Adam Smith is down with that statement too. he said it best in his book "The Wealth of Nations," published coincidentally in 1776 that a home/house/condo is not an investment:
“...a dwelling-house, as such, contributes nothing to the revenue of its inhabitant. [...] and though it is, no doubt, extremely useful to him, it is as his clothes and household furniture are useful to him.” [...] If it is to be let to a tenant for rent, as the house itself can produce nothing, the tenant must always pay the rent out of some other revenue which he derives either from labor, or stock, or land. ..."
My advice to my kids is that they should buy a dwelling and not live in it. Let it be an investment, let someone else pay the mortgage and the upkeep as well.
