It is a mistake to treat housing as an investment but that doesn't mean it can't be for the right circumstances, e.g., many who bought homes in Silicon Valley 20+ years ago have seen their home prices double or triple and they can easily go to other parts of the country where they can buy a replacement home of comparable quality for less than half the sales proceeds of their current home, pocketing the difference. This is most certainly an anomaly in the context of the broader housing market. But it is a huge benefit for those who do happen to benefit in this way.