American Dream, and 38% say it’s unachievable.
American Dream achievement by income
Annual income It’s out of reach On the way to achieving it Have already achieved it Less than $30k 38% 40% 20% $30k-$60k 29% 40% 30% $60k-$100k 21% 46% 32% $100k+ 11% 41% 48% -
Those with a BA are 1.3x more likely to say they’ve achieved the American Dream than those without an HS diploma.
42% of Americans with a BA say they’ve achieved the American Dream, compared to only 18% of those with no High School diploma. Most notably, the share of Americans saying they’ve achieved the American Dream increases with education level.
American Dream achievement by education level
Education level It’s out of reach On the way to achieving it Have already achieved it No HS diploma 31% 49% 18% HS diploma 31% 39% 28% AA or some college 25% 42% 32% BA 16% 41% 42%
What is the American Dream?
Achieving the American Dream might feel more or less attainable depending on your background, but what exactly is the American Dream in the first place? To find out how Americans define the American Dream, here are some key factors:
What is essential to the American Dream?
| Key aspect | Essential | Important but not essential | Not important |
|---|---|---|---|
| Freedom of choice in how to live | 82% | 14% | 2% |
| Have a good family life | 79% | 17% | 2% |
| Retire comfortably | 68% | 26% | 3% |
| Own a home | 50% | 40% | 7% |
| Have a successful career | 42% | 49% | 7% |
| Make valuable contributions to the community | 28% | 57% | 13% |
| Become wealthy | 14% | 51% | 31% |
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82% of Americans believe that freedom of choice in how to live is the most important aspect of the American Dream.
This is followed closely by having a good family life (79%) and being able to retire comfortably (68%).
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Only 14% of Americans believe becoming wealthy is essential to the American Dream.
31% of Americans believe becoming wealthy isn’t important at all, making it the least important factor to Americans.
American Dream over time
How people view the American Dream has changed over time, with younger generations feeling upward mobility has decreased. Further, the effects of the COVID-19 pandemic can still be felt in the economy, which affects how people view the American Dream. Here are some examples of how the perception of the American Dream has changed over time:
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24% of Americans say the American Dream is out of reach in 2023.
In 2023, the share of Americans who say the American Dream is out of reach has peaked once again after reaching 24% in 2020.
How Americans view the American Dream over time
Year It’s out of reach On the way to achieving it Have already achieved it 2023 24% 42% 33% 2022 18% 50% 30% 2021 20% 45% 34% 2020 24% 45% 29% -
48% of Americans say they have more opportunities than their parents in 2023.
Comparably, 52% of Americans said the same in 2020. Meanwhile, the share of Americans saying they have fewer opportunities than their parents has been increasing.
How Americans view their opportunities compared to their parents
Year Fewer opportunities Same opportunities More opportunities 2023 19% 32% 48% 2022 12% 32% 55% 2021 16% 33% 50% 2020 15% 33% 52% -
Between 1940 and 1980, the chance of Americans outearning their parents in the 50th percentile decreased by over 50%.
In 1940, 93% of those in the 50th percentile could expect to earn more than their parents. By 1980, that number fell to 45%. The situation is even worse for those in the top income percentile, with the chances of outearning parents decreasing from 41% to only 8%.
Chances of Americans outearning their parents over time
Year Chances for the bottom percentile Chances for the 50th percentile Chances for the top percentile 1980 79% 45% 8% 1970 90% 59% 16% 1960 86% 62% 7% 1950 90% 81% 15% 1940 95% 93% 41%
Is the American Dream real?
The American Dream is real for a portion of the population, but fewer and fewer Americans believe in the concept. Here are what Americans are thinking about the validity of the American Dream:
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43% of Americans believe the American Dream is real.
On the other hand, 35% of Americans don’t believe the American Dream is real, and 23% are unsure in 2023.
Is the American Dream real?
Is the American Dream real? Share of adult citizens Yes 43% Unsure 23% No 35% -
Those under 30 are 45% less likely to believe the American Dream is real when compared to those 65+.
29% of Americans under 30 believe the American Dream is real, whereas 53% of those 65+ do. Overall, younger generations are less likely to view the American Dream as real than older generations.
Is the American Dream real by age
Age Yes, it’s real Unsure No, it’s not real Under 30 29% 31% 40% 30-44 44% 20% 37% 45-64 43% 22% 35% 65+ 53% 21% 26% -
Republicans are 77% more likely to believe the American Dream is real.
62% of Republicans believe the American Dream is real, compared to only 35% of Democrats. Independents mostly side with Democrats in this case.
Is the American Dream real by political affiliation
Political affiliation Yes, it’s real Unsure No, it’s not real Democrats 35% 26% 39% Independents 36% 25% 40% Republicans 62% 17% 21% -
Compared to those making less than $50k, those making $100k+ per year are 40% more likely to believe the American Dream is real.
52% of Americans making $100k+ per year believe the American Dream is real, compared to 37% of Americans making less than $50k.
Is the American Dream real by income bracket
Income bracket Yes, it’s real Unsure No, it’s not real $50k or less 37% 25% 38% $50k-$100k 46% 18% 36% $100k+ 52% 19% 29%
Project Management FAQ
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What is the American Dream?
The American Dream is the belief that anyone can succeed, regardless of background. Success can vary from person to person, but the American Dream is all about people of all classes and origins having the same opportunities.
Overall, the largest share of Americans agree that freedom of choice to live how you want (82%) and having a good family life (79%) are the most essential aspects of the American Dream.
Conversely, only 50% of Americans think owning a house is essential, and only 14% think becoming wealthy is essential.
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How has the American Dream changed?
The American Dream has changed because people prioritize following their passions and valuing gender equality. While younger generations still value owning a home and having a good family life, values have also changed in line with inflation and gender equality.
Today, pursuing your passions and career has become more important for women and girls. Women have more freedom now than ever before, which has opened them up to their own version of the American Dream.
At the same time, upward mobility and home ownership have declined, causing fewer Americans to consider home ownership as essential to the American Dream.
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Is the American Dream fading?
In some ways, the American Dream is fading. For example, 90% of children outearned their parents in 1940, but only 50% of children do so today. This shows a rapid and significant decline in upward mobility.
However, it’s important to note that the American Dream has never been a stagnant concept. It’s changed and flowed over time to match the desires of the population.
Conclusion
The American Dream as a concept is nearly 100 years old in 2023. In that time, a lot has changed, with 24% of Americans believing it’s out of reach.
Today, 42% of Americans say they’ve already achieved the American Dream, but these numbers aren’t equal across all demographics. For example, White, wealthy, older, and highly educated Americans are more likely to say they’ve achieved the American Dream.
Unfortunately, only 43% of Americans believe the American Dream is real today. Issues like inflation, lack of home ownership, and inequality have all added to this perception.
References
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WEF – Is the American Dream over? Here’s what the data says
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YouGov – In 2022, do Americans believe in the ‘American Dream’?
Author
Jack Flynn is a writer for Zippia. In his professional career he’s written over 100 research papers, articles and blog posts. Some of his most popular published works include his writing about economic terms and research into job classifications. Jack received his BS from Hampshire College.
