For many young people, we’ve simply accepted that no matter how hard we work it’s unlikely that we will ever be able to afford a house (and certainly not in Sydney).
Housing inflation has made it increasingly difficult for millennials to break into the housing market. Most homes are being snatched up by developers and investors just adding to their property portfolio.
For millennials, we understand the harsh reality we’re facing. We know that it’s going to be nearly impossible to save the six figure deposit required to live in a major city, to be near the entry-level job we slaved away at uni for three plus years for while accruing a massive debt. But we deal with it.
So instead we distract ourselves from the ruined economy and skyrocketing housing market with small rewards and trinkets. Every generation has been marked by certain icons: for us it’s ironic hats, cultivating wizard like facial hair, going to music festivals, craft beer, and (fucking scandal) overpriced brunch.
But no, we aren’t even allowed to have nice things anymore. According to News Corp columnist and baby boomer, Bernard Salt, the reason millennials can’t break into the housing market is because we eat $22 avocado on toast everyday.
— Bernard Salt (@BernardSalt) October 14, 2016
The article started off innocent enough: a classic old, white man complaining about hipster cafes, with their loud music and milk crates for chairs, and menus with small print. It was basically an old man rant intended towards giving more old people a laugh at the expense of us silly young people.
What was supposed to be satire however, was decidedly unfunny for anyone under the age of 35.
“It gets worse.” says Salt,
“I have seen young people order smashed avocado with crumpled feta on five grained toasted bread at $22 a pop and more. I can afford to eat this for lunch because I am a middle aged man and have raised my family. But how can young people afford to eat like this? Shouldn’t they be economising by eating at home? How often are they eating out? Twenty two dollars several times a week could go towards a deposit on a house.”
Now first off, most people I know aren’t willing to fork out $22 for avo and feta on toast (like unless it’s sourdough toast and its buffalo feta obviously).
More importantly, speaking as a brunch-going young person, you want to know how I afford my $20-something brunch?
I have a job (two in fact), and if I want to spend $25 once a week to catch up with mates and eat breakfast at 10:30 in the morning, then I bloody will.
Whats more (I worked it out) say the median house price is around $900,000 by the time I’m thinking about buying a house in the next 5-10 years. Providing I gave up my $22 brunch every week, in a year, I would save $1144.
It would take me 78.6 years to save the 10 per cent deposit required to get a loan, to get a mortgage on that house. Even if I was to stay out of the city and buy a $200,000 unit as a first time buyer, it would still take me 17 years to save the deposit required to get that house. That is what giving up brunch will get me.
@BernardSalt is right of course, just give up $22 a week and you'll have a deposit on a median priced house in Sydney in… 175 years.
— Kyle Sheldrick (@K_Sheldrick) October 15, 2016
So Bernard Salt, as enraged as young people enjoying things makes you, the reason I can’t afford to buy a house has nothing to do with my once a week brunch habit. It’s much bigger than that mate, let me assure you.