to own a home, or do they really only want a nice place to live for as long as they choose to?  Having been a homeowner many times I know the feeling of security of having a place to call home for my family.  But I also know the stresses of repairs, taxes, insurance, and assessments that pop up all through the year.  I also know the feeling of watching the value and anticipating if my community is going to prosper or if we had better bail before it hits the skids.  Did I really just want a nice place to live?  At the time I was using the house to speculate, which worked out great.  For low leverage (a down payment), I was able to control a lot of equity appreciation.  That is pretty cool.  But it still does not answer the question as to whether I just wanted a nice place to live.  When property values are stagnant, and look to stay that way for a decade to come, I favor just having a nice place to live.  The problem is that when everyone else feels that way, the supply becomes scarce and buying becomes the way to get that nice place.  Hence the real estate ownership cycle.