A ‘Boomer’ has blasted the internet after sharing “outrageous” and “out of touch” advice for younger Aussies looking to buy a home.
The Sydney homeowner shared her true views when asked about her property journey for a TikTok video by property app Coposit Street.
The unnamed woman, who chose not to reveal her age or how much she has in savings, didn’t hold back when asked about younger Austrians, saying they “don’t make sacrifices”.
“When I was younger… I never did brunches and parties and now (it’s what) they want to do,” she explained in the video, before admitting “now it’s harder for them.”
“Things are so expensive, but they can start small. A lot of people buy places that are too big, but you have to make sacrifices.”
Sharing what worked for him. She said: “I take my lunch to work, I always do.”
“If you want a place of your own, start small, but make sacrifices, work two jobs, work hard. Don’t go out as much as you want.”
“I mean I feel sorry for the younger generation now because they’re thinking why bother because it’s too expensive, I’m just going to party and have a good time, which you can still do.”
The woman recalls that she was able to secure a deposit on her home after saving and working two jobs.
“When I entered (the property market) it was a long time ago. I had a lot of difficulties because I was single and I had prejudices against me, so my father had to be a guarantor and that could help me”, she explained.
“I had two jobs, I worked a lot. I was actually trying to save up to go overseas and then I canceled it and was renting… and I thought, well, maybe if I saved a little money and worked hard, I could put a deposit down for myself. “
These days, the woman admitted the cost of living in Sydney is “very expensive”.
“It’s terrible… The rents are all up and everyone’s willing to pay for everything, so people just think we’re going to pay this and then everyone’s going to pay more, and people aren’t getting help , so it’s hard these days.”
The homeowner’s comments were quickly met with backlash online, with one going so far as to call the advice “outrageous”.
“We’ve turned our cars into taxis and our spare rooms into hotels to try and afford the same thing they had on a single income,” one person wrote.
“How are people so out of touch?” wrote another. “Most of my friends have been working since they were 14/15 (years old), they haven’t left inside (sic), they’ve robbed cars and they’re still just passing by. I’m 20 years old and I can’t even remember the last time I went to clubs.”
“Yes not buying coffee will be enough to save for a house,” quipped another.
‘Steepest hill to climb’
It comes after research carried out last year showed that Gen Z and Millennials have a tougher road to buying a home than previous generations – with the latter facing mortgages 12 times their average income .
Research conducted by Finder found that Millennials need to save 1.3 to 1.5 times their annual salary for a deposit while Baby Boomers and Gen X only need to save 40 percent and 90 percent of their annual salaries, respectively.
When adjusted for inflation, Gen X required more income to afford the average home at $138,217, while Gen Z was not far behind at $129,809.
Meanwhile, the value of the average wage has fallen. Millennials on average earn an inflation-adjusted salary of $91,493, and Gen Z are set to earn $97,156.
In comparison, Gen X had average inflation-adjusted salaries above $100,000 and Baby Boomers enjoyed salaries above $200,000.
Rebecca Pike, a money expert at Finder, said home ownership is becoming more and more out of reach for Aussies.
“Young Australians have a much steeper hill to climb to get onto the property ladder than their parents,” she told news.com.au.
“Rising property prices and rising interest rates have further exacerbated affordability issues, particularly for those without help from their parents.”
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