We all have that relative, let’s call him Uncle Rick, the one who swears you could afford a house if you just gave up your fancy daily latte.

It’s a classic piece of financial advice. But does it actually hold up?

Let’s crunch the numbers.

A recent study calculated how long it would take to save a 20% down payment by skipping your daily coffee fix. At $5.19 per latte, that’s around $1,350 a year in savings.

Now let’s put that up against real home prices:

• Windsor-Essex average home price: $580,000
  20% down = $116,000
  Time to save via latte-skipping = 86 years
  
• Hamilton average home price: $700,000+
  Time to save = 121 years
  
• Toronto average home price: $900,000+
  Time to save = 157 years

Yikes. Sorry, Uncle Rick your math isn’t mathing.

The truth is, skipping lattes isn’t going to get anyone into a home faster. What can help? Talking to a local real estate pro who understands the market and can help you find real, achievable ways to get into homeownership. No caffeine-shaming required.

So go ahead, order that latte with extra foam. You deserve it.

Share this blog with your Uncle Rick to prove him wrong! Or with someone who should enjoy their coffee and chase that dream home.