Housing returns are so location dependent it's hard to generalize if housing is a "good investment". Historically, buying in the SFBA clearly netted a good retu

Housing returns are so location dependent it's hard to generalize if housing is a "good investment". Historically, buying in the SFBA clearly netted a good return, but what about Flint, Michigan? On the whole, re-invested dividends in an S&P index fund would have better returns than nearly all housing markets -- about 11% annually. The math is more nuanced, since homes mortgages require interest payments, but also offer leverage (only ~20% down payment).