I guess I consider my house an investment, hoping that the place sells some day for much more than I paid for it!!  I guess if one were to add up all the costs over the years that you might NOT end up ahead in the end????  Not sure I want to actually do that though for fear of what I might discover:)  But, you are right, in the end you need a place to eat and sleep.  I just like the thought that the house I paid $300,000 for MIGHT sell for $500,000 when I am old and decide to move.