(Small time landlord here) homes are absolutely depreciating assets. On your taxes you can write off the whole value of your home over 30 years due to depreciation - the assumption is that your home will only last your that long and will essentially be “rebuilt” through all the maintenance expenses. Your home is just a pile of scrap wood and nails which rots and depreciated just like your car.

What does not depreciate however is that pesky patch of dirt under your home. That goes up and up in value because folks want to own a piece of this great blue ball and the value on that desire only goes up as population and standard of living increases.