It's worse than that. Buying a house without leverage is a terrible investment.
The leverage is absolutely required because all the fees that come with real estate (Realtors, Interest, HOA, Taxes, Insurances, Closing costs, Downpayment opportunity cost,...). The leverage makes it an OK investment, but still historically not on the level of a diversified basket of stocks.
The leverage also works in both ways and essentially makes your house an even more risky asset. It supposes that it only ever goes up which has not always been the case historically.
The leverage is absolutely required because all the fees that come with real estate (Realtors, Interest, HOA, Taxes, Insurances, Closing costs, Downpayment opportunity cost,...). The leverage makes it an OK investment, but still historically not on the level of a diversified basket of stocks.
The leverage also works in both ways and essentially makes your house an even more risky asset. It supposes that it only ever goes up which has not always been the case historically.