Stop Buying Avocado Toast If You Want to Buy a Home
Millionaire to Millennials: Stop Buying Avocado Toast If You Want to Buy a Home. “When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each” Tim Gurner
Source: Jennifer Calfas of Money
Freely spending on avocados — the pricey, popular superfruit beloved by young people — may be one of the reasons why some young people can’t afford a house, according to 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.
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.”
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