The New and Improved American Dream

Ninety years ago, the notable historian James Truslow Adams put forth his concept of the American Dream, an idea that would immediately become a pillar of the nation’s mythological foundation. The American Dream was always intended to be just that–a dream–but that hasn’t stopped many over the years from thinking it is somehow natural, an entitlement that each citizen can and should claim. That mistaken view had long served as the primary source of disappointment and frustration for Americans when their dream never materialized.

Not helping matters was the twisting of the meaning of the American Dream in the post-World War II years. Adams’ original 1931 concept was grounded in our freedom to pursue a “better, deeper, richer life”–quite a radical proposition at the time, especially in the darkest days of the Great Depression–but the postwar era’s domestic orientation reshaped the contours of the mythology. For various social, economic, and political reasons, it was easy for a (white) person to buy a home in the 1950s, but that was a historical anomaly unlikely ever to be repeated. Since then, however, the American Dream came to be primarily equated with homeownership, something Adams did not intend.

The current housing crisis, which was heavily fueled by the pandemic, has further diminished the possibility of many realizing the popularized version of the American Dream steeped in owning a home. Because homeownership continues to serve as the ideological cornerstone of the American Dream, many critics lament the apparent disappearance of what they erroneously see as every citizen’s assumed birthright.

Some younger adults also blame baby boomers for ruining their American Dream, a prime example of the virulent and ageist anti-boomer sentiment that can be felt and seen. (Because of their numbers and collective wealth, boomers make a convenient target for all the world’s problems.) Baby boomers are hogging the real estate market just as they’ve hogged everything else for the past half-century. This thinking goes, not aware that the American Dream was never meant to be just a deed to a piece of property.

While the housing crisis is indeed a severe problem, I see the inability for many to afford a home as yet more reason why we should retire the post-World War II interpretation of the American Dream grounded in idealized domestic bliss and return to Adams’s broader and more powerful idea. The myth is much bigger and bolder than having the ability to buy a home. After all, that's a lesson we should have learned from the subprime mortgage kerfuffle and previous economic reversals. The American Dream transcends any material possessions, even something as big and valuable as a house. The Dream can and should be whatever one aspires to, as it is the limitless possibilities of tomorrow that represent its essence.

While considerable numbers of folks are still convinced that having the proverbial white picket fence will signify that they’ve achieved the American Dream, many others correctly realize that there are other perfectly valid interpretations of the concept. Owning a home comes with a heavy price, both in terms of money and commitment, good reason to opt-out of the 1950s model that usually carries a mortgage, excessive maintenance and repair costs, and the likelihood of being tied down to one place. Before the current housing crisis, many millennials and Gen Zers bypassed debt-based homeownership to pursue a more present-focused, mobile lifestyle.

Now, given the cost of buying a home due to scads of affluent urbanites heading for the suburban hills, that lifestyle has gained even greater cultural currency, further eroding the postwar version of the American Dream. While I empathize with those who still equate the white picket fence with success, upward mobility, and “the good life” and are frustrated that they cannot afford it (at least until home prices fall or they make more money), I’m happy to see a return to Adams’s original, broader, and more libertarian view of the American Dream. In place of one’s humble abode (or money pit) is the freedom and peace of mind that comes with not having to do whatever it takes to keep and maintain a house or condo, which is a more than fair exchange to me.

Contrary to popular belief, then, the American Dream is as alive and relevant as ever. Critics have perpetually considered the Dream to be “shrinking,” “dying,” or downright “dead,” but it refuses to go away.

The latest death of the American Dream, caused by the current housing crisis, is greatly exaggerated, and I’m glad to see it continuing to evolve and mean different things to different people.