A ‘boomer’ has sparked an online uproar after sharing ‘upsetting’ and ‘irrational’ advice for young Australians looking to buy a home.
The Sydney homeowner offered a matter-of-fact view when asked about her real estate journey in a TikTok video for real estate app Coposit Street.
Asked about young Australians, the anonymous woman, who chose not to reveal her age or savings, did not hesitate to say they “don’t make sacrifices”.
“When I was younger…I never did brunches or parties, but now it’s something they want to do,” she explained in the video, adding, “It’s become harder for them now. ” he admitted.
“Things are very expensive, but you can start small. A lot of people buy places that are too big, but you have to make sacrifices.”
A ‘boomer’ has sparked an online uproar after sharing ‘upsetting’ and ‘irrational’ advice for young Australians looking to buy a home. TikTok/Composite Street
Share what worked for her. She said, “I bring my own lunch to work. I always do.”
“If you want your own place, start small. But make sacrifices, work two jobs, work a lot. Don’t go out as much as you want.”
“So I feel sorry for the younger generation today, because they think it’s too expensive and I don’t need to go out of my way to do it, and I’m just going to party and have a good time. You can still do that.”
The woman recalled that she worked two jobs to save money and managed to secure the down payment for her home.
“I entered[the real estate market]a long time ago. It was very difficult because I was a single woman and there were prejudices against me. So I asked my father to be my guarantor. But it helped,” she explained.
“I worked two jobs and worked really hard. I was actually trying to save up to go abroad, but I canceled that and signed a rental contract…so I saved up some money and I thought if I worked hard, I might be able to put down a down payment for myself.”
A woman recently admitted that the cost of living in Sydney is “very high”.
“It’s terrible… rents are all going up and everyone’s going to pay everything so people just think we’re going to charge this and then everyone starts charging from above and people don’t get help. It’s difficult these days because I can’t take it.”
The homeowner’s comments were quickly met with backlash online, with some people labeling the advice “infuriating.”
One person wrote: “We turned our cars into taxis and our spare rooms into hotels, trying to get the same thing we were getting on a single income.”
“How come people are so completely out of touch?” wrote another. “Most of my friends have been working since they were 14, 15 (years old), but they haven’t disappeared in the company (sic) and they still manage to pass by with their cars blaring. I’m 20 years old, but… , I can’t even remember the last time I went to a club.”
“Yes, not buying coffee is enough to buy a house,” another quipped.
“If you want your own place, start small, but make sacrifices, work two jobs, work a lot. Don’t go out as much as possible,” she said. Trecando Photo – Stock.adobe.com
“Climb a steeper hill”
This comes as research conducted last year showed that Gen Z and Millennials have a tougher path to homebuying than previous generations, with the latter facing mortgages that are 12 times their average income. That’s what I received.
According to a study conducted by Finder, millennials need to save 1.3 to 1.5 times their annual income in savings, while baby boomers and Gen X only need to save 40% and 90% of their annual income, respectively. It turned out that.
When adjusted for inflation, Gen
On the other hand, the value of average salaries is decreasing. The average inflation-adjusted salary for Millennials is $91,493, while Gen Z is expected to earn $97,156.
By comparison, the average inflation-adjusted salary for Gen
According to a study conducted by Finder, millennials need to save 1.3 to 1.5 times their annual income in savings, while baby boomers and Gen X only need to save 40% and 90% of their annual income, respectively. It turned out that. TikTok/Composite Street
Finder money expert Rebecca Pike says home ownership is becoming increasingly out of reach for Australians.
“Young Australians have to climb a much steeper hill to get onto the property ladder than their parents,” she told news.com.au.
“Soaring property prices and rising interest rates are exacerbating the housing affordability problem, especially for people without parental support.”
