Tags: millennials | avocado | toast | house

Millennials' Avocado Toast Is Costing Them a House, Mogul Says

Image: Millennials' Avocado Toast Is Costing Them a House, Mogul Says
A millionaire says millennials should skip the avocado toast if they want to buy a house. (Msphotographic/Dreamstime.com)

By    |   Tuesday, 16 May 2017 01:40 PM

Millennials’ obsession with avocado toast is keeping them from being able to purchase homes, charges Australian millionaire and property mogul Tim Gurner.

“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."

"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 to travel to Europe every year," Gurner said. "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 also tied millennials’ careless spending to reality television: “This generation is watching ‘The Kardashians’ and thinking that’s normal — thinking owning a Bentley is normal,” he said.

Gurner isn’t the only one who has a problem with young people’s avocado obsession. Back in October, columnist Bernard Salt criticized millennials for their spending habits.

“I have seen young people order smashed avocado with crumbled feta on five-grain toasted bread at $22 a pop and more,” Salt wrote for The Australian.

“I can afford to eat this for lunch because I am middle aged and have raised my family,” he added. “Twenty-two dollars several times a week could go towards a deposit on a house.”

Despite these criticisms, Jo Lennan, an attorney, writer, and Oxford scholar, disagrees.

“It’s never been harder for young and ordinary people to make a start,” Lennan told “60 Minutes.”

“There’s no point pointing the finger at those people and say(ing), ‘You haven’t worked hard enough,’ or ‘You haven’t tried hard enough,’” she added. “If you’re looking at $1.5 million for a house in an outer Sydney suburb — a pretty ordinary house — then something is seriously wrong with the housing market.”

“The dice are not evenly loaded. They are loaded in the favor of investors,” Lennan said.

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Millennials' obsession with avocado toast is keeping them from being able to purchase homes, charges Australian millionaire and property mogul Tim Gurner.
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Tuesday, 16 May 2017 01:40 PM
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