Home ownership is a 30-year bet that you will have continued income to sustain the lifestyle[1] . It is extremely unlikely anyone will have a 30 year home run, without job loss, divorce, bad health and any number of life events. Most people would be considered super lucky to have a decade of good run.

On the other side of the bet are the financial institutions, which will get continued income (as long as you pay) and will own the asset the moment you can't pay.

It is a win-win for one side of this bet. If home ownership was actually profitable, the super rich would have setup all kinds of structures to completely own all housing. The funny thing is the bank does not have the money, they create it out of nothing based on your ability to pay[2]! Extracting rent from money which they don't have. You either rent a home or rent the money (very few buy outright with cash). Bank can rent the money they don't have, as long as you show income + credit history. This is why Warren Buffet owns (some part) Wells Fargo, not homes.

[1] lifestyle = (mortgage + property taxes + insurance + repairs + maintenance) + health insurance + child support

[2] https://www.bankofengland.co.uk/-/media/boe/files/quarterly-...