Should you buy a new house?

This interview was given about a year ago.
Dirk Müller (stock trader):
Interest rates will remain low in Europe for a while.
Europe is in a difficult financial situation and it will not expected to stabilize for a while. In Italy banks are in danger. The situation in Europe is very dangerous. The crash can come at any moment. We don’t know when.
It could come in ten years or it may not come. There is a pressure build up, but we cannot say when the crash can come. A seismologist, for example, can explain the tectonic conditions under San Francisco and measure the pressure but he cannot say when an earthquake comes.
I don’t want to be a charlatan and say whether or when the crash comes. The situation is very dangerous but complex. It may just be a lot of hot air.
As for purchase of a house, you should consider your own house as a luxury item, rather than an investment. You never know what will happen next. You never know what repairs it may need. You may lose your job. Your wife may start drinking. You just cannot sell its chimney to go on a vacation or remove a window when your car needs an overhaul. I myself own a house and it’s nice to work in the garden, etc., but when push comes to shove, we must be ready to pack up and leave and live in a modest apartment. Unless your income far exceeds the cost of house ownership, you should always consider a house a luxury.
I know some people who own a house but they themselves live in a modest apartment.

It’s not a luxury item when real estate is the single biggest source of wealth creation for the average person in the United States. If you buy at the right price and have a low interest rate then when you sell it you will make a profit that is largely exempt from taxes.

That is what the American dream is all about! One builds equity in the house they build or buy by making improvements to it and maintaining its upkeep overtime. A luxury? Uh no! Anybody who makes that argument has a communist mindset,

Don’t you dare own something you filthy goyim. Pay above market rate rent forever and never have any equity in anything.

Maybe this advice makes sense for cucked Germans. It doesn’t apply here in the US at all. My property value is kicking ass right now and if I sold, I would make a hefty sum of money…even after I borrowed against some of that equity to buy a few rental properties.

I sold my house back in December before COVID hit and it was the best decision I ever made - not getting slammed on taxes is awesome. I’m renting a small house now but that’s only to give us time to pick our next house or build new.