That's fine, but is it how people think about their homes?

I'd say the expectation is that it's an appreciating durable capital good.

I'd argue that the structure is a depreciating durable good, but the right to use the land could be considered an investment.

SimpleStacker

All of the aforementioned bad ideas rest on a flawed assumption—that housing is a financial investment. It isn’t, and never was. Housing is an asset that is essentially a consumption good. It is consumed each day by living in the house and all that entails.

Not a strict fallacy, I agree, but people miscategorize housing.

econ

Homeownership “Wealth” Is a Fallacy

Undisciplined

> The Fallacy
All of the aforementioned bad ideas rest on a flawed assumption—that housing is a financial investment. It isn’t, and never was. Housing is an asset that is essentially a consumption good. It is consumed each day by living in the house and all that entails. 

Not a strict fallacy, I agree, but people miscategorize housing.