[250 Years of the American Dream] ① From Survival to Self-Realization: The Changing "Land of Opportunity"

250 Years Since U.S. Founding, 123 Years of Korean Immigration
Wave of Korean Immigration Began After 1965 Immigration Act Reform
First Generation Pursued "Survival"
Second Generation Finds Advantages in Language and Culture
America as a Land Where Self-Realization is Possible

Editor's NoteThe United States celebrated its 250th anniversary of founding on July 4. Known as the "land of freedom and opportunity," the U.S. has embraced immigrants from all over the world. In particular, the 60-year history of Korean Americans vividly encapsulates the transformation of America itself. The history of Korean immigration is estimated to span over 120 years, beginning with the arrival of the immigrant ship SS Gaelic carrying Korean laborers in Honolulu, Hawaii, on January 13, 1903. This period also saw early independence activists such as Seo Jae-pil, Ahn Chang-ho, and Syngman Rhee actively working, mainly in mainland U.S. cities like San Francisco. In the U.S., this day is recognized as "Korean American Day," marking the beginning of Korean immigration history. However, it is generally believed that the real wave of settlement began after the amendment of the Immigration Act of 1965. With the abolishment of the country quota system and the expansion of family reunification and skilled worker immigration, the number of Korean immigrants grew explosively. Their journey of settling in America provides a condensed narrative of the transformation of modern American capitalism. For them, the American Dream meant survival. The current generation in their 20s and 30s, whose parents were these early immigrants, now aim for self-realization and freedom of choice. While it is still an American Dream, its definition has changed with each generation. The Asia Business Daily explores the current state of this so-called "Korean American Dream."

"The purpose of our generation was survival."

Myungseok Lee, president of the Korean American Association of New York and a member of the 1.5 generation of immigrants, recalled the early days of immigration in a recent interview on June 1 (local time). Even with limited English skills and unrecognized academic credentials, it was a time when one could accumulate assets through hard work. Koreans who settled in the U.S. laid their economic foundation by running small businesses such as laundromats, delis, produce stores, dry cleaners, and nail salons.

The children born to these immigrants are living in a different world. According to the U.S. Census Bureau, the median home price in 1980 was about $64,000 (approximately 98.69 million won). Today, it exceeds $400,000 (about 600 million won). Education costs have also steadily risen. According to the College Board, the average tuition and fees at four-year private universities for the 2023–24 academic year are 1.78 times higher than 30 years ago, even after adjusting for inflation. For four-year public universities, the increase is 2.09 times.

The differences between generations become even clearer when comparing their incomes. According to research by Harvard economist Raj Chetty, the proportion of U.S. children earning more than their parents dropped from 90% for those born in 1940 to about 50% for those born in 1980. Ketzia Lee (Lee Woojoo), a second-generation Korean American, said, "It has definitely become harder to buy a home and achieve greater financial prosperity than before." She added, "Rent in America is now at a critical level, and my friends are also struggling to find apartments."

Educational Level, Income, and Perceived Cost of Living Among Korean Americans in the U.S.

In some respects, overall quality of life has improved compared to the generation of Korean parents. According to the U.S. Census Bureau, the median household income for Korean Americans is around $100,000, which surpasses the overall U.S. median income (about $80,000). Their educational attainment is also higher, with a greater proportion holding bachelor's degrees or above compared to the U.S. average, and a significant presence in professional fields such as healthcare, law, finance, and IT. The educational and social status of the Korean American second generation is now on a stable trajectory.

However, these changes among second-generation Korean Americans have weakened the overall cohesion of the Korean American community. The first generation built the foundation of the community's economy through entrepreneurship and small businesses. But traditional sectors have rapidly diminished due to the expansion of online distribution, rising rents, and increased labor costs. This is why Korean business districts in major cities like New York and Los Angeles are no longer as vibrant as they once were. While the children of immigrants have become doctors, lawyers, and Wall Street financiers, they have not formed the kind of intergenerational organizational networks seen in Jewish communities.

Still, it is difficult to say that the American Dream has completely shattered. In the Korean American community, the U.S. is still regarded as a land of opportunity. The U.S. boasts the world's largest capital market and leads new growth industries such as artificial intelligence (AI), semiconductors, and biotechnology. Although the country faces challenges in diplomacy and security, it still maintains its status as a global superpower.

Nevertheless, unlike the early immigrant generation, the American Dream among the children of Korean immigrants now takes on new forms. Ketzia Lee commented that the American Dream is no longer limited to "owning a house and having a stable job." She explained that the very definition of success has changed. While economic stability was the measure of success for their parents, today's Korean Americans seek the freedom to design the lives they want. In this context, she emphasized, "Our generation is fighting a different battle."

This content was produced with the assistance of AI translation services.