The number of people who buy homes to live in them greatly exceeds the number of people who buy homes as investments. That seems obvious to me. The only way most housing could be investment property is if investment vehicles each had so many houses, literally tens or hundreds of thousands, that their total ownership exceeded that of ordinary people .

As it turns out, this is not the case:

https://www.statista.com/statistics/187576/housing-units-occ...