You buy a house on leverage, so appreciation comment is not quite true. Unless you are levered 5/1 on equities as well, in the scenario. But you can get margin

You buy a house on leverage, so appreciation comment is not quite true. Unless you are levered 5/1 on equities as well, in the scenario. But you can get margin called on leveraged equity, not so on housing, so risk profile is quite different. Also depends on locale the house is bought in. Real home prices have now reached an ATH in recorded history, per Shiller. Real as in inflation adjusted. You should consider too that we had two 50% drawdowns in equities in the past 20 years, and current valuations rival dotcom days on the S&P. I'm not saying to sit it out, but there is kindling in place for potential big drawdowns. Impossible to time, but one catalyst could be persistent inflation forcing the fed to ratchet up interest rates faster than people expect.