However, the house is leveraged. At 20% down any gains in house equity represent five times the same percentage gain in an unleveraged investment. If you put

However, the house is leveraged. At 20% down any gains in house equity represent five times the same percentage gain in an unleveraged investment. If you put 200k down on a 1m house and the house appreciates to 1.1m, then that 10% gain in equity is a 50% gain on what you actually invested. Of course losses will be magnified too.