Millennials aren't buying homes because they're wasting their money on avocado toast, mogul says

Millennials have been notoriously slow to settle down and purchase their first home. According to the Washington Post, the US homeownership rate is at some of the lowest levels in in half a century, and the amount of Americans under the age of 35 that own a home is at just 34 percent.

One Australian real estate mogul has his own theory as to why millenials aren't purchasing their first home — and his theory involves brunch.

Tim Gurner told 60 Minutes Australia this week that young people's love of avocados and pour-over coffees has kept millennials from saving money required 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,” Gurner said. “We're at a point now where the expectations of younger people are very, very high. They want to eat out every day, they want travel to Europe every year."

“The people that own homes today worked very, very hard for it (and) saved every dollar, did everything they could to get up the property investment ladder.”

 

 

Gurner's comments didn't sit well with young people around the world. Throughout the day on Monday, Twitter users roasted the real estate mogul for his comments. See some of the best tweets responding to Gurner in the video player above.

Alex Hider is a writer for the E.W. Scripps National Desk. Follow him on Twitter @alexhider.


 

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