But that hypothetical 20% down payment was in the stock market averaging 9% returns. Real estate in normal (not Bay Area) markets is more like 4%, but that does

But that hypothetical 20% down payment was in the stock market averaging 9% returns. Real estate in normal (not Bay Area) markets is more like 4%, but that doesn't include property tax or maintenance. The math isn't as clearly advantageous as conventional wisdom likes to claim, assuming you have the restraint to invest the money.