[magicalhippo]

> Housing is treated as a good investment because it is scarce.

Here in Norway there's also some significant tax benefits which factors into it. For one the tax value of your primary home is one quarter the market value (higher for secondary homes). So you pay a lot less tax having your money tied up in your home than in the bank.

In addition you can deduct quite a lot based on the interest you pay on your loan.

Together they make it quite attractive to own rather than rent a home.