Millionaire Claims Millennials Could Afford To Buy A House If ‘They Stopped Buying Avocado Toast’, Gets Scorched
Houses are expensive, especially if you live in a major metropolitan area. So is avocado toast, especially if you live in a major metropolitan area. Millennials — a generation that *should* be growing in earning power — are increasingly uninterested in home ownership. According to a millionaire Melbourne property mogul Tim Gurner, the reason for this is simple: Millennials are spending their money on luxuries like avocado toast instead of saving for home ownership.
“When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,” Gurner told the Australian news show 60 Minutes.Only 32% of home owners were first-time buyers in 2016, the lowest point since 1987, according to a study by NerdWallet. A recent study by HSBC found that American millennials have a homeownership rate of 35%, and in Australia only about 28% of millennials own their homes. Cost is often a major factor in millennials’ decisions to buy — the study found that a lot of young homeowners got a financial boost from their parents when making their purchase.
“We’re at a point now where the expectations of younger people are very, very high,” Gruner said. “They want to eat out every day, they want to travel to Europe every year. The people that own homes today worked very, very hard for it, saved every dollar, did everything they could to get up the property investment ladder.”
Gurner’s logic was immediately ripped apart on Twitter, with many chiming in about how silly the comparison is. You aren’t going to suddenly have a $100,000 in the bank for the down payment on a house just by giving up avocado toast.