The American Dream is predicated on a belief that, through hard work and determination, any child born in the U.S. can climb the socioeconomic ladder and achieve their own version of success. But for Americans across the country, faith in this century-old concept has eroded in recent years. According to a 2024 survey from the Pew Research Center, 30% of adults say the American Dream is out of reach for them - up from just 17% in 2017.
According to Opportunity Insights, a Harvard based research organization, over 90% of Americans born in the 1940s earned more in adulthood than their parents did. Now, fewer than 50% of all Americans born in the 1980s earn more than their parents at a comparable age.
The average income of an American born into a low-income household in 1992 had an average household income of just $30,235 by age 27. Meanwhile, an American born into a similar household in 1978, earned an average income of $31,552 at age 27. These figures reflect a 4.2% decline in earnings for Americans born into households in the bottom 25% of the income spectrum.
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