Until Generation Z reaches homebuying age, most articles and studies will focus on millennials and their buying power–of which they have a lot. This has resulted in millennials being the subject of much discussion, with every purchase put under the microscope and dissected to come up with assumptions about their spending habits as a generation. Millennials themselves have a lot to say about their alleged love for avocado toast and expensive coffee, and they also quip back when their savings, healthcare and homebuying habits are mentioned.
However, it is not right to judge a whole generation for the spending habits of the majority. There are those who love their food but are willing to purchase North Melbourne real estate as well.
Coffee as a Symbol
Australia, in general, has a strong love for coffee. It hardly seems fair that millennial Aussies get judged for appreciating something that even generations before them have also found to be a good use of money. Where it might differ is the amount they spend per cup, which is a sign of the times. Nowadays, coffee has come to symbolize the hustle generation, and it is the most recognizable accessory in the hands of hard-workers who need that extra jolt of caffeine to get through their day. Coffee is also the understated luxury that those who do not have much free time use as a treat. It is their companion on their afternoon break and it is also their best friend when they reach the office. Coffee is not just a luxury that millennials can let go to save money; it is a well-earned reward because they have been working hard.
Keeping Things Separate
It is not right to assume that millennials who love their coffee are the same individuals who are not willing to shell out money for homeownership. It is not a matter of want; it is a matter of being able to afford the purchase. Now, the next argument would be saving all those coffee runs to afford the deposit for a property. Sadly, it’s not as easy as that. Anyone who has been working hard deserves to have their little luxuries, whether in the form of coffee or a new outfit that they will wear to work to enjoy their job a little more. The truth is, the economy has not been good to millennials. They are riddled with student debt, underemployment, and skyrocketing interest rates.
Have Your Coffee and Your Home Too
With the saturated market for coffee and the affordable housing options available for millennials, there is a way to get both. There is no need to give up a habit they have grown accustomed to, and they can also look at real estate options that fit their budget realistically. This means setting aside all their purchases for themselves before looking at the numbers. And, if things still look grim, there is always the option to ask a parent to co-sign the mortgage. It will not be new, as many Australian parents have already done this for their children, and it would be more favorable than having their children move into a granny flat right in their backyard. Both parties need privacy and a place to grow–and sip their morning coffee in peace.
That millennials love their coffee does not say anything about their homeownership decisions. Anyone can have both if the market gives them options that fit their budget.
