My theory: your primary residence should not be viewed as an investment, because you've got to live somewhere; if you sell it and cash out you need to turn around and find housing in what is a hot market, or move into a van down by the river. However, Millions of older, reliable voters own their home and it's the primary store of much of their wealth. Any government that impacts this will be out on the street asap. So your house is likely a good investment, but you can't think of it like other shorter-term, liquid investments.