Is a home an asset or liability?

[Captain Morgan]

Unless it's somehow generating income, it's a liability. Sure, it can possibly build equity, but I don't consider it an asset until it's somehow generating income. I, unfortunately, have very few assets.

Oh, and Tigger, I bought a small house, so I'm actually paying less for my mortgage, property taxes, and insurance than I'd pay for rent each month. However, I am doing some remodeling, so I can't say for sure if I'm getting a better deal until I sell the house. The length of time I stay in the house and how much I spend on remodels and repairs will determine whether or not I'm better off vs. renting. Unless, of course, I turn it into a rental property and let someone else pay the mortgage, taxes, insurance, etc.