Why the American Dream Feels Out of Reach for Many

Estimated reading time: 3 minutes

For many Americans, the traditional signifiers of success in this nation — buying a home, supporting a family, and saving for retirement — feel unreachable, per a Wall Street Journal poll.

Out of Reach

Nearly nine out of ten Americans (89%) believe owning a home is important to their future goals, according to the poll, which was conducted with the help of research organization NORC at the University of Chicago. But only 10% consider homeownership readily achievable. 

Housing unaffordability has been an issue for years as the U.S. housing stock isn’t growing fast enough to absorb the demand, leading values of existing homes to reach records. Even so, owning a home remains one of the key tenets of growing household wealth and generational wealth, making this real estate problem an economic equity problem.

Nearly all poll respondents felt a secure retirement and financial stability were essential, but less than 10% thought that was easy to achieve. Between people living longer, the cost of living rising, and the worry that Social Security could decrease for future retirees, private retirement savings are more important than ever. Starting retirement planning early can be incredibly beneficial here, but can also leave people overwhelmed.

If you’re looking to step up your retirement planning, head to SoFi Learn to start your research in our financial literacy library.

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