> Land and homes are the only leveraged asset available to the average American.

Bingo. This is always what's missing from this conversation. Yes, it's true that real estate is not a great investment when compared to other asset classes. However, for your average American, it's one of the only asset classes where leverage is readily available, which means it's one of the few ways for average people to build real wealth.

And of course, I'd be remiss if I didn't also point out that leverage can easily cut the other way as well (it can greatly magnify losses).