comparing it to the S&P is that you ha e to factor in the inconvenient fact that you have to live somewhere. That cost has to, in some respect, be factored in. For example, I have a co-worker who moved to my town 25 years ago with the idea that his job would be temporary and then they'd move on to greener pastures. They've never purchased a house and have, instead, rented the same house the entire time they were here. Assuming that the rental payment covered the owner's mortgage, taxes, and maintenance, my co-worker would be far better off if he had puoa home 25 years ago rather than renting this whole time.