A millionaire falsely argues that millennials aren’t buying homes because they’re financially irresponsible.
Mike Dang puts it all into perspective the best! See link above. But, I need to rant a little too!
Has everybody read the original article “Millionaire to Millennials: Stop Buying Avocado Toast If You Want to Buy a Home?”
It’s crazy, isn’t it?
To assume millennials are too lazy to work hard and make enough money to buy houses. And, of course, we are also too lazy to prepare toast and avocados, that we are willing to pay $19 for it!!!
Sounds easy to make at home, right? Who’s paying $19 for this?
But, let’s set things straight. Millennials aren’t buying houses because they spend too much on avocado toast, or just eating out in general.
Millennials do work hard, but can’t afford most things like houses because the cost of everything else is skyrocketing.
Housing is too expensive, healthcare is too expensive, education is getting to be too expensive.
Millennials are also facing a generational wage gap that is creating the financial burdens of our time.
Our average salary is below $35,000/year. The average student loan debt for millennials is $40,000.
Student loan debt in America total $1.3 TRILLION!
According to a US News article, “two out of three bankruptcies involve illness, injury, significant uncovered medical bills or a combination of these factors”.
It has nothing to do with how much we spend on avocado toast. Millennials might eat out more often than Gen X or Baby Boomers, but that doesn’t mean we are overall financially irresponsible.
Millennials are actually being financially RESPONSIBLE by not buying houses and taking out mortgages and adding to their overall debt burden.
Can we please give Millennials a little bit of credit for actually knowing what they can and cannot afford?
What we should focus on is fighting for affordable healthcare of all, affordable housing, fair and equal pay for all (no more wage gaps), and adequate, paid for family/maternity/paternity leave from work.
End small rant.