[statusquoantefa]

yes, but the point of my post is that the unwarranted enthusiasm for "home ownership because rent is a waste" leads to political destabilization of sectors of the finance markets. In terms of the point you raise, the "rent is a waste" belief means that your leveraged investment in housing just keeps you on the escalator because, while your investment has appreciated, you would need to roll it over into your next house, i.e. you rarely/never get to treat it as disposible income.

and all the bankruptcies and home foreclosures in an economic downturn shows the cost of high leveraged investing. A better way to achieve leverage is high beta stocks. Beta behaves just like leverage, except it automatically rebalances debt/equity on the way up and down. And the base rate of growth of the stock market is substantially higher, so you are leveraging a higher rate, even though you can't lever as much as a home.

and don't forget, owning a home and living in it as real estate prices rise means that you are "throwing away" higher and higher virtual rents that you would be entitled to collect and which factor into the value of your home.