[1]A new Chase survey [2] of more than 2,500 millennial and Gen Z adults showed that while the definition of the “American dream” is subjective, many believe that freedom and homeownership are the most important pillars.
The majority of respondents—an estimated 78%—believe that their homeownership goals are within reach, even as they face multiple factors making it more difficult, such as housing affordability, inflation, and the increasing cost of living.
The study’s findings also highlight the need for accessible financial education, particularly as young adults prepare for major life purchases. For example, more than half said they were unaware of down payment assistance programs for a home—particularly low down payment options.
Key Findings:
- The state of the economy is worrying approximately 78% of respondents about purchasing a home and interest rates are delaying the purchase for 72% of respondents; only 45% are confident in their ability to buy a home when they want one.
- Inventory continues to be an issue; 77% of respondents say that housing options in their price range are limited where they want to live and 48% of car buyers are delaying their purchase due to post-pandemic inventory levels.
- Nearly 40% say student debt is restricting their ability to buy a home or car.
Millennial and Gen Z adults are thinking differently about their future.
A sense of freedom is key to their goals—respondents expressed their desire to live debt-free (48%) and have the ability to travel (41%). Young adults still see owning a home (90%) and car (78%) as smart investments, but more than half are open to sharing them with others, making co-ownership a different way to reach their goals.
Having children was not selected as part of the American dream for most (70%), although family is one of their most important values.
Views of attaining the "American dream" vary across the country.
Belief in the ability to attain homeownership varies nationwide for many Americans. For example, some 85% of Miami respondents believe in their abilities, while only 71% of Seattle respondents believe in theirs. In Miami, roughly 60% of respondents had strong confidence in their ability to purchase a home, compared to just 36% in Columbus and Boston.
An estimated 74% of respondents had strong confidence in their ability to purchase a car in Riverside, CA, while only 58% said the same in nearby Los Angeles.
Overall, many respondents are looking for more support as they work towards the major life purchases that may be a part of their version of the American dream.
To read the full report, including more data, tips, and methodology, click here [2].