Anyone who lives in Australia knows that the young generation of wannabe homeowners Down Under is apparently being thwarted by two things: $4 coffee and avocado toast.
Over the last few months Australian media has been spinning a tale – with help from young property tycoons and expert demographers – that the main reason millennials can't afford a house is because they're unwilling to sacrifice their weekend brunch.
Just ignore the fact that the median house price is $1.1 million in Sydney, $826,000 in Melbourne, and $655,000 in Brisbane.
The government recently responded to Australia's housing affordability crisis by introducing a new initiative that would allow first-time homebuyers the opportunity to "salary sacrifice" $10,000 of their own money into their superannuation fund (basically a pension), which they can then use on a house deposit later down the track.
BuzzFeed News was told just last week that the scheme would only drive up house prices.
But on Monday, things really kicked off. Young millionaire property mogul Tim Gurner was the latest to wade into the "avocado toast" debate, telling 60 Minutes that young Australians "need to get realistic about [their] expectations".
Tim Gurner believes our housing crisis will be resolved when young Aussies inherit the 'incredible wealth' from the… https://t.co/aIQ8adN81f
Gurner's words were quickly mocked by Australians on social media, who were keen to mention the fact that the young property tycoon actually got his start using $34,000 that was given to him by his grandfather.
#TimGurner thinks if I skip coffee and smashed avocado I can buy a house. Coming from a man who inherited $34k from his grandfather.
This while smashed avocado avoidance to buy house thing is still annoying me. Firstly, why the fk do they always pick on smashed avo aye
Oh I see 'avocado on toast as the scapegoat for pillaging millenials' ability to afford a house' has inexplicably made it to the US
And now America is in on the act too. Yep – after months of the avocado toast debate being isolated to Australia, it has finally gone global.
There is no such thing as "avocado toast." That is not a real thing. Fuck off
The New York Times, which recently opened an Australian bureau, got in on the act.
As did Newsweek.
Millennials should quit moaning about house prices and stop buying avocados and coffee, Australian millionaire says… https://t.co/TU7XLZ24lG
And Time magazine wrote a piece about Gurner's advice and the response was pretty similar to the one he received in Australia: routine mocking.
Millionaire to millennials: Stop buying avocado toast if you want to buy a home https://t.co/JVpbiLrvv5
why are rich people mad about avocado toast bitch you spent $16 billion on cronuts
I was gonna put a down payment on a house last year but then I spent $44,000 on avocado toast https://t.co/SvSEisua71
Millennial dragon, guarding its treasure hoard of avocado toast and rideshare apps, but no diamonds to speak of
Monthly expenses Transportation: $120 Food: $500 Clothing $200 Avocado toast: $35,000 Someone good at the economy please help me budget this
Alright, I did the math. If I stopped eating avocado toast every day, I would be able to afford a bad house in Los… https://t.co/4hoSWRviu9