To Sierra Isley, the American Dream brings to mind a home ringed by a white picket fence. “The house in the suburbs is just what you’re taught growing up,” the 26-year-old said. “You know, that’s what you see on TV.” What she wanted for her life was a bit different from that picket-fence ideal, but she still saw the prospect of buying her first house two years ago as a chance to live out what she called “that big dream that everybody has as a kid.”

Isley and her girlfriend, Jamie, were moving from Philadelphia to Asheville, North Carolina, and found a home they liked, a three-bedroom brick house with lots of natural light and a big tree out front. With some help from their parents, they put down a deposit and got their offer accepted. But when they went to sign the closing papers, a complication got in the way: The house had a huge lien on it. After consulting with lawyers, they decided to break the contract and hunt for an apartment to rent in Asheville.

It was a blessing in disguise. One month later, while Sierra and Jamie were still unpacking boxes and building furniture, the remnants of Hurricane Helene turned Asheville into a disaster zone. The basement of their apartment flooded, but they were luckier than some of their neighbors, whose homes had been destroyed.

Owning a home has long been seen as a cornerstone of the American Dream—a way to build wealth that you could use one day to pay for your children’s education and fund your retirement.

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