Here's how much America spends on avocado toast
Posted July 23
There’s very little doubt about it: Americans like their avocado toast.
New data from Square, a tech company that helps people process credit card payments, found that Americans spend close to $900,000 a month on avocado toast from vendors using Square, according to Time magazine.
To compare, the company saw Americans spend closer to $17,000 a month on avocado toast back in 2014.
Square found the average cost to sit around $6.78, while the cheapest form of the product goes for $2 and the most expensive closer to $18, according to Time.
Cities with the highest avocado consumption include San Francisco, Honolulu, Nashville and Portland, Oregon.
Salt Lake City doesn’t shy away from avocado toast, either. Both Publik Kitchen and The Rose Establishment serve versions of the product. Both restaurants did not immediately return the Deseret News' request for comment.
But avocado toast has faced some scrutiny recently. Australian millionaire Tim Gurner told Australia’s “60 Minutes” back in May that the popular meal may be one reason why millennials can’t afford a home.
"When I was trying to buy my first home, I wasn't buying smashed avocado for $19 and four coffees at $4 each," Gurner said.
Gurner said that millennial spending habits have reached a point where they’re not willing to sacrifice in order to buy a home.
"We're at a point now where the expectations of younger people are very, very high," Gurner said. "They want to eat out every day, they want to travel to Europe every year. The people that own homes today worked very, very hard for it, saved every dollar, did everything they could to get up the property investment ladder."
The comments did not go over well on social media.
The New York Times fact-checked Gurner’s claims and found that millennials spend only $305 more annually than previous generations.
That means it would take people aged 25 to 34 about 113 years to afford a home, even if they spent just as much as baby boomers did, too, according to NYT.
“Another wrinkle in pitting age-specific preferences against buying a house: Homeownership is historically lower among young adults and has declined across most age groups since the 2008 financial crisis as the ratio of home prices to median household income has climbed,” NYT reported.