What is the American Dream? It may not be what you think
Few ideas are as central to American self-identity as the “American dream.” Politicians invoke it, immigrants pursue it, and despite unremittingly negative economic news, citizens embrace it. But what is the American dream? We began regular study of how people define and perceive the dream three years ago, and have discovered many misunderstandings worth a second look.
1. The American dream is about getting rich.
In a national survey of more than 1,300 adults that we completed in March, only 6 percent of Americans ranked “wealth” as their first or second definition of the American dream. Forty-five percent named “a good life for my family,” while 34 percent put “financial security” — material comfort that is not necessarily synonymous with Bill Gates-like riches — on top.
While money may certainly be part of a good life, the American dream isn’t just about dollars and cents. Thirty-two percent of our respondents pointed to “freedom” as their dream; 29 percent to “opportunity”; and 21 percent to the “pursuit of happiness.” A fat bank account can be a means to these ends, but only a small minority believe that money is a worthy end in itself.
2. Homeownership is the American dream.
In June, a New York Times-CBS News poll found that almost 90 percent of Americans think that homeownership is an important part of the American dream. But only 7 percent of Americans we surveyed ranked homeownership as their first or second definition of the American dream. Why the discrepancy? Owning real estate is important to some Americans, but not as important — or as financially rewarding — as we’re led to believe.
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