Peter Schiff, evlerin servetinizi "tüketen" bir "para çukuru" olduğunu söylüyor. Gayrimenkule yatırım yapmak hala ‘çılgınca’ mı?

Peter Schiff says homes are 'a money pit’ which ‘depletes' your wealth. Is it still ‘crazy’ to invest in real estate?

Jing Pan

Tue, August 18, 2026 at 2:15 PM GMT+3 9 min read

The Iced Coffee Hour/Youtube

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Buying a home has long been one of the primary ways Americans build wealth, but owning a home also comes with a long list of expenses that don't show up in the purchase price. Economist Peter Schiff argues those costs can make a house a much worse investment than many people assume.

During an appearance on Graham Stephan and Jack Selby's The Iced Coffee Hour Podcast, Schiff was asked about the common belief that, for many, a house represents their primary means of saving (1).

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Schiff, who runs Euro Pacific Capital, strongly disagrees with this perspective.

"A house depletes your savings. It's a money pit," he said. "It's crazy the amount of money that a house costs you."

While this may sound like it goes against the widely accepted belief that owning a home is more worth your money than renting, home maintenance and repairs do add up. According to a 2022 survey by Hippo Insurance, homeowners spent an average of $6,000 per year on property repairs and maintenance (2). Over the life of a 30-year mortgage, that could add up to $180,000 — which could be nearly half of your home's value, depending on where you live.

And proponents of homeownership often argue that property values appreciate over time, but market dips do happen. In fact, the median sale price of new houses sold in October 2022 was $460,300, but the latest quarterly data puts the median new-home price at $410,700, about 7.2% lower (3, 4).

"People think, 'Oh, the house appreciates' — not always," Schiff cautioned. "It's inflation that's doing it. All that's happening is your land is keeping pace — but houses don't."

This raises an important point. If inflation is the main driver, is owning physical property the only way to benefit from rising real estate values?

Whether you agree with Schiff's broader argument or not, it raises an important question: How much of your wealth should depend on the value of the home you live in?

For investors who want exposure to real estate without another mortgage, repair bill or property to manage, there are other ways to put money into the market.

A high home sale price doesn't necessarily equate to wealth

If you bought a house years ago and sold it today, chances are you will receive more than the purchase price.

However, Schiff cautions that these sales often have significant caveats.

"Even if somebody tells you, 'Oh, here's this house that I sold for $1 million and I bought it, whatever, 10, 20 years ago for $500,000,'" he said. "If you think about all the money they put into that house over that period of time, they may not have made any money."

And yet, real estate remains the most popular investment class.

A 2024 survey from Gallup found that 36% of Americans believe it's the best bet for investing, while only 22% selected stocks and mutual funds (5).

Homeowners build equity as they pay down their mortgages, and long-term appreciation can create substantial wealth. But comparing the purchase price with the eventual sale price leaves out years of property taxes, insurance, interest, repairs and renovations.

This highlights the importance of having the right mix of investments in your portfolio, rather than relying too heavily on your home as your retirement plan.

For investors who want help deciding where those opportunities may be, Moby offers expert research and recommendations to help you identify strong, long-term investments backed by advice from former hedge fund analysts.

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Whether buying or renting makes more financial sense

Whether it makes more sense to buy or rent depends on your finances, how long you plan to stay put and the housing market where you live. But in today's market, renters can have a significant cost advantage.

Realtor.com reported in June 2026 that renting remained more economical than buying, while increased apartment supply was helping push rents lower in many major U.S. markets (6).

Schiff argues that for some households, renting can make more sense than taking on the costs that come with ownership.

"It depends on your circumstances and where the home is located," Schiff said. "But for a lot of people — and this has been the case for a long time — renting is a better option."

Schiff also points to government policies that have skewed the housing market, like tax breaks for mortgage interest that aren't available to renters. Add a sharp rise in interest rates, and the case for buying can become weaker for many.

But if you still want the benefits of investing in real estate without shelling out massive maintenance and repair costs each year, there are options available to you.

Invest in rental properties without becoming a landlord

One easy way to diversify your investment portfolio is with Arrived.

Backed by world-class investors like Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning passive income without the headaches of being a landlord.

Browse their selection of vetted properties, each selected for its appreciation and income-generating potential. Once you choose a property, you can start investing with as little as $100.

Look beyond single-family rentals

You can also invest in longer-term rentals without buying property. For instance, you could leverage multifamily real estate investing. In a report prepared by JPMorgan, Al Brooks — the firm's vice chair of Commercial Banking — said, "I think multifamily housing is absolutely where you want to be as an investor" (7).

Accredited investors can now tap into this opportunity through platforms such as Lightstone DIRECT, which gives accredited investors access to single-asset multifamily and industrial deals.

Lightstone DIRECT's direct-to-investor model ensures a high degree of alignment between individual investors and a vertically-integrated, institutional owner-operator — a sophisticated and streamlined option for individual investors looking to diversify into private-market real estate.

With Lightstone DIRECT, accredited individuals can access the same multifamily and industrial assets Lightstone pursues with its own capital, with minimum investments starting at $100,000.

Own a piece of rental real estate

Even high-net-worth investors see the benefit of investing in the real estate market without purchasing physical property.

mogul is a real estate investment platform that offers fractional ownership in blue-chip rental properties, giving investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or 3 a.m. tenant calls.

Founded by former Goldman Sachs real estate investors, the mogul team hand-picks the top 1% of single-family rental homes nationwide for you. Simply put, you can invest in institutional quality offerings for a fraction of the usual cost.

Each property undergoes a vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Their cash-on-cash yields, meanwhile, average between 10 to 12% annually.

Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.

Every investment is secured by real assets, not dependent on the platform's viability. Each property is held in a standalone Propco LLC, so investors own the property — not the platform. Blockchain-based fractionalization adds an additional layer of security, ensuring a permanent, verifiable record of each stake.

Sign up for an account and browse available properties to get started. Once you verify your information with the team, you're ready to invest like a mogul.

Add multifamily real estate without buying a building

That brings the discussion back to Schiff's larger point: There's a difference between investing in real estate and buying a home. Investors who want real estate exposure can spread their money across different properties and investment structures without taking on a mortgage, maintenance costs or the day-to-day responsibilities that come with owning a property outright.

For accredited investors looking to diversify beyond public equities, Bonaventure offers access to institutional-grade multifamily real estate investments in high-growth markets with a minimum investment of $25,000.

Bonaventure focuses on income-producing apartment communities, offering potential tax advantages through structures like 1031 exchanges and UPREITs, allowing you to build passive income and wealth while the company manages the properties.

Plus, Bonaventure has a fully-loaded resource center that teaches you everything you need to evaluate multifamily investments. Sign up today, explore your options and construct your real estate portfolio.