The Pros And Cons Of Millennials

It seems that over the decades, the “American Dream” has changed along with the generations who follow it. After the “Great Recession”, the housing crisis which triggered a financial crisis, and millennials have changed their point of view about homeownership. This change created another definition for the “American Dream”, because more opt out to rent versus buy, and some don’t bother with houses at all and prefer to live in apartments. This is all due to rising student debt, risks associated with owning a home, and the fact that homes are often suited for families and it’s been proven that millennials are pushing back the age for conceiving children.

It can be argued that the American Dream is dwindling as the country ages. As the country’s population rises, competition becomes more intense. This undoubtedly can make it more difficult to achieve a level of success that was more easily attainable 30 years ago. In addition, the cost of education has gotten so high that many graduates are paying back student loans for years. Many are stuck in a pit of debt that greatly hinders their career and personal goals. Also, rising costs of healthcare make it nearly impossible for some lower-income families to worry about more than keeping their basic needs met. In fact, some millennials are so fed up with current conditions that they completely deny the existence of the modern American Dream. For example, Andy Vasoyan, a 24 year old freelance voice actor and audio producer said, “I feel that the American dream (existed) and then just disappeared into the ether. Right now, because of income inequality and the difficulty of living in urban centers, it’s probably impossible for a huge segment of the population. And I don’t know if it was ever a real thing, but the idea of working

We have all heard of this intense rollercoaster ride that we are on called the American Dream. The term was coined by James Truslow Adams in 1931 defining it as “dream of a land in which life should be better and richer and fuller for every man, with opportunity for each according to his ability or achievement.” Since it’s arrival, the Dream has evolved from a pursuit towards “freedom, mutual respect, and equal opportunity” (Shiller) to later one of greed described by Shiller as being “excessively lustful about homeownership and wealth” beginning in the 1960s. Traditionally, the American Dream included features of a nuclear family, that is one with a breadwinning father, a housewife, and two kids, owning a white picket fence home, thriving without financial worries, and a happy family. There has been a shift in focus for the Dream caused by the Millennial generation and in turn they have included features that place an emphasis on equality in all aspects of their lives from family life to the workplace placing their own twist on the Dream. The American Dream has evolved over time to include equal opportunities, college education, and happy family.

1-The intended audience for this article are the millennials/ this generation. The author directs this article to this generation because he believes this generation has the responsibility to keep the American Dream alive for the next generation. As the author clearly sates, “for the American Dream, to survive another generation, then another. “if the American Dream is to come true and to abide with us…it will, at bottom, depend on the people themselves. “The people who have the power to change the world should just as the people who have the power to change the dream for better we should. The ones who can move physically and can be heard should move and speak their mind to help for the better is this generation. The authors audience are

Despite this fact, home ownership in the economic and social landscape of today is a big responsibility. Economically, most millennial most likely cannot afford to own their own home. A mortgage is a much larger payment than rent for an apartment. Similarly, owning a home means paying for gas, electric, water and furniture to fill a house; this also includes any grounds upkeep depending on the home’s location and property taxes. Socially, Millennials seem to be straying away from owning a home because it

The typical series of big events in life include graduating high school, going to college, finding a significant other, graduating college, getting married, and buying a home. Although these events happen in a variety of different patterns nowadays, a major bump in the road is occurring when looking to buy a home, especially in Colorado Springs. This article highlighted the challenges that the millennial generation is facing when reaching this stage in life. "Student loan debt is more than $1.2 trillion, and nearly 70 percent of college graduates have some student loan debt, according to the Federal Reserve (pg 1)." These college graduates now need to add loan payments to their monthly debts, leaving them with even less disposable income. Not

The American Dream has long been worshipped and held as an ideal in our nation for decades. One day settling down with a family of four and living in the suburbs was once held as the perfect end to an American fairytale dream, but as the housing crisis of 2008 tore through the market and threatened the dreams of countless families. Unfortunately millennials grew up watching the housing crash tear at the hearts of their parents and threaten to divide families from their homes. As a result, millennials see the American Dream differently than previous generations. Instead of dreaming to one day own a home, millenials see the American Dream as the opportunity for freedom to explore the world and decide where they shall land. The American Dream has changed from the destination to the journey.

Summary: In the article, the author claims that, after over fifty years, the American Dream is now on life support. However, for some Americans, this dream is already dead. Within the source, the author goes over three tenets of the American Dream to check if they support the belief that the dream is still alive and well. These reasons were unaffordable housing, the fall of economic mobility, and the uncertainty in retirement. Furthermore, the author compares the past and present, showing readers how things have changed when it comes to achieving this dream.

