The Path to the American Dream
This past weekend, like many of you, I spent time celebrating Independence Day with family and friends. As we marked America's 250th birthday, it seemed like the right time to think about one of the ideals that has defined our country since its founding: the opportunity to build a better life. Specifically, I wondered what that opportunity looks like for Michigan families today and whether the path to achieving it is the same as it was for those who came before us.
For generations, we've called that ideal the American Dream. And while it has meant different things to different people over the years, its foundation has remained remarkably consistent. It’s about having the opportunity to buy a first home, raise a family, start a business and retire with financial security. Though I don't believe our definition of the American Dream has changed, I think the path to achieving it has.
Over the past year, I've had conversations with credit union leaders from across Michigan, and regardless of whether we were talking about housing, lending or general affordability concerns, I kept coming away with the same thought: members are working just as hard as ever, but the math has changed. Many of the milestones we've long associated with financial security have just become more difficult to achieve than they once were.
The Michigan Association of United Ways recently released the 2026 ALICE Report and I think it helps put some numbers behind this conversation. According to the report, nearly 40% of Michigan households are either living in poverty or are considered ALICE (Asset Limited, Income Constrained, Employed), meaning they earn above the federal poverty level but still don't make enough to consistently afford basic necessities where they live. That’s close to half of the population. When you consider that, according to the report, a Michigan family of four now needs roughly $78,000 a year simply to cover basic living expenses (before emergencies or long-term savings), it becomes easier to understand why so many working families feel like they're falling behind.
Perhaps one of the clearest examples of how the path has changed is homeownership. Late in 2025, the National Association of REALTORS reported that the typical first-time homebuyer is now 40 years old. That’s the oldest on record. At the same time, first-time buyers account for just 21% of all home purchases, which is the lowest percentage ever recorded. Buying your own home has long been one of the most significant standards for financial progress, and today, it's simply taking longer for many people to get there.
Statistics don't tell every family's story, but they can help us better understand the realities behind the conversations we're already having every day. I encourage Michigan credit unions to take a deeper dive into this year's ALICE Report. Beyond the many statewide findings, it offers practical tools (ALICE Budget and Income Status Tool, Mapping Tool and Indicators of Well-Being) that provide a more complete picture of the financial challenges families are facing in your own community.
I don't share these statistics to suggest the American Dream is out of reach. I share them because I believe that moments like this create an opportunity. The more we understand how members' financial lives are changing, the better positioned we’ll be to develop solutions that will help them get where they want to go. If the path to financial stability has changed, our understanding of our members must continue to evolve as well.
That's also why I appreciate America's Credit Unions' new Once Upon an American Dream advocacy campaign. The campaign reminds policymakers that credit unions have continued to evolve to help generations of Americans buy homes, finance an education, start businesses and build stronger financial futures.
That's the work you do every day, and it's worth protecting. As you continue helping members navigate today's financial realities, we also need to continue telling our story and advocating for the credit union model that makes this work possible. After all, protecting credit unions ultimately means protecting the opportunity to serve the people and communities who count on us.
Thanks for reading.
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