file photo by Boyd Loving
the staff of the Ridgewood blog
Ridgewood NJ, a recent MarketWatch/YouGov poll revealed a sobering truth: three out of four Americans see the cost of living as a “major roadblock” to achieving the American dream. Among the factors cited, 64% highlighted housing costs, while others pointed to corruption (55%), healthcare expenses (52%), and taxes (45%) as significant barriers.
Housing Costs: A Growing Concern
For many Americans—particularly younger generations—the rising cost of housing is a critical issue. Homeownership, once a cornerstone of the American dream, now feels unattainable for millions.
While renting is a viable option, carrying a significant rent payment into retirement can pose challenges. Without the stability of owning a home, retirees often face higher living expenses, making it harder to enjoy financial security in their golden years.
Homeownership and Financial Health
Owning a home can be a pivotal element of long-term financial stability. Being free of mortgage or rent payments during retirement significantly lowers living costs and provides a sense of security. However, with housing prices continuing to climb, this once-attainable goal feels increasingly out of reach.
What Does the American Dream Cost Today?
The poll highlighted real-life stories, such as a 32-year-old litigation assistant from Los Angeles who calculated she and her partner would need to earn $300,000 annually to live the American dream.
For her, that figure would cover a mortgage, raising children, retirement savings, and living a secure and fulfilling life. While acknowledging it’s possible to make do with less, she expressed frustration at the high cost of simply “making it work” and enjoying life.
“It shouldn’t be like this,” she said, reflecting a sentiment shared by many across the country—not just in high-cost cities like LA.
The Bigger Picture
This isn’t just a regional issue; the rising cost of living is reshaping the American dream nationwide. From housing to healthcare, Americans are grappling with financial challenges that make achieving long-term goals feel increasingly out of reach.
What Can Be Done?
Addressing these barriers requires:
- Affordable housing initiatives to help more people achieve homeownership.
- Healthcare and tax reforms to reduce financial strain on individuals and families.
- Community and government efforts to combat corruption and create equitable opportunities.
The dream of financial stability and a secure future should not feel unattainable. It’s time for meaningful change to ensure the American dream remains within reach for all.
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$300 grand wow
“You will own nothing and be happy.”
Did you think that was a joke?
$300,000? Wow. I must be living in poverty.
No, you’re living in debt, which is what poverty looks like before they pop the balloon.