From the Financial Post:
Peter Schiff is not what you’d call a typical homeowner. He doesn’t think buying a house is generally a good idea.
At least, not for the reasons many people give when they pull the trigger: That it’s an investment. That it will gain value. That when you’re all grown up, it just seems like the responsible thing to do.
“I own a house but I don’t expect to make any money off it,” says Mr. Schiff, chief executive of Euro Pacific Capital. “I own a house like I own my car or my boat. I need a place to live and I enjoy it. And I expect it to depreciate just like all the other things that I own.”