Is this avocado toast the only thing standing between you and homeownership? (Photo courtesy Wikipedia Commons)
It was the sternly worded lecture heard ‘round the Millennial world — give up avocado toast if you want to buy a house.
And almost as soon as Australian real estate developer Tim Gurner’s words trilled over the airwaves, the debate began: Was it really a matter of just not being frugal and smart, or was Gurner being dismissive of a larger problem because, well, he’s rich and out of touch?
Many felt insulted, and some skewered the claim in humorous fashion (just check Twitter, where people are still clapping back). An article fact-checking the claim also revealed that no, it’s not as easy as just not buying coffee and avocados, too.
“In fact, research suggests that people from 18-to-34, a group often referred to as Millennials, are no more freewheeling with their spending on travel and dining than other generations,” the article on CNBC.com revealed. “And it would take a lot of skipped avocados to put a dent in the heavy costs of homeownership, which is not always a prudent financial goal.”
The same article found that Millennials spend about $305 more than Baby Boomers per year on eating out. “The truth is, even if Millennials assumed the eating-out habits of Baby Boomers, it would take around 113 years before they could afford a down payment on a home,” the article added.
“If you gave up every healthy smashed avocado sprinkled with creamy Feta, it would save you a mere $176 per month,” another piece at CBS News’ Moneywatch found. “At today’s paltry interest rates, that’s likely to net you just $11,000 in five years, which isn’t enough for a car, much less a house.”
So with all that in mind, we found the perfect couple to weigh in. Bob and Kimberly Sinnott. Bob owns Toasted, a restaurant in Dallas that sells (among other things) avocado toast. Kimberly is a local Realtor.
I mean, really — how many other couples do you know that would combine to be the perfect source for a story about avocado toast and homebuying? None. The answer is none.
Because the two are busy (they are also brave souls who moderate a bustling and sometimes fractious Facebook group for Lakewood and Lakewood-adjacent residents), we shot them some questions via email, and they responded.