Smashed avocado on toast: a form of insult usually directed at a younger generation by those in an older group. The gist of the put-down is a nod towards those aged roughly under 35 for not having enough financial discipline to save for a house deposit, and instead squandering their money on expensive treats. But is this really true? The results of the latest ING survey on homes & mortgages begs to differ. Here are three myth busters.

Myth #1 – Young people don’t own property

The young are not necessarily feckless. By the age of 35, 30% of Luxembourg residents (24% across Europe) own a property with a mortgage. Surprisingly, 8% of under-35s responding to the online survey say they own property without a mortgage. Less surprising is that this rises to 40% for those over 35, largely due to many having paid off their mortgage by the age of 55.

Myth #2 – Younger people don’t want to buy

Despite property being expensive, younger people have not given up hope of buying a home. In Luxembourg, 38% of non-owners say they don’t expect to be able to buy but 1 in 2 of those aged 18 to 24 believe they will buy a house before they turn 30. And 42% of 25-34 year-olds believe they will buy a house before their 35th birthday.

Those older than 35, who have never bought a property and are rentingm^, have different attitudes and expectations. Sixteen percent don’t want to buy; 52% don’t expect to be able to buy and 20% do not know. Together, that’s 88%. While the older of both groups may be more realistic about their prospects, the young still dream of owning a house.

Myth #3 – Youngsters don’t save for a deposit on a house

Of those aged under 35, in Luxembourg 46% prefer to save to buy a new home than to travel, compared to 32% of their older peers. And the picture becomes even more nuanced. More youngsters declare saving to buy a house is more important to them right now than spending on hobbies (55% vs. 32% of those aged 35 and older), saving to cover the costs of having children (65% vs. 22%) or renting in a convenient location (70% vs. 50%).

Find our more insights about Luxembourg’s housing market in our survey!

This piece is based on an article originally published on