As I mentioned before, the 2017 State of the American Dream report found that Baby Boomers are sixteen percent more likely than millenials to think they’re living some of the American Dream. However, among the participants who feel they have not achieved the American Dream, millenials are forty-nine percent more likely to think the dream is within reach compared to Baby Boomers. This statistic is critical to what the American Dream means and what it exemplifies to different generations (e.g. Baby Boomers vs. Millennials). This generational gap is significant because it shows the differences in values that the various generations. For example, a research paper titled “The New Generation Gap” gave a statement on the values of Baby Boomers, saying that: “... baby boomers are tied together by the invention of color television and the belief that progress and prosperity are their birthright” (Alverson). In contrast, an article examining a generational gap in economics stated that, “Millennials have a reputation for being self-absorbed, entitled and downright bratty. But a recent study shows they are actually doing a lot of good for themselves when it comes to saving for retirement” (Kujawa). These statements show evidence that the values of a generation help define that generation’s ability to visualize

“The American Dream of the past inspired hope and optimism. When you could believe that anything was possible, it became easier to dream… The infrastructure and resources of the past are either gone or much more difficult to access… Earning the right to pursue an opportunity has now become not only a responsibility, but requires a set of skills that must be learned in order to properly seize opportunity and keep momentum alive” (Llopis). This statement proves that what once was the American dream has now become unachievable due to a change in society. Throughout American history, the dream changed from a more simple idea to a lavish lifestyle; almost impossible in today’s world. The average citizen possesses a house, an income, and a reliable form of transportation. However, there will always be someone who has more, no matter where one lives, their occupation, or their race. Today’s American Dream is unachievable due to change in society, prejudice, and unforeseen obstacles.

As a child, growing up our families instilled in us that we could accomplish anything we put our mind to. Throughout our years of school we learned that every man has the chance at life, Liberty, and the pursuit of happiness. Every person has the aspirations of bettering themselves and improving their lifestyles and people involved, and with this lesson, there came an understanding of how to reach the American Dream.Now that we are in college and hearing this question majority of our lives, when asked, “Is the American Dream of one day owning a home and living well among millennials?” I wouldn't agree with that because millennials are urban and not suburban.

A core tenet of the American dream is home ownership. At the turn of the century, young adults were buying homes. However, since the bursting of the housing bubble and the resulting mortgage banking crash, the rate of younger Americans purchasing a home has fallen sharply. Many millenials – those born between 1981 and 1997 – want to own a home, but doing so is financially beyond their reach. Half of recent college graduates have no full-time job (Kadlec, 2014), and those that do may be described as underemployed. The increasing diversity of that demographic is positively correlated with the downward trend in personal economic health (Drew, 2015; Myers & Simmons, 2017). The worsening financial strain leads young adults to postpone marriage and family, which also reduces the need for them to own a home. In fairness, the problem faced by millenials is only a microcosm of that faced by the populace as a whole. Home ownership for the population as a whole is the lowest it has been in over 20 years (Fry & Brown, 2016).

Homeownership is a double-edged sword. It is the “American Dream” to one day own a house. Compared to their predecessors, Millennials are seeing the advantages and disadvantages of homeownership at an earlier age.  These early generations believed owning a house was the cherry-on-top to being an all-around American and achieving the “American Dream”. As a cynical generation who grew up with information at our fingertips and the world falling around us, millennials see homeownership differently. “The cautious and conservative approach to home buying displayed by millennials is driven by the fact their outlook on life was shaped by a number of bad things when they were young—the terrorist attack on the World Trade Center in 2001, the 2008 financial crisis, the housing bust with mass foreclosures and a weak recovery that has so far provided incomes below that of prior generations” (Stowe England, 36). We learned that the world was not fair and that it is time to redefine the “American Dream” to reflect our current economic society.

Especially here in Alaska. Things are so expensive and unless you have a really good job you can’t pay everyday bills and save the amount needed. If millennials are saving it will be at a rate that will make them available to purchase when they’re about 30. According to a study I found 68 % of millennials said they have saved less than $1000.00 for a down payment (80 % of millennials say they want to buy a home, By: Ester Bloom). There are a lot of programs out there that can help people get familiar with the homebuying process and programs available for down payment assistance and other housing scholarships. I feel like not too many of millennials know about these, When I started to look for a home buying opportunity I had to find all this on my own.

We've all seen those movies of those lazy individuals we call millennials. These people are often depicted as dependent individuals that are either living with their parents or renting some shady apartment. That's the question has been proposed whether or not are they justified in doing so. It is obviously easy to say that they have a right to do so, but can it be considered rational in the days we live in. Are their benefits from withholding to buying a house. And maybe even this could be the redefining of the new “American Dream.”