Discussion with some friends got me thinking about this.......
Assume you can't do both. If you choose vacations, you're going awesome places, but like a regular Joe so not crazy luxurious. But still, we're talking Hawaii, Europe, Caribbean, South America, etc....you're checking places off your bucket list every year. It's not a vacation in Wendover situation. And in this scenario, you live in a normal person house. Enough for your family, but builder-grade middle-class suburbia and well within your means.
If you choose house, you're talking dream house. Not lifestyles of the rich and famous level, but really nice and just how you'd want it, whatever that it is. If you want a b-ball court, it has that. If you want some land, it has that. If you want a pool, it has that. If you want a man-cave with Lavell mannequins, you shouldn't want that, but you can have it. But it's THE perfect house for you and your family. And in the house scenario, you now don't really vacation much other than some local stuff here and there and family trips.
You can only pick one. And assume your finances are the same in either scenario. Neither one straps you, but you don't have enough to go big on both. What would you pick?