Yoni Appelbaum, Deputy Editor at The Atlantic and author of "Stuck," discusses the housing crisis that has turned the American Dream into an American nightmare. He argues the real issue is mobility, not affordability, revealing that many affordable homes are located in less desirable areas. Appelbaum delves into the implications of NIMBYism on housing development and civic engagement, suggesting that zoning laws hinder opportunities. He advocates for state-level solutions to combat resistance and argues for a balanced approach to housing policies to reinvigorate equitable opportunities.
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Homeownership: A Modern Concept
Homeownership, often associated with the American Dream, wasn't always a core value.
It emerged in the early 20th century as a tool for assimilation and promoting specific values.
insights INSIGHT
Mobility and Civic Vitality
Mobility fosters civic engagement by forcing people into new social situations.
Loneliness motivates individuals to join groups and connect with strangers in new communities.
insights INSIGHT
Place-Based Policies vs. Individual Agency
Place-based policies, which incentivize people to stay in less prosperous areas, can be counterproductive.
Individual agency and market dynamics are better at determining optimal locations for opportunity.
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Stuck, How the Privileged and the Property Broke the Engine of American Opportunity
Yoni Appelbaum
“Homeownership is the American Dream.” This saying is so ingrained in our zeitgeist that most Americans don't even pause to question it. However, according to the Black Knights Home Price Index, the average US home price increased nearly 80% from April 2015 to April 2023. Census data reveals that the median household income only increased by 4% during this period. Homeownership has thus become increasingly out of reach, especially for young professionals. So, how did the American Dream become an American nightmare?
In his brand new book, “Stuck: How the Privileged in the Propertied Broke the Engine of American Opportunity,” The Atlantic’s Deputy Editor Yoni Appelbaum offers a contrarian view, arguing that the crisis in American homeownership isn’t actually about cost—it’s about mobility. There are many places in America where housing remains affordable and even dirt cheap. The problem is that those affordable options are in less desirable locations, with fewer opportunities for high-quality jobs, education, and health care. Thus, young professionals continue to migrate to communities where opportunities are bountiful, but housing is not.
Appelbaum joins Bethany and Luigi to discuss how Americans got “stuck.” Why does mobility matter so much? What are the implications of reduced mobility for Americans’ faith in capitalism and the belief that our country is still the land of opportunity? If treating a home as an investment—which many of us do—means less mobility, is being “stuck” so wrong for society? Together, the three of them unpack this entangled question of mobility, homeownership, and what it means for the reformulation of the American Dream.
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