Most People Have Yet To Live The American Dream

Given that the concept of the American Dream is tied so tightly to homeownership, plenty of people are a bit miffed that they are not living that dream.

Through a survey of 2,000 people conducted by Hearth Insights, CNBC reports that fewer than 20 percent of respondents said that they felt that they were living the American Dream.

That is in part because a smaller share of people own their homes than in previous generations. The national homeownership rate is only around 63 percent, the lowest point in 50 years, and nearly half of the Millennial population (adults 35 and younger) rent their homes. According to the survey, two-thirds of Millennials said that homeownership is an important component of the American Dream.

Three specific threats put the American Dream at risk, the survey says, particularly for millennials: Consumer debt, lack of financial literacy and stagnant wage growth. … "I think all of these factors are tied together into a broader problem of people not feeling like they have control of their financial future," said Anthony Ghosn, Hearth's chief executive officer.

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