It's a beautiful yet tragic song. It's about a young girl with dreams who wants to find her own identity. She needs to break free of the small close-minded town she grew up in. It's all she knows, but she's willing to leave to follow her dreams - and be somebody in this world. But unfortunately, what she once dreamt of has now turned into a sad spiral of addiction and defeat. The only thing she's left with are broken dreams and a devastating reality of how hard life can be.
A side note:
Symbolically, the narrator could be seen as God and the young woman seen as an imperfect human going through life. With God giving spiritual encouragement to 'hold on', knowing she will one day find her way in life.
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