TORONTO (EON) – Millennials would be more likely to afford a house if they stopped eating avocado toast, according to an Australian millionaire.
Real estate mogul Tim Gurner told the Australian 60 Minutes.
“When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,” he said. “We’re at a point now where the expectations of younger people are very, very high. They want to eat out every day; they want travel to Europe every year.
“The people that own homes today worked very, very hard for it,” he said, adding that they “saved every dollar, did everything they could to get up the property investment ladder.”
Only 32% of home owners were first-time buyers in 2016.
he average price of a single avocado in March was $1.25, according to the Hass Avocado Board. One Twitter user, Nora Biette-Timmons, calculated that a serving of avocado toast cost her about $1.65 — or one-477,896th the average price of a home in Brooklyn. Compare that with New York City brunch prices, where you are likely to spend $10 to $20 for ornately dressed toast, and the savings are clear.
Gurner’s criticisms of young people’s spending habits did not go over well on social media.
— Tom Perez is a Terrorist🌹 (@JodyCoyote12) May 16, 2017
Help balance my budget! I need to buy a house 🙁
Avocado toast: 150K$
Groceries: 200$ https://t.co/s57kMsfCTH
— Charlie Maas (@Live_Maas_) May 15, 2017
Millienal "The Graduate":
"I have just two words for you. Are you listening?"
— Ty Austin (@TyLAustin) May 16, 2017
All I want is to own a home, eat delicious avocado toast, and have a POTUS that doesn't share state secrets. Clearly I'm asking WAY too much
— alyse (@aconnpowers) May 16, 2017