Americans lose confidence that the American Dream is within reach

A growing share of Americans still believe they can climb, but far fewer think the ladder works for everyone. In a new Milken Center for Advancing the American Dream and Gallup survey, 46% said everyone in the country has the opportunity to achieve the American Dream, a 5-point drop from 2024.

The split points to a larger stress test for the country’s promise as the United States approached its 250th anniversary. While 78% said the American Dream is worth striving for, only 42% said they feel optimistic about its future. That gap suggests many Americans have not given up on mobility entirely, but no longer trust the system to deliver it broadly or evenly.

The concern is not abstract. A separate AP-NORC America 250 poll, released June 17, 2026, found only about a third of Americans believe the American Dream still exists. Together, the surveys show a national mood shaped by doubt, even as the language of upward mobility still carries power in public life.

Economic pressure is driving much of that skepticism. In a CNBC survey, 81% of respondents said cost of living was their biggest financial hurdle to achieving the American Dream. Housing prices, healthcare costs and low wages were also named as major barriers, underscoring how the challenge reaches well beyond any one family budget.

That matters for communities already strained by uneven access to stable housing, medical care and decent pay. When rent rises faster than wages, when a doctor visit becomes a tradeoff with groceries, and when a job does not keep pace with basic expenses, the promise of opportunity begins to feel selective rather than universal.

The latest numbers suggest Americans are not abandoning the idea of the American Dream so much as losing faith that it is open to everyone. For a country preparing to mark 250 years, that divide is emerging as one of the clearest measures of public confidence in the nation’s future.