Have you heard that all it takes to afford a dream home is to avoid eating avocado toast? It’s that easy! But apparently, some people didn’t get the memo. Time reports that the tech company Square recently released data revealing that Americans spend at least $900,000 per month on avocado toast. Yes, seriously.
The internet went into an avocado-defending frenzy earlier this year when Australian millionaire and property mogul Tim Gurner used the Instagram obsession as an example of millennial irresponsibility and poor judgment. “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 on the Australian news show 60 Minutes. Gurner indicated that it’s this kind of millennial indulgence that prevents young people from being able to afford homes. (You know, not being crushed by student loan debt and having trouble finding a decent-paying job. Avocado toast is the problem.) While the debate surrounding millennials and their relationship with the housing market might be endless, Square made one thing exponentially clear: business is booming for avocado toast.
Tech company Square, which helps companies process credit card payments, combined data from sellers across the U.S. and found that Americans are spending about $900,000 per month on squishy green stuff and slices of bread. It might not be a three-story mansion with a pool and a veranda, but it sure hits the spot. These overwhelming numbers demonstrate a huge increase in sales compare to 2014, when sellers were only seeing $17,000 worth of avocado toast sales.
Based on the fact that Square was only able to gather data from a limited amount of vendors, it’s highly likely that the avocado toast business is doing even better than the data seem to show. The data from the hundreds of Square sellers they were able to use in their research showed the average cost of a slice of avocado toast to be $6.78, with the cheapest toast selling for $2 and the most expensive toast selling for a whopping $18. Taking into consideration the difference in value between the U.S. dollar and the Australian dollar ($19 Australian = $15 U.S.), Gurner hit the mark with his claim that millennials spend $19 per slice of avocado toast.
From coast to coast, avocado toast varies in toppings and price, with Los Angeles showing the highest average price at $8.50 per slice and D.C. showing the lowest average price at only $4. Not only can you get your toast with a fried egg on top but you can also get it with lobster, melted cheese, sliced radishes and even the occasional drizzle of Sriracha.
While the West Coast might be living up to stereotypes, with San Francisco having the highest avocado toast consumption per capita, cities like Honolulu, Nashville, and Portland, Oregon were not far behind on the list of toast-loving towns.
Even if Gurner wasn’t wrong about people being willing to spend the occasional $19 on a slice of the good stuff, it would still take hundreds of toasts to save up for even a month’s rent in a city like New York or San Francisco. That’s a whole lot of avocados.