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RE: Your house isn't a real investment.
Great article!
I think your point about people failing to consider carrying costs and inflation (let alone opportunity costs) is excellent. A hugely under-considered point from people that consider their home to be a large portion of their net worth.
I do think that a house that you can afford, in a neighborhood you plan to stay in for a while, presents a great inflation hedge by locking in rent for a number of years (often 15-30 in the US).
Also, from a portfolio perspective, it is often the only levered investment that most people have.
Cheers,