Cost of living named major barrier to achieving American dream

Brooke Scott, a litigation assistant living in Los Angeles, has calculated that she needs an annual income of $300,000 to achieve her version of the American dream. This figure would allow her to manage a mortgage, raise children, save for retirement, and lead a secure life. Despite acknowledging that it's possible to live on less, Scott expressed concerns about struggling financially and feels the dream is currently unattainable.

The concept of the American dream continues to evolve. A YouGov poll conducted for MarketWatch revealed that three-quarters of respondents identified the cost of living as a major barrier to achieving this dream today. Housing costs, healthcare expenses, and taxes were frequently mentioned obstacles.

Carl Bialik from YouGov noted the variety of costs people highlighted as barriers. He stated, "It was striking... how many kinds of costs people were pointing to." The survey was conducted in August and further conversations with individuals revealed varying perceptions of financial success.

Christopher Kneeland from Boston aspires to earn between $150,000 and $200,000 annually to live comfortably without financial stress. He shared his perspective: "My version of success is being able to live comfortably with a reasonable amount of excess so that you don’t worry."

Historian James Truslow Adams popularized the term "American dream" in 1931, envisioning it as a better life for all citizens. John Haddad from Penn State Harrisburg discussed its historical context and evolution through various periods in U.S. history.

A recent YouGov survey indicated mixed views on whether the American dream is attainable today. Many respondents associated it with economic goals such as debt freedom or homeownership. Wellington Moreno, who emigrated from the Dominican Republic at age four, believes in its attainability despite challenges like rising living costs.

Discrimination remains a concern for some individuals like Brooke Scott who recalled her family's experience with housing discrimination in Wichita decades ago. Racial disparities persist despite legislative efforts aimed at addressing them.

Economist Raj Chetty's research highlights dwindling opportunities for generational financial advancement compared to previous decades. Wealth concentration among the top 10% has increased significantly since 1990 according to Federal Reserve data.

Financial planning expert Wellington Moreno emphasized saving strategies while acknowledging modern challenges like diminished pension guarantees and uncertain Social Security benefits.

Darwin Stephens plans on building his real estate career amidst these uncertainties but remains optimistic about achieving his dreams within an estimated income range between $150k-$180k per year minimum: "I’ll get there... but I’m hoping it’s enough."