> But if you live in the house, then just considering appreciation and expenses leaves out a huge benefit Indeed. If you bought a house stricly as a speculativ

> But if you live in the house, then just considering appreciation and expenses leaves out a huge benefit Indeed. If you bought a house stricly as a speculative asset and neither live in it nor rent it, it's a terrible investement. But since you can live in it, the equation changes completely. You can't live in a stock certificate and you have to live somewhere. If you could live for free somewhere (e.g. with parents) then sure, invest in the market and don't buy a house.