Yeah. It's market-specific, to be sure. Homes in the Western US markets, especially California, have risen at a quick pace, in part because of zoning laws which

Yeah. It's market-specific, to be sure. Homes in the Western US markets, especially California, have risen at a quick pace, in part because of zoning laws which prevent cheap expansion of the overall housing inventory. Another important reason homeownership pays off well for many is that the investment is leveraged. Also, in the US, entities like Fannie Mae combined with tax deductions amount to a government subsidy for home buyers. You can borrow $400K to buy a house at a very attractive interest rate and, on top of that, claim a tax deduction for the interest payments. But what rate will you get if you want to borrow $400K to place a leveraged bet on the price of gold or oil or Apple stock?