Some young Americans who were told growing up if they work hard enough they could achieve their dreams are beginning to realize this may not have been such good advice.
Ora Hardesty certainly feels that way. The Georgia-based TikTok user posted a video explaining why she believes millennials were sold a bill of goods and don't feel hopeful for the future.
“We were sold this unachievable dream that if you work hard, you get what you want,” she said.
Thanks for subscribing!
Money advice that fits your real life.
By signing up, you accept Moneywise Terms of Use, Subscription Agreement, and Privacy Policy.
But as the world and the economy changes, so do the realities of all generations — and the truths they learn.
Why young Americans are pessimistic
Hardesty believes the American dream may no longer be obtainable, and one reason is because she and many of her peers can no longer afford to buy homes.
Another TikTok user, real estate agent, Freddie Smith, points out that the housing crisis isn’t just a problem for now, but could create long-term economic problems. If young people aren't able to have homes now, they may never be able to retire in the future.
Many people purchase a home to build wealth via equity. But if young people rent for their entire lives, they can’t do that, which could fuel a retirement crisis. The median price of a house in the U.S. is $417,700, according to the St. Louis Federal Reserve, a figure that puts obtaining a mortgage out of reach for many Americans.
The median yearly earnings for 25- to 34-year-olds is $56,160, according to the Bureau of Labor Statistics. You’d have to get pretty thrifty if you wanted to make a 20% down payment ($83,540) that’s a year and a half's worth of salary.
“It seems like no matter how many hours you put in, you’re getting nowhere,” Hardesty said.
Must Read
- Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
- The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes
Economic revolution
At the end of her video, Hardesty issues a call to action for her viewers: vote for younger candidates.
“The old white men sitting in the White House don’t care about us,” she said. “So we have to care.”
Some young Americans find their political leaders uninspiring, especially as they watch two men who are way past retirement age face off against each other — again — in the 2024 presidential election, according to testimonies published by the New York Times.
Hardesty feels that young people must get involved in political action if they want to feel represented, and that more action by young people could restore hope for these generations.
“Millennials and Gen Z are going to inherit a system that is broken,” Hardesty explained, “And we’re going to have to replace it all.”
You May Also Like
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAP
- A single line on your car insurance policy could be inflating your premium by up to 30% — here's what to change
Sabina Wex is a writer and podcast producer in Toronto. Her work has appeared in Business Insider, Fast Company, CBC and more.
