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Also, a home is an asset that you can enjoy while it appreciates.
If you buy a better house, then you have a higher mortgage and less money to invest in stocks. But, presumably, you are enjoying the benefits of that better house (size, location, whatever).
So if at the end of, say, 15 years, you can say that if you had bought a worse house and put the difference between the two mortgages in the stock market, then you would have more money, that's fine.
But you have to also, somehow, account for the fact that you got 15 years of consuming a better house than you would have otherwise.
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