Through the end of the year, we are examining life’s marquee moments through the unique experiences of baby boomers, Gen X and millennials in a series called the Generation Project. As part of the series, we’re bringing back some of our favourite articles that tell these stories.
If you’re under 35, you’re a millennial. Recent culinary trends suggest that, while reading this, you might have an overpriced latte in one hand, and a fancy piece of toast smothered with avocadoes in the other. And some suggest that you’d rather waste your money on an Instagrammable breakfast than make sensible investments like buying a house.
Well, so says conventional grumpy wisdom, most recently articulated by Australian tycoon Tim Gurner, who made international headlines this month for blasting young home buyers for their spending habits.
The 35-year-old property developer told the Australian edition of 60 Minutes that when he was saving for his first home, he “wasn't buying smashed avocado for $19 and four coffees at $4 each”.
He generated a flurry of debate, but also an interesting question: roughly how many pieces of avocado toast would it actually take to afford a home? We looked at 10 cities around the world, crunched the numbers and found out. Scroll to the bottom for our methodology. Research by Miriam Quick. Illustrations by Piero Zagami.