What should I put instead? Isn't a bogus address grounds for ICANN to take your domain name away?
I usually put a legitimate address that's in the same city (and sometimes the same general area). Where I actually live is completely irrelevant wrt DNS and I can think of no reason to have it trivially available to anyone who can do a WHOIS.
While most registrars would be perfectly fine, I worry about the one that is willing to take the domain for themselves (for a domain not worth going to court over).
While not exactly what happened, I remember the case of the @N twitter account be stolen (https://medium.com/@N/how-i-lost-my-50-000-twitter-username-...), and wonder if having your actual information on the registration would help or hurt a situation like that.