On top of this, if you buy a house that is 40 years old, it's more likely to have problems and deteriorate in the future. Housing is, frankly, terrifying as a financial asset. If it goes up, great! If it goes down, you can easily lose YEARS worth of wages when sold at a loss, if you're able to sell it at all.

I would have not much of a problem living in an old place. I'd have a lot of skepticism to conquer about purchasing one.