Reading all this from distant Europe, its interesting (and logical) how in US the swings in prices are so extreme in both directions. In fact, most things in any regard are way more extreme in US compared to Europe. May be good for the lucky ones but long term stability or dependability this ain't.
But if that's not what you meant then there are few things we as people can do for "stability and dependability" that better accomplish those goals than owning property that you actually want to live in. Most importantly it puts a permanent roof over your head, which we all need in some way, shape or form to survive (no exaggeration there I don't think). And it makes the cost of that necessity predictable, especially in California where property taxes are almost perfectly-predictable. It pretty much de-risks the largest expense most people will have in their lifetimes. That's not to say that you don't lose something in the proposition, but calling that FOMO seems inaccurate.
I know its a typical US mindset (and far from US only) to have a house on your own, but its still an emotion in same vein what you describe. Mixed with rationale of course since proper social net in US is nearly non-existing, if you fail out with you on the street.
Also a rationale would be about very high chance of good return on such investment so don't take this as some sort of attack. I also own my place (apartment) but took it as a location & social bonds stability point for kids mostly, whether it will earn something compared to inflation is not that important to me, it probably won't or very little. Good bigger apartment close to nature trumps a crappy house in my view but thats personal opinion. Even when owning, its almost impossible to retire here in Switzerland, the costs are prohibitive even on Swiss pensions. Unless you want to live as relatively poor, same money gets you much further almost everywhere else. So that stability is always temporary.
This is a frustratingly uninformed take. You are comparing apples to oranges by equating your decision-making process with that of someone in the US. The drive to own a house in the US is not just mediated by “emotion” - the calculus is fundamentally different than in many nordic countries. For instance, very few places in the US have rent control, which means that renting represents substantial risk of either experiencing a large increase in cost, or being forced to move at irregular intervals. On the other end of the spectrum, the US is one of the only places that offers 30 year mortgages, which means that (taxes and repairs aside) buying a home on credit still offers a high level of predictable cost over the long term. Also, at least historically, there are very many places in the US for which housing is very affordable, given that the USs overall population density is so much lower than the average European country.
This is of course not to suggest that buying is always a good call - but it is often a logical and financially sound one.