The only true purpose housing serves is shelter. That's it.
Any other purpose is artificial. Housing normally is a depreciating asset, like cars. Normally it shouldn't be a hedge against anything, including inflation. It normally shouldn't be an asset of speculation, no more than tulips or bitcoin. And as for security and stability, you can get that from renting ( especially if you live in rent controlled apartments ).
The idea of a house as an asset or investment is due to government and business policy decisions. Increasing immigration, limiting development via zoning laws, creating tax incentives, advertising pushing home ownership, laws favoring home owners and landlords over renters, etc.
All the premises we believe are premises we are taught. Your premise is just as false as anyone elses. It's entirely artificial. Policy decisions could make renting more favorable than owning. Policy decisions could actually make owning a home near a coal mine more stable than owning a home in silicon valley. Policy decisions could make home prices decline considerably by encouraging overdevelopment so that supply outstrips demand.
Fundamentally, as I stated before, the only purpose of owning a house is shelter. Everything else are "false" premises we've been taught.