I agree that for someone who wants to frequently move around in their 20s, a house is a liability, especially since you don't know what the housing market will

I agree that for someone who wants to frequently move around in their 20s, a house is a liability, especially since you don't know what the housing market will do so you could end up loosing a lot of money in the short term. But not everyone wants to move around in their 20s, some people find a city they like and want to stay there. And I don't understand why the author suggests everyone wait until they can get a rental property, that just doubles your exposure to the housing market and adds the stress of having tenants. If you really want to have that much money at risk, just dump all the second house money in the S&P 500, and trade on margin or something.