The American dream — like a beloved pair of pants you left in the dryer too long — is shrinking.

The idealized vision of the American dream, once symbolized by homeownership, family, and upward mobility, has undergone a seismic shift, leaving many Americans feeling disillusioned. While the dream persists as a cultural ideal, economic realities and societal changes have made achieving it increasingly challenging.

A Dream Out of Reach

The Pew Research Center found that 41% of Americans believe the American dream was once possible but no longer attainable. Young Americans are particularly skeptical, with only 39% of 18- to 29-year-olds believing the dream is still achievable. At the same time, Gallup data from January 2024 reveals a decline in personal life satisfaction, with satisfaction levels nearing lows last seen during the 2008 financial crisis.

Housing: Smaller Spaces, Higher Costs

Homeownership, the cornerstone of the American dream, has become a financial uphill battle. Despite a housing market rebound, homes are shrinking while prices soar:

  • Median home size: Down from 2,470 square feet in 2015 to 2,180 square feet in 2023.
  • Price surge: Median listing prices have risen from $127 per square foot in 2016 to $224 in 2024.
  • First-time buyers: The median age of first-time homebuyers is now 38, up from 29 in 1981.

Renters face similar struggles. The median rent price hit $2,035 in 2024, with unit sizes shrinking over the past decade.

Family Life in Decline

The share of homeowners with children under 18 has fallen to a record low of 27%, while birth rates in the U.S. dropped to 1.7 per woman in 2022. High housing costs, rising childcare expenses, and a lack of social support networks deter Americans from starting or expanding families. Despite this, many still aspire to have children if economic conditions improve.

Longer Commutes and Fewer Vacations

The average one-way commute increased to 26.8 minutes in 2023, up from 22.4 minutes in 1990. This translates to nearly 10 days per year spent commuting for those working full-time. Meanwhile, vacation time has plateaued, with many workers using their paid leave for illness rather than leisure.

Economic Divide and Diminishing Optimism

For the ultrawealthy, the American dream remains intact and easier to achieve. The top 1% owns over 13% of U.S. real estate by dollar value, while the bottom 50% holds only 10%. Lower- and middle-income families are scaling back vacations and discretionary spending, while high-income consumers drive tourism and luxury markets.

A Wall Street Journal-NORC poll in March 2023 found that 78% of Americans are not confident life will be better for the next generation—a sharp increase from 42% in 2000.

A Bitter Reality

While marginalized communities, including LGBTQ+ individuals and Americans of color, have gained greater access to homeownership and marriage rights in recent decades, the broader dream seems to be slipping away for everyone. Sociologist Karen Benjamin Guzzo sums it up: “Every step along the way has become less and less predictable. People need to feel confident about their futures, and the U.S. isn’t delivering.”

The American dream isn’t extinct, but it’s shrinking—much like the homes, opportunities, and optimism of those who once aspired to it. For many, achieving the dream feels less like a triumph and more like a hollow echo of what it once promised.

Read the original article on Business Insider.