Economy
Is the American Dream Dead?
Is the American Dream Dead?
Here’s The Scoop
The American Dream is dead, according to Freddie Smith, a popular Florida realtor who has taken to TikTok to expose the harsh reality faced by millennials and Generation Z. With 422,000 followers, Smith highlights the financial struggles of today’s younger generation, who need a much higher salary than their parents did to live the same middle-class lifestyle.
Smith blames the housing market for moving the goalpost. Younger Americans trying to start their lives are often priced out of the housing market, making it nearly impossible for them to achieve what was once considered middle class. Just a few years ago, a $60,000 salary would have been enough to qualify for a home. Now, with the average house price sitting around $400,000 or more, people need to make about $120,000 just to qualify for a normal house.
Crippling student loan debt is another issue plaguing young people, with monthly payments often exceeding $1,000.
“The millennials, they’re the pinched generation where college essentially stopped working for most. The debt piled up, and the old American dream died, and we got left holding the bag,” Smith said.
Higher rent costs, student loans, and the expenses of raising children make it difficult for young adults to save for a down payment, qualify for a home, and make monthly mortgage payments. Spiking inflation only adds to the cost of living woes, particularly for young people dealing with these extra expenses.
The median home price in the country was $412,000 as of September, a 2% increase over 2022. In California, the median home price was a staggering $787,000. The old American Dream has vanished, and today’s younger generations are left to pick up the pieces.
What do you think? Let us know by participating in our poll, or join the discussion in the comment section below!
Colin hart
January 21, 2024 at 8:06 am
Send the DNA of your dog, cat, horse,snake. Etc Make ’em work.
CandygramForMongo
January 21, 2024 at 8:52 am
Politicians in conjunction with corporate bigwigs have ruined America. The American Dream is alive…..for Mexicans and every other NON AMERICAN sneaking into America. The plantation ALWAYS breaks the human spirit.
Suzy-Q
January 25, 2024 at 8:17 am
You are 100% spot on. And We the Peons are just supposed to accept that as citizens & we need to sit down & shut up.
Tarheel
January 22, 2024 at 7:45 am
Who created this mess? The government. They took on the student loan, higher education knew full well they would be paid and raised tuition.
Don
January 22, 2024 at 8:47 am
It’s definitely on the way out with the crooked Commiecrat government running the show. The rule is that you have the right to the pursuit of happiness. There is no guarantee that you will make it even if you work hard which most of the whiners don’t want to do. They want government to give it to them.
Kawika56
January 25, 2024 at 1:39 pm
Ahe American Dream is not dead, but it is on Life Support!
James G. Mothes
January 25, 2024 at 1:47 pm
Do not forget the retirees. There are many of them living on a fixed income that are finding it hard to live on their SS benefits. Many of them worked jobs that had no retirement plans for them. The cost of living is so high anymore that many are having to sell everything they have and live in a county home. YES, The American dream is no longer. AND, that is a real shame!!!!
Carol
January 29, 2024 at 7:44 am
I started working at age 15. at .60 an hour I bought my 1st house at 26 when I made 2.56 hr My first house cost $10,000. year 1956.
I was fortunate enough to work for a company that was non union and gave the best benefits. The only way to live is to have a good credit score and pay your bills on time. It worked for me! Oh! and teach the children how to handle money so they don’t incure debt they can’t pay. Community college is a good place and cheaper.