This is complicated. Housing doubles as a bet on the local property values as well as a good that needs to be repaired and maintained. It's also subject to prop

This is complicated. Housing doubles as a bet on the local property values as well as a good that needs to be repaired and maintained. It's also subject to property tax, so the more you have the more tax you pay. At least here in Toronto. Between investing in other assets like stocks (or, more realistically holding cash until the stock market stops acting crazy) I think housing is overvalued where I live right now and the maintenance is more of a hassle than I'm willing to put up with right now. But you're not fully wrong. If I lived somewhere in the sticks I'd build a lot more house. Less property tax, less alternatives like plays or parks. Also, in the country more of your investments can earn or save money, like gardens or vineyards or workshops. In the city it's usually just a waste of space.