Spring 2025 Winner of the Crowder Law Firm Scholarship

Sophia Mendoza

Sophia is a student at the University of Texas Rio Grande Valley who plans to one day become a doctor. Congratulations, Sophia, and we are excited to see you accomplish your educational and professional goals!

Read her essay here:

The American Dream has long been a symbol of hope and opportunity. It is a belief that anyone, regardless of their background, can achieve success and prosperity through hard work, determination, and ambition. Traditionally, the American Dream has been defined by the idea that if you work hard enough, you can have a stable job, own a home, and provide a better future for your family. For generations, this ideal has shaped the aspirations of millions, and its promise has driven countless people to strive for a better life. However, in recent years, I have started to question whether the American Dream is still attainable today, particularly due to the economic challenges facing our society, such as inflation and the skyrocketing cost of living.

Historically, the American Dream was characterized by a straightforward, tangible goal: to build a better life than the one your parents had. In the past, this was achieved through hard work, education, and the eventual attainment of things like homeownership, financial stability, and a comfortable lifestyle. In the mid-20th century, the Dream seemed more attainable than ever. With rising wages, affordable housing, and a growing economy, it was common for young people to leave their homes, get jobs, and, within a few years, purchase a house and start a family. The stability of the post-war economy made this dream possible for the average American.

However, as the years have passed, significant economic shifts have occurred. One of the biggest challenges facing today’s generation is inflation, which has skyrocketed in recent years. Inflation refers to the general increase in the prices of goods and services, leading to a decrease in purchasing power. In simple terms, inflation means that the same amount of money now buys less than it did before. While inflation has always been a part of the economy, the rapid rate at which it has increased in the past decade has had a profound impact on the financial stability of many Americans, especially the younger generation.

Rising inflation has made it difficult for many people to afford the basics, such as food, gas, and healthcare. These essential items now take up a larger portion of people’s income, leaving them with less money to save for long-term goals like buying a home or investing in education. For younger individuals just starting out in their careers, this is particularly troubling. The reality of having to manage rising costs of living while earning relatively low wages is creating financial stress for many. In previous decades, young adults could rely on relatively affordable living costs and a stable job market to help them get started. But in today’s economy, many young people find themselves struggling to cover basic expenses, let alone save for future milestones like homeownership.

The housing market is another critical example of how the American Dream is becoming less attainable. Homeownership has traditionally been one of the clearest markers of success in the United States. Owning a home represents financial stability, a sense of achievement, and a commitment to building long-term wealth. Yet, in recent years, homeownership has become increasingly out of reach for many, especially younger people who are just entering the workforce. The housing market has experienced a significant shift, with home prices reaching historic highs. In 2020 and 2021, the COVID-19 pandemic caused a surge in home prices due to a combination of factors, including low interest rates, limited housing supply, and increased demand. As a result, many people—particularly first-time homebuyers—found themselves unable to afford homes in their desired areas.

Rising home prices are compounded by another challenge: the increasing cost of mortgages. With the Federal Reserve raising interest rates to curb inflation, mortgage rates have also risen, making it even harder for individuals to purchase a home. The combination of high home prices and high mortgage rates has created an environment where many potential homebuyers are priced out of the market. What once was a reasonable goal for many—owning a home—has become a distant dream for those without significant financial resources or generational wealth to fall back on.

This struggle for affordable housing is even more pronounced in major cities, where housing costs have skyrocketed. In cities like New York, San Francisco, and Los Angeles, the cost of renting or buying a home has reached levels that are simply unattainable for the average person. The gap between wages and housing prices has grown so wide that it seems impossible for a young adult to secure a home without taking on significant debt or relying on outside financial assistance. Even those who are fortunate enough to be able to afford a home may struggle with skyrocketing property taxes and maintenance costs, further straining their finances.

For many, the dream of owning a home has been replaced with the reality of renting, often indefinitely. Rent prices, too, have increased dramatically in recent years. In many cities, rental prices have reached all-time highs, making it difficult for people to find affordable places to live. Renters, especially those in their 20s and 30s, are often faced with the challenge of paying exorbitant rent while still trying to save for the future. Many are forced to move back in with their parents, rent smaller, less desirable apartments, or relocate to areas where the cost of living is lower, but job opportunities may be more limited.

The inability to afford a home is just one aspect of the broader economic challenges that have made the American Dream feel more elusive today. College tuition costs have also increased significantly, creating a heavy financial burden for students and their families. While higher education is often seen as the key to upward mobility and success, many students are graduating with significant debt, making it harder for them to achieve financial independence and stability. The combination of rising student loan debt, high housing costs, and stagnant wages has created a situation where even hard work and ambition may not be enough to reach the American Dream.

This reality has led many people to question whether the American Dream is still attainable in the way it once was. The traditional vision of success—owning a home, having a stable job, and securing financial independence—is increasingly out of reach for many people. While it is still possible to achieve success in the United States, the path to that success is much more challenging than it was in the past. The economic system, as it currently stands, is not structured in a way that allows everyone to succeed in the same way. Inequality, both in terms of income and access to resources, has grown significantly, making it harder for many people to achieve the same level of success that their parents or grandparents may have enjoyed.

In conclusion, while the American Dream remains a powerful ideal, I don’t believe it is attainable today as it once was. The rapid rise in inflation, the increasing cost of living, and the skyrocketing housing market have made it much more difficult for people to achieve the goals that once defined the American Dream. What was once an achievable goal for many—owning a home, having a stable job, and building a better life for one’s family—now seems out of reach for a large portion of the population. Until the systemic issues that have led to economic inequality and the rising cost of living are addressed, it will be increasingly difficult for future generations to attain the American Dream in the way it was originally envisioned.