Well, I certainly can’t see into the future. and can only make assumptions based on experience and knowledge that I have today. I never imagined the recent run up in prices, despite having confidence that I bought good houses in good areas. Different assumptions can be made, and different cities will have different numbers (rent control?), but I think you will find in general the concept holds, owning a personal residence is not a good way to build wealth compared to investing. We all need a place to live, but living expenses should be kept as low as practical to free up cash to invest. One of the biggest financial mistakes I ever made was buying a big nice house to live in. It sucked up all my cash flow and kept me from building wealth. I turned that same house into a rental and started making real progress.