So essentially, the vast majority of first-time homebuyers have debt and very little equity in their home. When a person buys a home, they are not buying an asset, they're incurring debt.

You just made me remember reading, Cash flow quadrant by Robert Kiyosaki and he had said the same thing

Our homes can only be assets if and only if they are generating money

if I remember correctly, I think Robert said, when he bought one of his home or land, the debt incurred by the purchase was paid off by a part of the plot and not his pocket

For me, when I watch my landlord receive the rent we pay yearly and still use it to repair the places we live, I have already zeroed my mind about ever thinking that a house is an asset because it is not

This place constantly takes money out of his pocket instead of putting it in. He may not see it, but I see it as a liability as it is always needing one repairs or the other