The first thing I noticed when I stepped inside Hanan Tamari and Kareem Addassi’s home is how good it smelled, like honeysuckle or gardenia. In the corner of the living room sat one of those trendy olive trees I’m always seeing on Instagram. There was a selection of fruit juices on the kitchen counter, decanted into carafes.

“And then whenever you want, please, help yourself to the cheese board,” said Addassi, gesturing at the spread, while their 20-month-old daughter, Talia, looked on. 

I visited the couple at their rented house in Elk Grove, California, outside Sacramento, in February, when we didn’t know just how much economic policy would turn things upside down. At the time, when I asked Addassi how he feels about his personal economy, his mood turned sour.

“I don't believe in the American dream,” he said. “I just, I don't think it exists anymore.”

Even though these two appear to be living a pretty nice life, they feel defeated when it comes to finances. That echoes how a lot of consumers feel about the economy right now — even high earners. Consumer sentiment has plunged in recent months, and that dip includes people like Addassi and Tamari, whose household income of $200,000 is higher than most. Addassi feels like their gains have been zeroed out by climbing home prices and inflation. He’s finding out that what he thought was achievable, given their finances, isn’t.

“I think the majority of Americans think the American dream is to buy a house, have a couple of kids and retire,” said Addassi. “But now it's — ”

“You work till you die,” interjected Tamari. 

“No, that’s not the American dream,” continued Addassi. “That’s the American reality.”

Tamari and Addassi are both 31 and children of immigrants. Their parents are Jordanian, and their families showed them that if they put in the work, they’d be rewarded.

“And I remember even thinking about this when I was deciding if I wanted to go into pharmacy or not,” said Addassi, who prioritized a job that was stable and could be done anywhere in the country. 

In pursuit of this, Addassi spent a decade in school and took on more than $250,000 in student debt, which he’s still paying off. He’s starting to feel maybe it all wasn’t worth it. 

“Bitter, I think that’s a good word. I definitely do feel bitter. I definitely do,” said Addassi. Growing up, he expected a six-figure income to be enough to buy a house. 

Most households in the U.S., of course, do not make six figures. In 2023, the median household income was about $80,000. At the same time, California has a higher cost of living. Addassi and Tamari would like to buy a house, but the median price in Elk Grove is around $650,000, according to Redfin.

“I also want us to be comfortable in the event that I decide, hey, I want to quit my job. I just want to, you know, raise my family. I want to be a stay-at-home mom,” said Tamari, who works for a housing developer. 

Tamari is thinking more about staying home lately because she is pregnant. Their second daughter is due in May. And there’s a whole new list of baby stuff to buy, like a second crib.

Which took us to Target. 

“So this is Talia’s crib,” said Tamari, standing over a gray crib, which was on sale for $349. Addassi pointed to some cribs for half the price, and the two went back and forth a bit. Then Tamari admitted why she really wanted the more expensive one.

“I was thinking we match the two girls’ cribs … next to each other,” she said. 

They put off the crib decision for another day and in the meantime grabbed some swaddles and bottles. The total was about $108.

“You know what my American dream is?” Addassi said as he rolled the shopping cart to the car. “I wanna go shopping, get what I need, and it being less than $100.”

Addassi said that with his income, he never expected to have to count every dollar on a Target run. In other words, if he’s making an above-average wage, why does life feel so average?

He’s open-minded, though, that things could change. And in this time of economic upheaval, he’s decided to take a wait-and-see approach.