[sokoloff]

How is getting your own money back, many years later, without appreciation "equity working in [your] favor"?

Without the appreciation (and leverage multiplying that), buying housing would be nowhere near as good an investment. (As it stands today, it's phenomenal, of course.)

[JKCalhoun]

The alternative of course is giving your money to a landlord (and zero equity and zero money back). That is certainly less favorable?

[sokoloff]

I'm on team "own the home you live in if your circumstances allow", but if there was no appreciation, your equity isn't "working for you" in any way that I can detect/imagine.