Millennials and Gen Z Are Redefining the American Dream
The Big Picture
The Independent Center’s October poll of Millennials and Generation Z found that the American Dream is alive and well—but younger Americans are rewriting its definition.
This generation still values the concept of the American Dream, but the traditional markers of success—homeownership, family, and pensions—are being replaced by entrepreneurship, flexibility, and personal fulfillment. With economic realities shifting and technological advancements providing new opportunities, Millennials and Gen Z are forging a path toward a modernized version of the American Dream.
Zooming In
A New Vision for Success
- The Dream Still Matters – 73% of Millennials and Gen Z respondents said the American Dream is important to them.
- But the Definition Is Changing – Only about half believe the traditional concept of the American Dream is still relevant today, and around half said it is outdated.
- Personal Fulfillment Over Material Wealth – 70% said that "personal fulfillment is more important than material success in today's American Dream."
The younger generation is not rejecting the American Dream—they are reshaping it to align with modern challenges and opportunities.
Comparing Generations: What’s Changed?
When asked to compare their generation’s ability to achieve traditional American Dream milestones with that of their parents and grandparents, Millennials and Gen Z identified stark differences:
- Easier for Older Generations
- Homeownership – 84% said it was easier for Boomers and older generations.
- Starting a Family – 79% believed it was easier for previous generations.
- Retirement Security – A majority agreed that financial stability in retirement was more accessible to Boomers.
- Easier for Younger Generations
- Starting a Business – 71% said it’s easier today.
- Entrepreneurship & Side Hustles – The digital economy has removed traditional gatekeepers, giving Millennials and Gen Z greater autonomy.
- Making Money in Nontraditional Ways – From gig work to remote jobs, financial opportunities look vastly different than they did for previous generations.
Data Snapshot
- 73% of Millennials and Gen Z believe the American Dream is important.
- 70% say personal fulfillment is more important than material success in today’s American Dream.
- 84% believe homeownership was easier for Boomers.
- 71% say it’s easier to start a business today than in previous generations.
- Millennials and Gen Z prioritize choice and flexibility, using tools like Uber, Amazon, Zoom, and Airbnb to craft a personalized lifestyle.
Independent Lens
The American Dream is not dead—it has evolved. Millennials and Gen Z still value success, but their path looks different from their parents’. Flexibility, self-reliance, and personal fulfillment now define achievement.
This generation isn’t waiting for permission—they are adapting to economic realities by creating their own opportunities through side hustles, remote work, and entrepreneurship.
Instead of lamenting the barriers they face, Millennials and Gen Z are rewriting the rules of the American Dream.
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