Bill Granger, the Australian chef credited with bringing avocado toast to the mainstream, died of cancer at 54 on Christmas Day in a London hospital. His legacy includes cookbooks, television shows and restaurants in multiple countries; but his simple breakfast dish took on a life of its own, often used as an example of millennials’ frivolous spending.
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Affectionately called the “King of Breakfast,” his avocado toast became a staple around the globe after originally selling at his cafe, “bills,” for around $12. He said he created the breakfast dish because of the way he lived as a chef with a family, including his wife and three daughters.
Expensive toasted bread with smashed avocado soon became a meme for why people in the millennial generation — born between 1981 and 1996 — couldn’t afford to buy a home.
The fire sparked in 2017 when Australian luxury property developer Tim Gurner blamed smashed avocado toast as the reason young people can’t get into home ownership.
“When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,” he told “60 Minutes Australia.”
Since the now infamous interview, social media millennials have used the opportunity to poke fun at the breakfast that is supposedly holding them down.
The picture, of course, is more complicated than simply overspending on breakfast items to fuel the day.
The median sales price for homes in the U.S. is up more than 450% over the last 40 years, from $78,000 in 1984 to $431,000 in 2023.
Meanwhile, wages are up roughly 260% over the same period; from $16,000 in 1984 — according to the Social Security Administration — to $58,000 in 2023, according to analysis from ZipRecruiter.
Despite the data, talkers outside of the millennial and Gen Z generations, like Dave Ramsey, will continue to take issue with the millennial love for the creamy fruit.
Another factor at play limiting home ownership is the $1.7 trillion in student loan debt held by Americans, according to a 2019 report by the Federal Reserve. The central bank found student loans alone can realistically be blamed for more than 20% of the overall drop in homeownership among young adults.
The Fed added, however, that the “central cause” for the decline is tighter lending standards following the 2008 housing crisis, which is still in effect to this day.
More recently, rising interest rates over the last two years have pushed mortgage rates from around 3% to as high as 8%, severely affecting buying power.
Rising rent has also taken a toll on the all-too-important down payment. Rent has increased nearly $400 per month nationwide, or 24%, since January 2020, according to Rent.com.
Despite concerns over his lasting legacy, Bill Granger never bought into the idea that his creation was the cause of the millennial housing crisis.
“As my father said, ‘It’s always been impossible to buy a house. Always!'” he told the Sydney Morning Herald in 2020.
Tags: Australia, Economy, Federal Reserve, Gen Z, Housing Market, Interest rates, Mortgage, Real estate, Student loan debt, Student Loans, Wages
[SIMONE DEL ROSARIO]
The man credited with ruining the financial futures of millennials worldwide passed away on Christmas day at age 54.
He wasn’t a banker, a politician or even a boomer. His name is Bill Granger, the renowned Australian chef credited with bringing the world avocado toast.
His simple yet delicious invention rose to a top food trend in the last decade. Granger’s iteration, priced at around $12 American bucks, became the poster child of frivolous spending by folks born between 1981 and 1996.
[CHARLES WOOLEY]
“So you think young people now have the prospect of never owning a home?”
[TIM GURNER]
“Absolutely, when you’re spending $40 a day on smashed avocado and coffees and not working. Of course.”
[SIMONE DEL ROSARIO]
The meme took on a life of its own in 2017 thanks to another Aussie, luxury property developer Tim Gurner.
Since Gurner’s infamous interview, social media millennials have poked fun at the tasty toast that has been keeping them down.
[cydniechanel]
“You can’t buy a house because you keep on buying avocado toast. So, stop buying it, and then you can have a house.”
[Thatrealtor]
“Hi, I’d like to apply for a house please.”
“Have you ever bought avocado toast. I mean, sometimes when I go to brunch.”
“OK, you can go ahead and lose my number.”
[SIMONE DEL ROSARIO]
As you might imagine, millennials’ struggles are a bit more complicated than Gurner’s analysis.
[Thisfamilytree]
“How much did you guys buy your house for again?”
“Oh, you mean our four bedroom on the waterfront? That must’ve been, what, $80 grand back in the 90s.”
“Those extra shifts at the grocery store really paid off.”
[SIMONE DEL ROSARIO]
Hmm…so the median sales price for homes in the U.S. went from $78,000 in 1984 to $431,000 last year. That’s just over a 450% increase.
But Simone, wages have gone up, too. Yeah, by about 260%.
[Yourrichbff]
“I need to feel something. Harry, can you tell me something that’ll piss me off?”
“Boba Fett’s better than Mondo.”
“Yep, that’ll do it.”
[SIMONE DEL ROSARIO]
Do the math all you want… But the data won’t stop folks like Dave Ramsey from dunking on younger generations.
[DAVE RAMSEY]
“There’s an avocado ban on avocados coming in from Mexico.”
“It’s a healthy fat, Dave.”
“I know. I’m just saying millennial avocado toast is toast.”
[SIMONE DEL ROSARIO]
Meanwhile, $1.7 trillion in student loan debt is also holding back millennials from home ownership, according to a 2019 report by the Federal Reserve.
The central bank found you can realistically blame more than 20% of the overall drop in young adult home ownership on rising student debt.
But the Fed said the “central cause” for a decline in millennial home ownership is really tighter lending standards that followed the 2008 housing crisis, and that is still happening today.
To add insult to tighter lending, rising interest rates over the last two years have pushed mortgage rates from around 3% to as high as 8%.
And then there’s getting together the all-too-important down payment.
[bromeoandjuuliet]
“By making his own avocado toast at home, this young male is saving up money for a down payment.”
[SIMONE DEL ROSARIO]
Just 4,892 to go.
For his part, Bill Granger never bought into the idea that his creation was the reason millennials can’t afford a house. He told the Sydney Morning Herald in 2020, “As my father said, ‘It’s always been impossible to buy a house. Always!’”
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