ATLANTA — It takes a lot to afford the American dream, which is typically said to be having a good career, supporting a family and being able to buy and own a home.
Channel 2 Action News has reported about the cost of achieving that dream in Atlanta and the entire state of Georgia, and a newer study shows the challenges most are concerned with when it comes to making the American dream a reality.
The exact costs for Atlantans have increased, according to the data from the study, even since March.
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According to Bankrate, data shows a 78% increase in how many Americans think owning a home is part of the American dream.
But now, the data also shows that struggles with the high costs of homeownership and current economic and market conditions are making it harder to achieve the dream.
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Still, Bankrate said that the belief that owning a home is a cornerstone of being successful in America has increased.
“Americans consider homeownership to be the cornerstone of the American Dream, more so than anything else. This belief hasn’t wavered and has only gotten stronger despite increasing affordability challenges,” said Greg McBride, Bankrate Chief Financial Analyst.
While a full 82% of Americans say owning a home is part of the American dream, 81% of aspiring homeowners say down payments and closings costs are a significant obstacle to actually owning a house.
Additionally, those surveyed by Bankrate said the ongoing costs of maintaining a home are a surprise and challenge, with 40% of homeowners surveyed saying costs were beyond their expectations.
About 83% of adults who do not own homes but want to told Bankrate that affordability is what holds them back.
“With household budgets already strained from elevated inflation and so many Americans living paycheck to paycheck, it comes as no surprise that aspiring homeowners point to insufficient income, high home prices and being unable to afford the down payment and closing costs as the major obstacles to homeownership,” McBride said.
The data also showed a generational divide in which reasons are the biggest for not currently owning a home.
For baby boomers, Gen X, millennials and Gen Z, here’s how it breaks down:
Most baby boomers say income levels are the biggest reason they don’t own their homes, followed by home prices, down payment costs and mortgage rates.
Things are slightly different for Gen X, where most of those surveyed say home prices are the biggest concern, but income, down payments and mortgage rates are also significant issues.
Among millennials, concerns are similar, though even more of those surveyed in this age group said home prices were the biggest issue.
For Gen Z, it’s a combination of income levels and that they’re not ready to own a home yet, followed by prices, down payment affordability and mortgage rates.
Across all age groups, 81% said “the one-two punch of the expense of the down payment and closing costs is standing in their way‚” according to Bankrate’s 2025 Down Payment Survey.
As far as the outlook on homeownership, Bankrate said 22% of all adults in their survey said they don’t think they’ll ever be able to afford their dream home, with only the proportion of baby boomers with that thought below 20%.
Instead, 29% of Gen X, 24% of millennials and 20% of Gen Z all think it’ll never happen.
For Atlantans, income needed to buy a home is about $141,000 per year or more, according to a separate study by GOBankingRates.
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