By now, you’ve read about the guy who thinks millennials can’t afford homes because we’re wasting our money on avocado toasts. The interview went viral precisely because us millennials know that there are bigger problems keeping us in rentals. Like, say, the cost of housing rising faster than salaries. Or crippling student debt.
I’m a millennial living in a dual-income household. I rarely treat myself to even a cappuccino, let alone a smashed avo on toast. Without a gifted down payment, I found it impossible to buy a home in Vancouver. We all know that it’s not the avocados’ fault, but I was curious exactly how absurd this idea was. So I crunched the numbers.
Average cost of an avocado on toast in Vancouver: $10.22
Cost of the standard one bedroom condo that I rent (outside of downtown): $550,000
Down payment needed (20%): $110,000
Days in a year to eat avocado toast: 356
* drum roll *
$110,000 / ($10.22 * 365 days) = 29.5 years
Nearly. 30. Years. Of course, this isn’t accounting for interest, inflation, or changes in the property market. But you get the idea: Avocado isn’t the problem, nor is it the solution. It’s going to take a lot more than cutting back on breakfast to get millennials onto the property ladder.
If you need me, I’ll be over here renting and buying my avocados from the discount supermarket.